Starting a Small Business: What You Need to Know

Business is not just about the number of hours you work or how many hurdles you overcome. It is about achieving your goals in the shortest time possible without compromising on the quality of your product or service while maintaining healthy margins. Beginning and sustaining a small business entity requires knowledge, motivation and innovation.

Most entrepreneurs take minute factors into consideration when starting a small business. Doing this makes them waste a lot of time, and time is one of the most important factors in a business, as it has a high opportunity cost. The following are the critical steps to be followed to get this rolling in the least time possible:

1. Choose your business opportunity

Identifying what to invest in can be very frustrating, especially when sifting through the numerous, viable opportunities. It is important to choose something that resonates with your passions and personality. Most importantly, it is the skills you possess that will make or break your start up.

2. Draw up a business plan

This will enable you to gain deeper insight of the workings of the sector you have just chosen. It also helps you understand the financial requirements and the competitive landscape. Startups carry a fifty percent chance of making more profits than unplanned businesses. Generally, coming up with a business plan simply makes excellent sense.

3. Come up with the startup capital

To start any enterprise, you have to invest. Coming up with funds for startup is a different journey for each and every individual. Ideas such as setting up a consultancy firm, normally require a couple of thousand dollars to set up a website and print business cards. In contrast, a retail store may need funds in excess of a hundred thousand dollars.

4. Choose a name

Names can make or break a business. Choosing the correct name can help clients in distinguishing you from your competitors. Not only does the correct name help in positively branding your company, it also helps in giving your customers a reason to seek your products and services. Think of something that is easy for someone to remember.

5. Outline a structure.

Choosing the most appropriate structure is a critical decision. Ranging from sole proprietorship to the renowned limited liability company, your choice of business structure will directly affect the taxes you pay, your finance ability and your business liability. It is not recommended to lay too much emphasis on your final business structure because your structure may evolve as your business does.

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