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10 Steps to Starting a Business
Starting
a business involves planning, making key financial decisions and completing a
series of legal activities. These 10 easy steps can help you plan, prepare and
manage your business.
Step 1:
Write a Business Plan
Step 2:
Get Business Assistance and Training
Step 3:
Choose a Business Location
Step 4:
Finance Your Business
Step 5:
Determine the Legal Structure of Your Business
Step 6:
Register a Business Name ("Doing Business As")
Step 7:
Register for State and Local Taxes
Step 8:
Obtain Business Licenses and Permits
Step 9:
Understand Employer Responsibilities
Step 10:
Find Local Assistance
Start-up Resources
There
are a number of available programs to assist start-ups, micro businesses etc. The
following resources provide information to help specialized audiences start
their own businesses.
1) Environmentally-Friendly "Green" Business
2) Home-Based Business
3) Online Business
4) Self Employment
5) Minority Owned Business
6) Veteran Owned Business
7) Woman Owned Business
You
can save money when starting or expanding your business by using government
surplus. You need commercial real estate and cars, to furniture, computers and
office equipment, everything what you need for your business in one place.
What business should I start?
If
you’re really crazy to be your own boss and wants to take risk in life but you
are confused in taking decision ‘what business should I start?’ as there are many options available, including
those that support the lifestyle you want to lead or make extra cash to
supplement your household income but which is the best one which can help you
more as in business are profit and loss are like 2 side of a coin, you can be a
loser or be a gainer, anything can happen in business.
Part-time businesses: If you want to run a business while keeping up
with other commitments, why not start a part-time business?
Franchising:
Consider starting a franchise to run your own business with the training and
support of a big-name brand behind you.
Buying a business: Buying an existing business is another popular
option that can carry less risk than starting afresh.
Start-ups you can run from home: Modern technology means an office environment is no
longer necessary – many businesses can be run entirely from home.
Budget businesses: Budget-conscious entrepreneurs needn’t limit their
options; you can start many businesses for under within 5 lakh money means (500000/-).
Tech start-ups: There has never been a better time to start a tech start-up. r
Popular industries: Other popular sectors to start a business include service
and retail ventures, and online businesses – check our business ideas section
for many more.
What should I do before I start a business?
Choose a business structure: Are you going to be a sole trader, in a partnership,
or even start as a public limited company ?
You
will need to decide what business structure you adopt early on.
Market research: Thoroughly research your market to assess the viability of your
business idea, how far that will be adaptable and how much that can help you as
per your resources and budget .
Write a Master business plan: Writing a business plan is essential. Make sure
you have a clear roadmap before starting out.
This is especially important as you may show this business plan to
potential investors.
Careful about your branding: Believe it or not, a business’ name, logo and
business cards can create a big difference .
Set up a website: Register a domain name and build a well-designed website for your
business as dynamic and user friendly website very much essential for any start
up.
Get your head around your start-up’s finances: Learn how to deal with bookkeeping and cash flow
issues – you may well need to take on an accountant.
How do I raise finance for my
business?
Investigate potential grants: Small business grants are extremely useful, but can
be difficult to come by.
Apply for a bank loan: Although bank lending to small business is
falling, most businesses end up approaching the bank at some point. Read our
step-by-step guide to maximise your chances of approval.
Get funding from the government: The government operates various initiatives to
help start-ups get off the ground. As a starting point, see whether the
government’s new business bank can help you, as well as initiatives such as the
Start-Up Loans scheme.
Ask for help from your friends and family: It’s not hard to see why many entrepreneurs start
with personal finance or the assistance of friends and family, but try not to
put your house, or anyone else’s, on the line.
Consider invoice financing: If you’re finding bank loans difficult to come by,
look into invoice finance as an alternative funding option.
Seek investment: Angel investors can not only provide funding but valuable mentoring,
support and advice to early-stage businesses; be wary of giving away too much
equity early on, however.
Raise finance from the crowd: If you have an idea that you think will be popular
with the masses, peer-to-peer crowd funding is enjoying an explosion in
popularity.
How do I set up my business?
Understand the basics for setting up: Learn how to set up a company.
Set up business banking: Get set up with a business bank account.
Get equipped: Think about what equipment you will need to start your business.
Consider a temporary office: If you plan to set up a home office, look into
whether a temporary office is right for you or not .
Location:
If you’re starting a retail business, location is crucial. Location is crucial
as per the business you prefer.
Regulations and Practical issues
Protect your intellectual property: If you have a technology or ideas-based business,
or even a simple company logo, make sure you protect your ideas by
familiarising yourself with intellectual property law.
Understand tax law: Whether you’re in business on your own account or
already have employees, a knowledge of tax law is essential.
Get insurance: Prepare for the unknown by taking out business insurance, and be aware
of the different insurance types available.
Comply with regulations: Don’t forget about your obligations under UK
health and safety regulations. This is especially important if you plan to take
on employees.
How do I source suppliers and
wholesalers?
Source the best suppliers: You can source suppliers at trade fairs and
exhibitions – but before entering into any agreement, ensure you negotiate
protection for your business through a supply contract.
Pick a manufacturer: If you have a product that needs to be made on a
large scale.
Look into wholesaling: Learn what wholesaling is and whether it can
benefit your business.
How do I recruit a team?
Ensure the timing is right: Ask yourself some key questions before deciding
whether the time is right to hire an employee – don’t rush into it.
Write a compelling job description: Learn how to write the perfect job description to
make sure you attract the best and brightest talent.
Pose the right questions: Discover the best questions to ask during an
interview – and the questions you should never ask.
Investigate employment options: Read up on the different employment options for
staff – is your business more suitable for permanent employees, part-timers or
freelancers?
Offer training: Set up your new employees with the tools for success through training
schemes.
How to sell my products?
Tell the world about your product: You need to know how you will promote your product
and who you will target – learn about the three key selling techniques as a
starting point.
Get your product into stores: If you’re targeting retailers, follow our tips on
securing deals with retailers and getting your product stocked in stores.
Keep up-to-date on e-commerce: E-commerce and selling online are crucial and you
should be aware of the ins and outs of internet sales.
Brush up on selling techniques: Read our guides on how to sell to get in-depth
advice on the techniques available.
Tell the world: Learn how to raise awareness of your brand by marketing your business.
Support and Advice
Get in-depth information: Startups has a range of in-depth start-up guides
for setting up in a whole variety of sectors, which cover costs, customers,
potential pitfalls and more. Do the market survey for your business .
Be inspired:
Read up on our success stories covering brightest entrepreneurs to see how they
overcame some of the early challenges they faced and grew into household names.
My start up – “CF Craft”
I
am trying to start a new business on craft and Assets, where you can get contemporary
and fashionable crafts from your own household wastes and can get the low prize
customaries foldable assets from your own trees (If you have) , It can helpful
for institutes , industries and small houses with big family .
This
is the brief idea about our upcoming Company, now we are in preliminary stage of
making our dream into reality, looking forward to get funded and help from government
and people to established.
If you like our work, kindly contact
us in our mail id – panda.sweta91@gmail.com
, we are looking for your help and response .
Thanks J
Please
visit our website –
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Our youtube - https://www.youtube.com/channel/UCCeRAAo1QCfBVZbWQKnuDtg
Marketing plan PPT -
https://www.scribd.com/doc/313673759/CRAFT-BUSINESS
Marketing plan PPT -
https://www.scribd.com/doc/313673759/CRAFT-BUSINESS