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What are the steps in opening a business?

8 Basic Steps When Starting a Business

If you think you can start your own business, here are some tips to help you get on the right path.

Useful checklist for starting a business this coming year

Many of us want to have our own business. You may have a great idea for a business venture. You might be very passionate about something you do or create and think that this could be good business.

If there is a need for something, a product or service, for example, chances are you can make a business out of it (though, not everyone who starts a business gets a chance to make a success out of it). For those who are able to pull through and survive, the benefits can be very rewarding. 

If you plan to start your own business in 2019, make sure you plan ahead. Here are 8 basic tasks to start your own business.

1. Fine tune your business idea.

You probably have a business in mind already based on an idea. It helps to do your research so you can refine this idea even further. Check out other businesses that have the same idea. Find out how they operate. See if you can bring something different to the table that will make your business better or stand out from the rest.

2. Create a business plan.

Before doing anything else after you have established your business idea, make a business plan. A business plan is a documentation of what your business will be all about. It includes your business purpose, your target customers, your business goals, your implementation plan, and your financial plan. Research how you can make one. There are also free templates you can use to make it easier for you.

3. Plan your finances.

Starting a business will always have its costs. In your business plan, you should be able to itemize these. You should not only project how much you need to start but also include how much you will need until your business starts making a profit. Many promising businesses have failed because they did not have enough financial resources to survive and make a profit. When making your projection, it is best to overestimate to give you some breathing space in case things do not go as planned.

There is also the question of how you will get your funding. If you have the funding already then you have no problem. If not, there are many options such as bank loans, getting investors or partners, and crowdfunding. It pays to research these further before you make any decisions on how to source funds. An online account will definitely help you manage your funding and expenses easier and faster.

4. Comply with government requirements.

This will probably be different for each country but basically, you will need a business permit and will need to register with your country’s tax management agency. You need to check directly for the requirements for your type of business in your country. For instance, some countries require you to have a business insurance to operate while others do not.

By the way, you will also need to decide if you will register your business as a single proprietor, a partnership, a corporation or a limited liability corporation (LLC). Check each one out before you decide.

5. Plan your team.

Based on your business plan, you should be able to itemize the tasks that need to be done and figure out if you need employees or if you can do everything on your own. If you need to hire employees, make sure you base your evaluation on what their role will be in your business. Another option you might want to research is hiring virtual employees.

6. Look for good suppliers and partners.

Any business will need to purchase other products and services in order to run. Services such as couriers, phone service and internet, and products such as raw materials for production, and office supplies just to name a few. Research and find out which suppliers can give you the best at the lowest prices. Establish good relations with them. There may come a time when you can make online payments to them as you build your relationship with these business partners.

7. Create your brand and prepare a marketing plan.

There are many startups that have flopped mainly because they chose to ignore the importance of branding and marketing. Your customers need to have a peg to remember your business and branding is the key. Formulating the right brand should help your target customers remember your business. Advertising your business through your brand will help spread the word about your business. Nowadays this is easier and cheaper with the internet. Find out more about how you can use SEO, social media and websites to advertise your business.

8. Plan after starting your business.

Remember that starting your business is just the first step. When you have already started, the next step is to maintain it. To maintain it, it usually means you also need to grow your business. It is a good idea to continuously assess your situation and plan accordingly for the future of your business.

Starting a business can be a great challenge especially if you're doing it for the first time. Research everything that you need to know about the venture you're planning to start, the steps mentioned above can be your guide. However, if you have plans to reach consumers abroad, you may consider integrating a reliable payment gateway solution that supports various payment methods.

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