How many times have you, or someone you know, said: “I've always wanted to be my own, do a job I like, be my own boss”?
Steps
Step 1. A lot of people have this dream, but get bogged down in the details of the procedures to follow
While this article is not intended to be a complete guide to starting a business, it will still give you an idea of some of the steps required to start your own business.
Step 2. Rely on professionals
The most important professionals you will have to rely on at the beginning are a lawyer and an accountant. The lawyer can decide whether it is convenient for you to open a joint stock company, a partnership, or with a single owner, or other types of companies. A good accountant will help you make this decision by evaluating which is the most advantageous for you from a tax point of view. A lawyer can help you register a business and obtain the necessary permits and licenses, and can advise you on whether or not to register your idea, or protect your intellectual property by having the people involved sign a nondisclosure agreement
Step 3. Draw up a business plan
You may need a professional to help you draw up a business plan. You will need one to help you focus your business purpose and main goal. It can be anything from selling sandwiches outside a mall, to providing technology services to the largest companies in the world. In any case, you need a plan that shows you how to proceed towards the goal and an estimate of how much money you will need to achieve it. What will be the costs for the equipment? Will you need employees? Will you have to rent an office? All of these cost estimates should be included in your business plan
Step 4. Find funding
How much money do you need to get started? Do you have savings that you can use? Friends or associates who might invest in your business? Or do you need a loan from the bank? Whatever the situation, you will need to present a copy of your business plan to bankers or investors if you need to borrow money to start working
Step 5. Manage your accounting
A good accountant can help you choose the best accounting programs, and help you set up a system for tracking payments, expenses, taxes, wages, employee incentives, and so on. You will rely on the accountant at least for the annual tax installments, and maybe even for the wages. The accountant can also manage your withholding agent
Step 6. Find a location
Depending on the industry, the location can be very important. If you need to be visible to the public (for example if your business is a bookshop or restaurant), you will need to think carefully about where to settle. The venue can make your fortune or ruin you, and the rent must be paid, no matter how the business is going. You will also need a phone, utilities, furniture and equipment, and some advertising that says, “Hey! We are here!"
Step 7. Open a credit card pos account
Every real business nowadays needs credit to stay on the market. You will pay a small percentage for each card transaction a customer makes. You will have to invest in a machine to check the validity of cards, such as those seen near cash registers almost everywhere
Step 8. Hire employees
You won't need to do this if you are a freelancer. Maybe you just need a part-time person to answer the phone and take care of the paperwork. Obviously it depends on the type of company. You can probably manage a small bookstore on your own, but for a small restaurant you will need a cook, several waiters, someone at the cashier, and so on. You will need to get them in good standing with their contributions, and you will need to check their resumes and references before hiring them
Step 9. Promote your business
Choose how to let people know you exist, what you can do for them, and why they should come to you instead of reaching out to others. The most used forms of advertising are TV and radio, newspaper notices, flyers and discount coupons in local newspapers
Step 10. All of these things could make you change your mind about starting a business
Maybe you don't want to put in so much financial effort, hiring professionals and looking for a location. It's a big risk.
Step 11. But back to the starting point of this article:
"I've always wanted to start my own business, do a job I like, be my own boss."
Step 12. YOU CAN
Without all the worries of a traditional business.
Step 13. There is a very simple way to achieve this, and it has worked for millions of people
You can run your business from home, avoiding most of the operations listed above. The best thing about working from home is that the risk is low and there are great opportunities.
Step 14. Many of the inconveniences and chores of traditional business are eliminated by working from home
The biggest obstacle in opening or buying a company is the initial investment. In addition to the large investment, the time commitment required to open can also prove to be greater than that experienced in any other job, and the economic return may not be worth the time it takes or the economic risk.
Advice
- Use your business plan both as an instruction manual and as a tool to track your company's progress.
- Pay your insurance for the current year as soon as possible.
- Set aside a capital equivalent to at least six months of work.
