Business Setup Advice

Discussion in 'Articles & Tutorials' started by bytrade001, Feb 3, 2012.

  1. bytrade001

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    Jan 6, 2011
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    While a new business idea may seem perfect in the beginning, doing a little research is the best advice. Take time to research every aspect of a new business idea before moving forward. Learning about the successes or failures of similar businesses may help you create a better business plan, as well as save money and time. Research may also identify issues that cannot be avoided and may force you to change or rethink your business setup.

    The planning aspect of the setup phase should be the first step in the project. Every possible part or step of a new business should be discussed, researched and outlined in detail. This process will help identify possible issues, allow elimination of unnecessary steps, uncover missing details and help establish an overall plan for the business setup. For example, the planning phase may uncover legal issues such as trademarks, patents, incorporation or licensing that need to be addressed within a certain time frame.

    As important as it is to carefully research new business ideas, understanding your potential customer base is equally as important. A detailed profile of potential customers can aid in later decisions such as design, pricing and marketing. This information may also offer new ideas or business opportunities not apparent earlier in the process. A perfect example might be the discovery that customer income demographics suggest a higher sales price or the potential for multiple purchases.

    One of the most common factors leading to new business failure is underfunding. Many new business ventures may not generate income for some length of time, leaving business owners responsible for interim operating capital. While a business may be on track for initial sales projections, an inability to pay suppliers, employees and other expenses can prove disastrous. Determining and identifying the amount of funds required during the setup period, as well as possible outside funding sources will help new business owners plan for success.
  2. aman

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    Feb 3, 2012
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    Setting up a small business can be a lot of work, but with planning and dedication your business can be started smoothly. Take your time in setting up your small business and try writing your setup plans in a small notebook to keep as a reference. Organization is the key to setting up your business successfully.

    Office space

    Choose adequate office space to set up your small business. If you chose to set up your business at home, be sure that the space is separate from areas that other family members may occupy. You also want the office space to be free from clutter. Also, be sure that the space has adequate lighting. If you chose to set up your small business in your home, be sure to inquire at your local county clerk's office to see if any special business permits are required.
    Office equipment

    Purchase the proper amount of office equipment to help your small business run smoothly. You will need items such as computers, file cabinets, paper office supplies and a business telephone. Be sure to set up a professional voicemail system for your customers. If you set up your office at home, this voicemail should be separate from your personal voicemail system. Purchase a desk and chairs that are comfortable. If your job duties involve prolonged sitting, you want to invest money in chairs that promote good back posture.
    Checking account

    Open a business checking account. Many banks offer specials to new business that will save you money on bank fees. They understand that it takes a new business time to generate revenue. You may also want to consider applying for a business credit card so that you can keep business purchases separate from personal purchases. Many banks offer a special rate on credit card interest rates if you open a checking account in addition to applying for a new credit card.
    Business ledger

    Locate a good accountant and purchase a ledger that enables you to keep good records. When you have finished setting up your small business and you begin business operations, be sure to keep receipts of purchases and sales. These are important and will be used when filing taxes. A good accountant can also help you get organized the first year of your business and teach you what small business deductions you may use on your taxes.
  3. ThirdSEO

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    Feb 10, 2012
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