Did you Know?
If you put Bananas and Money in front of Monkeys, they will choose Bananas because monkeys do not know that money can buy more bananas. Let's take it to our normal life happenings. If you offer Job and Business to people, they would choose Job because most people do not know that Business can bring more money than salaries.
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I am not saying that everybody should run and jump start a business neither am I also telling you that starting up a business will be easy. My first paragraph is only directed to those who are ready to take entrepreneur risks. In our world today, 99% wants to work for an established business and only 1% are ready to make those business decisions and take the risks.
Let's get to business
Now enough of the stories, let's get down to the topic of this post. 10 Steps to Starting a Business
The following are steps to starting a business:
1. Write a Business Plan
Writing a Business plan involves you forming goals and objectives for your business/company. This should have a detailed outline of what you plan to accomplish.
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2. Obtain a Start-Up Capital
Every business require a Start-Up Capital which may be huge or small depending on the nature/type of business.
Your capital may your savings or loan obtained.
Note: Starting a business requires money and this process may take some months. My advice is to start on time(early).
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3. Set Up a Legal Business Structure
Here requires you set your company/business as a corporation or LLC(Limited Liability Company).
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4. Obtain a Federal Employer Identification Number
This is only required for Incorporated businesses that hire employees. This Identification Number is issued by the IRS(Inland Revenue Service).
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5. Satisfy Business Licensing Requirements
This is required by most states, local governments and countries for businesses to obtain licensing before they begin to operate.
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6. Create a Web Presence
The world has gradually moved to the internet, hence, having a website is very important in today's business world. This will enable customers to be able to see your business online and as well contact you.
Tools like Google Ads, Google Page Rank etc can help get your business a lot of customers.
Register a URL that is memorable and relevant to your company or business.
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7. Develop Business Collateral
This involves using a customized letterheads, cards and forms with your company name, logo and website on it to establish credibility.
This can also be known as Branding your business.
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8. Open a Bank Account and Merchant Account
This is to protect your corporate or LLC veil. Businesses must maintain separate business and personal accounts and records.
9. Identify and Know Where to Get Help
You should know where and when to see advice from other experts/sources such as attorneys and accountants, to assist you with specific questions about your business.
- You should also establish a board of advisors or mentors who will help you along the way.
10. Follow Government Rules
When you are operating a means business, it means you are satisfying the ongoing government and legal requirements to maintain the company's/business good status.
QUOTE: Profit is better than salaries because salaries can make you a living but profit can bring you fortune.
Remember: Running a business is not for everybody, it is for those who are ready to take entrepreneur risks.