![]() |
|
![]() |
|
![]() |
|
![]() |
Not sure how to start a small business? This guide will offer you some useful tips on the basic requirements of starting a small business.
Initially, there are two types of businesses available to you, Sole Trader or Partnership. Both are explained below:
Sole Trader:
This is the easiest and least costly way of starting a business. A sole trader can be formed by finding a location and opening the door for business. There are likely to be small fees to obtain business name registration. Lawyer's and accountant fees for starting the business will be less than the other business forms because less preparation of documents is required and the owner has absolute authority over all business decisions.
Partnership:
There are several types of partnerships. The two most common types are general and limited partnerships. A general partnership can be formed simply by an oral agreement between two or more persons, but a legal partnership agreement drawn up by a lawyer is highly recommended. Legal fees for drawing up a partnership agreement are higher than those for a sole trader. A partnership agreement could be helpful in solving any disputes. However, partners are responsible for each other's business actions, as well as their own.
Useful Information:
Starting and managing a business takes motivation, desire and talent. It also takes research and planning. To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well thought out business plan that will help you reach these goals.
The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.
Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:
You want to be your own boss.
You want financial independence.
You want creative freedom.
You want to fully use your skills and knowledge.
Next you need to determine what business is "right for you." Ask yourself these questions:
What do I like to do with my time?
What technical skills have I learned or developed?
What do others say I am good at?
How much time do I have to run a successful business?
Do I have any hobbies or interests that are marketable?
Then you should identify the niche your business will fill. Conduct the necessary research to answer these questions:
Is my idea practical and will it fill a need?
What is my competition?
What is my business advantage over existing firms?
Can I deliver a better quality service?
Can I create a demand for my business?
The final step before developing your plan is the pre-business checklist. You should answer these questions:
What business am I interested in starting?
What services or products will I sell?
Where will I be located?
What skills and experience do I bring to the business?
What will I name my business?
What equipment or supplies will I need?
What insurance coverage will be needed?
What financing will I need?
What are my resources?
How will I pay myself?
Having worked your way through the above questions should have given you an indication of whether or not you still want to go into business. If you have decided against, then at least you have learnt something. If you are going ahead with your venture then congratulations and have a successful business.
You may freely reprint this article provided the author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
So you want to get into the auto detailing business... Read More
We hear a lot of talk about junk mail nowadays.... Read More
The Federal Trade Commission is assisting competitor to cheat and... Read More
As small business owners we're in business to make money... Read More
(Although this article is geared towards small business owners, the... Read More
When you go into business for yourself, there are many... Read More
The Customer Analysis section of the business plan assesses the... Read More
If you are in the pressure washing business and are... Read More
American small business is again in transition. Many employees, now... Read More
Purchasing a franchise has become one of the most popular... Read More
If you are worried about how many different business cards... Read More
A tongue-in-cheek look at the skills required to operate a... Read More
If you own a mobile truck washing, pressure washing or... Read More
Rule 15C211Under SEC Rule 15C211, a U.S. securities broker or... Read More
How do marine type businesses start? Have you ever thought... Read More
As an entrepreneur you can learn a lot by following... Read More
So it's time to invest some finances into advertising your... Read More
One of the greatest pitfalls in e-commerce is Field of... Read More
Franchisors of home based and mobile businesses need to carefully... Read More
You make the decision to go into business and for... Read More
Are you responsible for your results?What comes to mind when... Read More
It's the dream of every person who starts a business... Read More
To maximum potential profits and dollars in a mobile washing... Read More
Company mottos can easily be printed on a business card.Sometimes... Read More
When should you leverage the relationship?Leveraging sometimes brings a negative... Read More
Remember the cleaning business is all about time ratio to... Read More
Are you a motivational speaker who consistently gets rave reviews... Read More
Having a successful business means also having a good working... Read More
If you plan to do business online, then your website... Read More
No matter your age or station in life, we all... Read More
That sizzling sound you're hearing may be a symptom of... Read More
When you awoke this morning, you found yourself buzzing with... Read More
Multimedia is everywhere on the Internet, whether in the form... Read More
What is Business Valuation? The term business valuation is the... Read More
Large corporations use employee manuals to both educate employees about... Read More
As a small business owner, outsourcing work to Virtual Assistants... Read More
When pressure washing heavy equipment each piece of equipment has... Read More
Whether you are an Entrepreneur or Business Professional there are... Read More
I have to admit, I was curious. When I saw... Read More
It's the dream of every person who starts a business... Read More
Microfiber cleaning towels have been around for about ten years... Read More
Running a business, whether large, small or in your home,... Read More
Business consulting opportunities might be just what your are looking... Read More
Tammy, a skilled and gifted horticulturist, called me to discuss... Read More
By outsourcing to skilled professionals you'll be able to grow... Read More
One of the best ways to make money in the... Read More
The Federal Trade Commission decided to sit down and revamp... Read More
Over regulation of small business is so intense it is... Read More
You may find this Newsletter a little long winded but... Read More
So what exactly is a "Small Business Lone Ranger?" A... Read More
Small Business Small Business |