6 answers
Leo
Student
Sherwood, Arkansas
1
Question
Asked
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How do I set up a business ?
How do I set up a business
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6 answers
James Constantine Frangos
Consultant Dietitian-Nutritionist & Software Developer since 1972 => Optimization Of Human Performance: jim.frangos@gmail
6620
Answers
Gold Coast, Queensland, Australia
Updated
James Constantine’s Answer
Hey there, Leo!
Embarking on the journey of setting up a business can seem like a daunting task, but don't worry! Here's a friendly guide to help you navigate through the process:
1. **Research and Planning**: Before diving in, it's essential to do your homework. Learn about your industry, identify your target market, size up your competition, and anticipate potential hurdles. This step also involves defining what makes your business unique and drafting a robust business plan.
2. **Legal Structure**: Decide on the legal form your business will take. This could be a sole proprietorship, partnership, limited liability company (LLC), corporation, or cooperative. Remember, each type has its own implications for taxes, liability, and regulations.
3. **Register Your Business**: Make it official by registering your business name with the right government bodies and securing any necessary permits or licenses.
4. **Tax ID Number**: If you'll have employees or need it for tax purposes, get a tax identification number (TIN) or employer identification number (EIN) from the tax authorities.
5. **Business Location**: If needed, find a suitable physical location for your business. This might involve leasing or buying commercial space.
6. **Finances and Funding**: Figure out how you'll fund your business. You might use personal savings, secure loans, attract venture capital, or find other funding sources.
7. **Accounting and Bookkeeping**: Set up a system to keep track of income and expenses. You might want to hire an accountant or use accounting software.
8. **Insurance**: Look into getting the right insurance coverage to safeguard your business against potential risks and liabilities.
9. **Hiring Employees**: If you need employees, get to know the employment laws and regulations, create job descriptions, and set up a hiring process.
10. **Marketing and Branding**: Create a marketing strategy to get the word out about your products or services. This could include building a brand identity, designing a logo, setting up a website, and launching advertising campaigns.
11. **Compliance with Regulations**: Make sure you're following all relevant laws and regulations related to your industry.
12. **Launch Your Business**: With all the preparations done, it's time to launch your business! Implement your marketing plan and start delivering your products or services to customers.
13. **Continuous Improvement**: Keep an eye on your business operations, listen to customer feedback, and adapt to market changes to ensure your business thrives in the long run.
For more detailed information, you can check out these authoritative references:
- Small Business Administration (SBA) - sba.gov
- Entrepreneur - entrepreneur.com
- Investopedia - investopedia.com
Take care and God bless,
James.
Embarking on the journey of setting up a business can seem like a daunting task, but don't worry! Here's a friendly guide to help you navigate through the process:
1. **Research and Planning**: Before diving in, it's essential to do your homework. Learn about your industry, identify your target market, size up your competition, and anticipate potential hurdles. This step also involves defining what makes your business unique and drafting a robust business plan.
2. **Legal Structure**: Decide on the legal form your business will take. This could be a sole proprietorship, partnership, limited liability company (LLC), corporation, or cooperative. Remember, each type has its own implications for taxes, liability, and regulations.
3. **Register Your Business**: Make it official by registering your business name with the right government bodies and securing any necessary permits or licenses.
4. **Tax ID Number**: If you'll have employees or need it for tax purposes, get a tax identification number (TIN) or employer identification number (EIN) from the tax authorities.
5. **Business Location**: If needed, find a suitable physical location for your business. This might involve leasing or buying commercial space.
6. **Finances and Funding**: Figure out how you'll fund your business. You might use personal savings, secure loans, attract venture capital, or find other funding sources.
7. **Accounting and Bookkeeping**: Set up a system to keep track of income and expenses. You might want to hire an accountant or use accounting software.
8. **Insurance**: Look into getting the right insurance coverage to safeguard your business against potential risks and liabilities.
9. **Hiring Employees**: If you need employees, get to know the employment laws and regulations, create job descriptions, and set up a hiring process.
10. **Marketing and Branding**: Create a marketing strategy to get the word out about your products or services. This could include building a brand identity, designing a logo, setting up a website, and launching advertising campaigns.
11. **Compliance with Regulations**: Make sure you're following all relevant laws and regulations related to your industry.
12. **Launch Your Business**: With all the preparations done, it's time to launch your business! Implement your marketing plan and start delivering your products or services to customers.
13. **Continuous Improvement**: Keep an eye on your business operations, listen to customer feedback, and adapt to market changes to ensure your business thrives in the long run.
For more detailed information, you can check out these authoritative references:
- Small Business Administration (SBA) - sba.gov
- Entrepreneur - entrepreneur.com
- Investopedia - investopedia.com
Take care and God bless,
James.
Dimitris Paterakis
3
Answers
New York, New York
Updated
Dimitris’s Answer
1. Have you identified a need for a potential client that you can cover?
2. Do you have a sense how the most basic version of your product/service looks like? The minimum product that some client would pay for and use?
3. Have you figured out from a practical perspective how to create that service/product? (eg do you have the tools/capability to create the appropriate product)
4. What will be your approach to find clients? Do you have any potential clients lined up? How will you attract more?
5. Have you checked for the legal requirements to do what you need to do? Is there any law that tells you how to offer this product/service?
6. Have you created an LLC (legal company) to provide the product and service from?
7. Do you have luck on your side? Are you ready to work hard? Are you ready to fail? If yes, then you will win
2. Do you have a sense how the most basic version of your product/service looks like? The minimum product that some client would pay for and use?
3. Have you figured out from a practical perspective how to create that service/product? (eg do you have the tools/capability to create the appropriate product)
4. What will be your approach to find clients? Do you have any potential clients lined up? How will you attract more?
5. Have you checked for the legal requirements to do what you need to do? Is there any law that tells you how to offer this product/service?
6. Have you created an LLC (legal company) to provide the product and service from?
7. Do you have luck on your side? Are you ready to work hard? Are you ready to fail? If yes, then you will win
Anthony Kofi Hene-Amoah
Translation, Editing, Project Management, Research and Evangelism
176
Answers
Jema, Brong Ahafo Region
Updated
Anthony’s Answer
Hi,
Please, note the following, concerning how to set up a business :-
1. Identify the type of business.
2. Consider your goal.
3. Your knowledge in the business.
4. Location of the business.
5. Finances/Capital.
6. Favourable marketing conditions.
Best regards.
Please, note the following, concerning how to set up a business :-
1. Identify the type of business.
2. Consider your goal.
3. Your knowledge in the business.
4. Location of the business.
5. Finances/Capital.
6. Favourable marketing conditions.
Best regards.
Rebecca Tang
Banking
1877
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear that you would like to be an entrepreneur. Have your thought about what industry you would like to start your business?
Below are my suggestions :
1. Think about the industry you have interest or you have strength.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend some courses relevant to the industry and management course
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
Below are my suggestions :
1. Think about the industry you have interest or you have strength.
2. Do some analysis on the industry, e.g. entry criteria, competition status, any alternative / substitute, etc.
3. Attend some courses relevant to the industry and management course
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if possible
Hope this helps! Good Luck!
Patti Montefusco
Sales
7
Answers
Tampa, Florida
Updated
Patti’s Answer
Hi,
Setting up a business is not that difficult, you need a business license from the state in which you reside. Depending on the business, you'll probably want insurance, you'll need an accountant to help with your quarterly/annual taxes. You should have some type of register to log business expenses (office supplies, vehicle expenses, computer related expenses, entertainment, etc.). You should first do your due diligence to find out if the business you want to open is in the right demographic, who your competition is (check this by researching Google), understand your up-front costs (like initial investment in computers, office space (if needed), etc.) also set a short-term and long-term goal (i.e. within 1 year report $X in revenue, within 1 year hire an employee, in 5 years have $X revenue and a developer) decide how you are going to market your product/service (social media, print media, radio/tv media, email marketing, telemarketing). Those are some initial thoughts, good luck!
Setting up a business is not that difficult, you need a business license from the state in which you reside. Depending on the business, you'll probably want insurance, you'll need an accountant to help with your quarterly/annual taxes. You should have some type of register to log business expenses (office supplies, vehicle expenses, computer related expenses, entertainment, etc.). You should first do your due diligence to find out if the business you want to open is in the right demographic, who your competition is (check this by researching Google), understand your up-front costs (like initial investment in computers, office space (if needed), etc.) also set a short-term and long-term goal (i.e. within 1 year report $X in revenue, within 1 year hire an employee, in 5 years have $X revenue and a developer) decide how you are going to market your product/service (social media, print media, radio/tv media, email marketing, telemarketing). Those are some initial thoughts, good luck!
Shavon Overstreet
Office Manager
5
Answers
New York, New York
Updated
Shavon’s Answer
Setting up a business has a lot of different aspects to it.
You’re question is broad so I’ll try to address it as broadly as possible.
The first thing you’ll want to do is decide the type of business you’re going to pursue, and in what industry. If this is going to be a business for passive income or based on a career/ long term business.
The reason for that is that determines how much income you plan to have, if you’re going to be a contractor/freelancer, if you’re going to need a EIN, if you’ll need you register your business (LLC,S Corp) and how you’ll be taxed. (You don’t want to have to worry about IRS). Or if you want to be an inventor.
These things are important because they decide to forms you’ll have to fill out, what government organizations you’ll need to become familiar with, and how much you’ll need to invest into creating, managing, and building your business. What softwares you’ll need to invest in, if you’ll need an accountant to help make sure all of your accounts are in order, how to maintain your invoices.
I know starting a business sounds straight forward, but these details effect how much of your time and knowledge is required.
You’re question is broad so I’ll try to address it as broadly as possible.
The first thing you’ll want to do is decide the type of business you’re going to pursue, and in what industry. If this is going to be a business for passive income or based on a career/ long term business.
The reason for that is that determines how much income you plan to have, if you’re going to be a contractor/freelancer, if you’re going to need a EIN, if you’ll need you register your business (LLC,S Corp) and how you’ll be taxed. (You don’t want to have to worry about IRS). Or if you want to be an inventor.
These things are important because they decide to forms you’ll have to fill out, what government organizations you’ll need to become familiar with, and how much you’ll need to invest into creating, managing, and building your business. What softwares you’ll need to invest in, if you’ll need an accountant to help make sure all of your accounts are in order, how to maintain your invoices.
I know starting a business sounds straight forward, but these details effect how much of your time and knowledge is required.