Running a company as an entrepreneur means that you are more in control of your destiny. You will have the opportunity to take risks and explore ideas that would never be possible in a traditional working environment. It also means you can make your own decisions about how to handle difficult situations, rather than having someone else do it for you. You’re good at what you do, yes? You deserve the opportunity to run your own business and reap the rewards on top of getting up every day knowing that you are contributing something important and valuable to society.
Frisky business durham is always looking to find new local businesses to support and love what you do. We encourage everyone to start their own business. You will always be able to depend on Tina for the latest news, tips and tricks that can help your business succeed. Dont worry if you don’t know where to start, we have a short list of six key steps you should follow when trying to start a new business.
Give it some thought and make sure that starting your own business is the best thing for both you and your family before going ahead with it. Run your ideas by friends and ask them how they feel about it as well. If they show an interest in being involved then its worth taking further, if they are negative then perhaps not so much.
Never Underestimate The Influence Of Owning A Business :
1. Business Plan
Business plans aren’t just for larger businesses. That is a common misconception. You’ll need one for your new startup to raise funds, acquire business partners and to secure the necessary government permits and licenses to operate in your province or area. You may be able to get a small business loan with or without collateral depending on your personal credit score, and it will also give you an opportunity to see if you can actually be profitable. Remember that you need a good business plan when starting any new project.
2. Start-Up Costs
There are several start-up costs that you’ll need to take care of including the price of registering your business name and any patents or other government registrations. You will also have to purchase materials and gear, hire staff, and most importantly, deal with paying your workers if you do so. Never underestimate the amount that this will cost! Don’t be afraid to make mistakes as long as they are small ones. Businesses are started every single day, but not all survive their first year. Get a business license too if required by law in your state or province.
3. Building Your Brand
Once you have your business name and business license, you’ll need to start taking steps to create visibility for your company. You will begin by creating a website and social media page to promote your business. You’ll need to build your brand so that people know who you are, what you can do for them, and what it is about you that makes you special among all the other businesses in the country. This is an essential process before beginning any marketing campaign, but it is also something that takes time and often even more time than first realize!
4. Finance And Capital
Now that you’ve got your business name, logo, and website set up, it’s time to start on the process of financing your company. There are many ways to get money flowing into your new business. You can borrow from a bank or obtain loans from many sources. One option is to go to a traditional lending institution such as a bank or credit union and submit a business proposal.
Your objective here is to show how you will be able to pay back the loan with interest based on your projections of future income. This is a great option for small businesses that are low-risk, but be careful to always check the interest rate and make sure you can pay back the loan in full. A place like the Small Business Investment Company (SBIC) can help you with this aspect of financing your startup.
5. Taxes and Legal Matters
If your business is incorporated or if you operate it as a Sole Proprietorship (in which your name will be on the title to the business), then you will need to comply with all laws regarding tax and legal matters. These laws require you to file a company tax return every year. You’ll also need to pay taxes on all income and any capital gains from your business. These taxes are usually much less for Sole Proprietorships or Corporations than for Limited Liability Companies (LLCs).
