1.
Brainstorm
ideas:
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Every new business starts with an idea. An idea
generation is must in any business and should be professional related to
business field. A person engaged in a business must have good sought of knowledge
to express and apply in it. A person should indulge themselves into a business
that he or she have interest and should be passionate about it.
2.
Build A Business Plan:
A business plan is the key component to run a
successful business. The people, vision statement, organizational skills,
business profile and economic assessment forms the business plan and its
requirements. It figure outs the main idea, potential threats and difficulties
which directly and indirectly affect the business.
2.
Assess
Your Finances:
Any business in the market has a cost associated
with it. A startup cost is a prerequisite for sustaining a business in the
beginning to earn profits. A commercial loan and small business loan through
Small Business Administration are the alternatives to best deal with finances.
3.
Determine
your legal Business Structure:
In a legal business structure certain types of entities are needed in order to perform it smoothly. Sole proprietorship, Partnership, Corporation and Limited liability partnership are some of the legal entities. It depends upon the type of business a person decide on to establish by determining its future goals and current aspects.
5.
Register with the Government and IRS (Internal Revenue Service)
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A business need to be register with government to function. Corporation is a
separate legal entity which include business name, business purpose, stock
details and other information whereas in case of sole proprietorship “Doing a Business
as” will need a business name (legal name) to register legally. The employer
identification number and certain forms are obligatory to fulfill federal and
state income tax obligations.
6.
Select your Technology:
The tremendous impact of
technology has reshaped the business environment. Every business whether it is
private or public needs technology to keep things organized. A powerful and
reliable laptop, smart phones and tablets are compulsory tools that are wanted
in a business for presentations, point-of–sale-software, invoicing and
accounting.
7.
Purchase an Insurance Policy:
The right insurance
policy is the most crucial step in business. To mitigate with the stressful
disasters which damage the property invested in a business and customer lawsuit
can be costly. An insurance is needed to cover all these losses.
8.
Choose your Partner:
A business needs experienced and
knowledgeable partners in order to function properly. There many factors that one need to consider
while selecting partners. They should be trustworthy, possess intellectual
property and should respect the value of time.
9.
Build your Team:
Teamwork is very important in any business
field. Working in teams in a business generate leadership skills ,
organizational skills, roles and responsibilities and the division of work will explore more
knowledge and effective ideas.
10.
Brand yourself and advertise:
Social media is the
excellent and powerful tool to advertise the business. The Company logo for
which the person is doing business helps people recognise the brand name and it
is the first and most important step for any business identification. Moreover,
printable coupons can be used as a promotional tool to gain popularity. However,
discounts to followers are the best way to attract number of customers to
enhance the sales and gains in a business.
11.
Grow Your Business:
The growth of a business starts with its
first sales and with the introduction of its brand name. A lot of efforts and hard
work is required to gain valuable output to lift the business to the top level.
Cooperating and working in partnership with other business industries and
companies is a satisfied method of growing the business in the market. However,
Partnership with charity and with other organizations will help in the growth of
business.
References:
Mary Ellen Guffey, Business Communication: Process & Product (6th Canadian Ed.). ON: Nelson.
"The most common evaluating factors to succeed in business" Retrieved from:
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