Most businesses fail, that is a sad but true fact, and there can be a lot of reasons for that. Sometimes the owner simply loses interest, or even decides to create something else. There are things that are out of your control too, but often businesses fail because of poor planning. While you cannot guarantee success, there are some things you can do that will at least improve your chances for success. Here are 10 things you need to know concerning how to start a business.
1. You need a business plan. This is nothing more than your goals and how you want to get there, which is like a map. It is just a plan though, and you can change it, but if you don’t have one, it is very likely you will not survive.
2. Get some business training. Many people go into a business because they love the product or service, which is a good reason. You still need to know how to do business though, and some training will help.
3. Consider your location, if it is not a home business. Balance location with how much you can afford. The best locations cost the most.
4. Market research. Know what the demand is, who your customers will be, and go from there. Many fail because they don’t understand the market.
5. Check into any legal requirements in your area. Many businesses have to have licenses in the city you are in, and they may be required at the state level too. Taking care of your paper work will keep you in good standing with the government.
6. You have to register to pay your local and state sales taxes, and there may be property and income tax as well.
7. You may need a business loan, or financial backers to start. Make sure you have the financing before you start. Start as low cost as you can, but you dont want to have to shut down two weeks after you start because of money issues.
8. Advertising. You must let the public know you are there and what you are offering. Consider getting some training in this area. Social media is good, but that is only.
9. Employees. There are many laws about employees, and if you are going to have some, you need to make sure you are following all laws in that area.
10. Set up your structure. There are many kinds of businesses – sole proprietorship, limited liability corporation and many others. Study to see which one best fist your operation.
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