Setting Up Your Start-Up Business

There are around 30 million small businesses in the United States alone, which make up 99.9% of all US businesses. However, not every business is set for success since there is so much competition in the market. So, when you plunge into the tough marketplace, it is important to ensure that your business is set up on a solid foundation.

Here are some steps that you need to complete in order to take your business off the ground successfully.

Do Your Research

You probably have a business idea already set up but now it is time to look at the ground realities for this idea. You will need to do proper research to see whether the idea has the potential to succeed. You can use past research, focus groups, and trial and error to solidify the idea. At the end of the research, you should know more about:

  • The market for your product/service
  • Target customers
  • Competition
  • Similar products/services already in the market

Plan Your Finances

Every business will need some initial investment to take off. There will definitely be some ongoing expenses no matter how small the business is. You will need to calculate all the costs for permits, legal fees, market research, branding, inventory, opening events, property and rent, utilities, employee salaries, and more.

Plan where the finances will come in from like self-financing, partnerships, angel investors, loans, etc.

Pick and Register Your Business Name

The business name you choose will play in every aspect of your company. You need it to be a good one so that you can trademark and market it to get profits. You will need to make sure it is a unique name since it is easy to register and doesn’t clash with other business. Find out whether the name you have in mind is one-of-a-kind through the Business Name Availability Search Tool.

Get Licenses and Permits

Paperwork is an integral part of starting your own business. There are many different permits and licenses that may apply to your business, depending on where it is located and the type of business. You will need to do some research on this issue and ensure that you have all the needed licenses beforehand.

Choose an Accounting System

Small businesses are less likely to falter if the correct systems have been put into place from day one. The accounting system is the most important department in such cases. It will take maintain your budget, set prices, file your taxes, and conduct business with others. You can either take up the accounting system yourself or hire a professional accountant.

Set Up the Business Location

The business location can have an impact on the operation of the business. You can get a home office, retail location, private office, or shared space to set up your business model.

For this, you will need to properly outline the overall setup, equipment, and location depending on the type of products/services you are offering. Consider whether leasing or buying your commercial space is a better option for you.

Once your business is all set up, you can bring in the team to start working on the product or service you are planning to market.


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