For those Interested in Becoming an Entrepreneur. Congratulations on starting a new business. Take advantage of the excitement of new business. Divide the whole plan in such a way that it is easy for you to manage all the work. Take a look at the to-do list. Here is a list of things you need to do. This will help you to understand which tasks to do first and which to do later.
Verify business acceptance
Business is not a charity, the first and last thing about business is profit. To make oneself stand in the face of truth. The new business should be such that you can make some profit by doing it. Ask yourself, if you are a buyer, will you buy this service or product? Do a little statistics, how much do you spend on this product or service? Will a buyer pay the highest price so that you can make a profit? I will write a separate post on how to face statistics or questions to verify the feasibility of your product or service. All in all, can your product or service make a profit in the long run?
Create a business plan
You might think, you can start a business without a business plan. But a business plan with financial concepts will give you a chance to think deeply about it. It will be a living guide to your business, helping you reach your destination.
Do you know the amount of capital required for the type of business you are planning? Also, find out where your personal expenses will come from in the first year. Maybe your personal expenses (domestic) will come from your savings or job or your wife’s job and be clear in advance of the things that require financial investment to start a business. Not that you started the business and later wondered where the money would come from. To learn about all the financial sources.
Keep up with family support
Start your business with family and friends. They will act as your business referral business. Customers of your product or service should be your family and friends, otherwise, your business will face challenges. In business, the family should be by your side (physically, mentally and financially). However, do not force anyone to do so.
Read more: How to be a Creative Entrepreneur
Fix the name of the business
To determine the name of the business, keep in mind who is the customer of your product or service. Do not copy the name of another company. From the company, the registration website makes sure that the name you have chosen is already registered by another company.
Register a domain for the company
Register a domain name that matches the business name. If you register a free domain, it may seem like maybe your business isn’t really a business or you don’t want to do business in the long run. In addition, free domain sites are not so reliable to people.
Form a company
Form a company according to the customary law of the country. Discuss with your consultant what the structure of your company will be. The legal aspects can be consulted with an experienced company lawyer, who will keep you safe from future dangers.
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Apply for TIN
Apply for a tax identification number or employee identification number. Take a look at the applicable laws of the country. This will be required for your company registration. In addition, when you file a tax return at the end of the year, it will be required.
Check out what licenses you need
Apply for business certificates. Such as a local business certificate may be required, an import or export certificate, vendor certificate may be required. Apply knowing what certificates are required depending on the type and location of your business.
Make a website
It is very important and it will give you credibility with people. Just as a good developer is needed to create a good website, it is important to seek the advice of a good content writer to integrate information. A good website will save you thousands of dollars a year in marketing costs.
Register profiles following social media guidelines. You can take the help of any professional to create a personal profile or company page. This will make it easier to market your product or service.
Start the flow of income
Not that you have to wait for everything to be perfect. On the contrary, the sooner you start earning, the more confidence you will have. Suppose you start a home-based online business. If you think, first the website should be created, the store should be ready, then we will start selling. But you will waste time. Which is never good for your business. Instead, when you are preparing for business, tell everyone you know about your business and advertise the product on social media, you will see that your sales have started before everything is fixed. The income has started, which will give you a different kind of stimulus and encouragement. In other words, if your product or service is related to a customer agreement, make the agreement in consultation with a lawyer.
Rent a shop or office space
If the business is not completely domestic, rent a shop or office space. If it is a retail store, there are a few things to keep in mind. Such as easy travel of people, easy access to open spaces, physical and financial security and other factors that prevent customers from shopping in comfort. Remember, if you do not need an office or shop for your business, do not go to rent a place. Because it will increase your extra cost every month.
Make a business card
You need more than luck to succeed in affiliate business. Let everyone you know know that you are in this business. Order more business cards for this. It will bring credibility to your professionalism.
Open a business bank account
It is better for you to keep your personal account and business bank account separate. Introduce complete transparency and professionalism in doing business.
Read more: What is an Entrepreneur?
Establish accounting procedures
Establish an accounting system by connecting with your bank. There are many accounting software in the market, choose an accounting method that matches your business. You can also use ERP software if you wish. If your accounting system is not affiliated with the bank, make sure that all debits and credits match the bank account. If necessary, take the advice of an accounting expert.
Distribute the responsibilities of the co-founder
If the business is joint, share the responsibilities of your co-founder. Sit down and decide who will do what and keep it in writing. Your business could be ruined if you don’t agree.
If your office or work has its own rules, time, employees, establish their responsibilities, facilities, everything. If you follow the rules from the beginning, you can gradually improve. Be kind to everyone and take responsibility for yourself. We have to create an atmosphere of mutual respect and empathy from the very beginning.
Work on your network
It is very important that you promote your business to your family, friends, former colleagues and acquaintances. Not all of them may be your customers, but someone they know will be your customer. Don’t force them to be your customers. Try to build a referral business from scratch.
Use the technology your business needs over time. Make the technologies up-to-date. Download the necessary business apps and learn how to use them. Specific CRM from the beginning so that you can relate to your customers and follow them.
Keep an eye on product and sales strategies
Get to know your market as quickly as possible and get your customer feedback. Verify each service and product and refine product marketing and sales strategies as needed.
Patent your own product
This is important so that no one can copy your design and invented product. Apply for a trademark or patent under the country’s customary rules. If necessary, make a draft in consultation with a lawyer.
Seek the help of a consultant
Someone who is successful in the business you do, or someone who is a professional consultant, who really wants your success and who has the time for you. Discuss consultation fees and other terms in advance. Others understand your business type, product or service brochure, weekly sales paper, necessary equipment, telephone, signage, employee management, marketing tools, etc.
Written by: AHM G Karim, USA