Start your own Business
Are you tired of working for others?
There is a great distinction between the two words "yours" & "others". For instance, if you have an asset as a delivery van and you are a driver; and there is a van which is not yours but you are a driver, now in this case which van would you drive very safely and take care of it everyday?
Obviously, money can both separate and compromise your ways with anybody, no matter how close you are related with that party. Working everyday for someone can be directly reflected to the example that I have glanced above. So, If you have been working for others and you now have had enough of it, then its time for you to close your old chapter and start a new challenging one.
How can you benefit from starting your own business?
It is always a great deal when you have your own business as an alternative, which means that you would be earning money eventhough, you are not present at your business firm. This is simply because you have a staff who are working for you to generate revenue for your business everyday.
Your business is your art and it will absolutely bear you enormous amount of benefit if you are using it ethically, systematically and with a discipline.
1. Business Ideas
Every business starts with an ideas of an individual or a group. Anyone can come up with an idea but not all of them can execute it in a systematic ways. Every individuals are different so their imagination on making ideas varies from what they decide to do.
Creating business ideas need to meet the criteria on why your business should stand out before others; where many competitors are doing well before you have entered the market. What is the unique service/strategies that you have got don't have with others?
These things can be learned from this business ideas so, that you can put it together to create your unique business.
2. Conduct a market research
Once you have a complete and legit business ideas it needs to be implemented in a systematic order. You now need to focus on finding a right market trends for your business. There will always be a similar business ongoing unless your business strategy is completely monopolised.
You must need to find out about your business competitor, the probability of success and the realistic oppertunity which is going to create for your business firm. To do all these you need to undertake a thorough market research; which will help you to evaluate and explore your business ideas further.
This procedure is a key for you to set your own personal and business goals which ensures and enables for you to articulate/formulate your business plan in an explicit manner.
3. Set your business plan
When you have a robust, clear and realistic view of a business/personal goals from a market research then it is time for you to transform it into an ideal business model. This will be a complete outline to a different aspects of a business such as sales, marketing, promotion and the suitable location for your business.
When you develop your business plan you can make an important decisions this is a time where your market research that you have done previously comes in handy. This plan will become a valuable tool for your business specially in the time of its implementation and evaluation.
4. Secure Funding
After finalising your business plan and market research finance is a real deal that you need to look at. It is believed that a problem has more than one solution. When we talk about finances in business literally, it is a life cycle of it because if anybody tries to gain something from others they must be able to loose something too.
To find a fund for your business either you can invest the money that you have or else you can go to your nearest bank branch asking for a loan presenting your explicit business idea. If your business idea is unique and the banker sees a future in business boom then, banker is more like to invest in your business.
Always remember this even if you don't have enough money to start a business there shall always be an alternative money lender but with them you need to be very careful whilst doing transactions.
5. Business Structure
Choosing something in your life does matter because you choose what you need not the things that you want. Likewise, when you have gathered all the informations, it is a time for you to choose right business structure that is suitable and fits you right in.
There are many business structures that you can register with but the main three of them are as follows:-
Sole trader - an individual who trades with others without the involvement of partners.
Partnership- more than one individual/entities helping to run their business, but not as a company.
Company - a legal entity separate from its owners/shareholders.
This task is very important because it determines what documents you need to submit, the information on the taxes that you need to pay & the information on your personal liability investment.
6. Register your business
The idea of registering a business simply means that you are making business brands and types interlinked with your name by registering it with the government in at the state level. This involves you to provide as many paperwork as possible whatever that the government demands.
For instance, if your business is a corporate one then you will need to file your name, gather all the documents which contains the purpose & the description of your business, its structure document & the stock details specially, if your business is related with selling different products.
If you need to find out more on how to register your business legally then follow the link below.
https://www.gov.uk/set-up-business
Source -https://www.gov.uk/
7. Tax registration
Right After registering your business next thing you need to do is to register your business tax, which then gives you a federal employer identification number. This is important for your business to learn about corporate, payroll, income, and sales taxes, which will all be needed for your business in the future.
You will only be able to run your business transactions specially, financial ones only after registering the tax with the local government.
8. Obtain necessary permits and licenses
You must need to obtain permits and licence for your business from your local city for the purpose of legal operation depending on what sort of business you have. Failure, to comply with this rule might give you a serious consequences both you and your business.
Every city has a databases with the long list of addresses available within that city where you are currently deciding to run your business. Different business types have their unique codes, and you'll need to know this information to get a license.
This unique codes will require specific application procedure, and every city has its own set of requirements to meet the criteria.
9. Finding out an employers responsibilities
Registering a business with the authorities is not the final task that you have; but to protect yourself and your business you need to consider somehow, that your business is legally bounded. This is important in the time of engaging in a business dealings and organising an employees.
When you are your own boss it is your duty to look after your firm and the people that works for you So, to balanced you must have your businesses own ethics and law.
Depending on where you are planning to start your new business venture the legal procedure might be different; in that case you must follow the rules and regulations of that particular area before you jump into the new phase.
Blog by :-Christopher's (RamesH)
