The 8 steps on how to start a new business.
To start a new business entrepreneur prepares the feasibility study report, get his personnel and technology assembles all the initial and operating resources for the business.
I. Identify your small business idea.
II. Make a plan.
III. Set up a capital for your business.
IV. Site selection and location.
V. Choose a business structure.
IV. Choose your business name.
IIV. Register your business.
IIV. Open a business bank account.
I. Identify your small business idea market research will tell you if there’s an opportunity to turn your ideas into a successful business. It’s a way to gather information about potential
Business already operating in your area and use these sets of suitable information to set up your business.
II. Make a plan to succeed, the entrepreneur, a part from his hard work, must be able to develop a product that is different from existing products. In other words, such product must be unique in character. A unique discovery could be an entirely new product that no one is presently offering but whose introduction could satisfy a need or fill gap in the market.
III. Set up a capital for the business for an entrepreneur to obtain the finance needed in running a business. The entrepreneur needs to do research whether their is available fund set up or should borrows money from banks.
IV. Site selection and location to achieve their major objectives of maximizing profits, businessmen or entrepreneurs do their best to cut down the cost of production. ( in monetary terms) , especially when they are considering where to site their industries or business. The factor which influence entrepreneur in considering where to locate the business.
a. Access to Raw material an industry tends to be located near the source of raw material especially when the raw material is bulky and involved heavy transportation cost.
b. Access to market In selecting a site for a business, an entrepreneur must consider accessibility to the market bulky or heavy.
V. Choose a business structure the legal plan choose for your business will impact your business registration requirements, how much you pay in taxes and your personal liability.
VI. Choose your business name the entrepreneur needs a brand name to use to met the needs of the market a brand new unique name that has not been used before, it will produce positive impact to your Business.
VII. Register your business once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. You’ll need to register with the federal government, and may be your state government.
VIII. Open a business bank account entrepreneur needs selects his banks and everything that will facilitate the realization of his dream of establishing and running a successful business.