Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks Correct into Bitcoin Happy Thanks Halving - Earnings Season Buying Opps - 4th July 24
24 Hours Until Clown Rishi Sunak is Booted Out of Number 10 - UIK General Election 2024 - 4th July 24
Clown Rishi Delivers Tory Election Bloodbath, Labour 400+ Seat Landslide - 1st July 24
Bitcoin Happy Thanks Halving - Crypto's Exist Strategy - 30th June 24
Is a China-Taiwan Conflict Likely? Watch the Region's Stock Market Indexes - 30th June 24
Gold Mining Stocks Record Quarter - 30th June 24
Could Low PCE Inflation Take Gold to the Moon? - 30th June 24
UK General Election 2024 Result Forecast - 26th June 24
AI Stocks Portfolio Accumulate and Distribute - 26th June 24
Gold Stocks Reloading - 26th June 24
Gold Price Completely Unsurprising Reversal and Next Steps - 26th June 24
Inflation – How It Started And Where We Are Now - 26th June 24
Can Stock Market Bad Breadth Be Good? - 26th June 24
How to Capitalise on the Robots - 20th June 24
Bitcoin, Gold, and Copper Paint a Coherent Picture - 20th June 24
Why a Dow Stock Market Peak Will Boost Silver - 20th June 24
QI Group: Leading With Integrity and Impactful Initiatives - 20th June 24
Tesla Robo Taxis are Coming THIS YEAR! - 16th June 24
Will NVDA Crash the Market? - 16th June 24
Inflation Is Dead! Or Is It? - 16th June 24
Investors Are Forever Blowing Bubbles - 16th June 24
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Get Your Startup Idea Up And Running With These 7 Tips

Companies / SME Jan 14, 2022 - 07:10 PM GMT

By: Steve_Barker


Starting a business is no easy task. It takes a lot of hard work, dedication, and sacrifice. But with the right attitude and these 7 tips, you can get your startup idea off the ground and running in no time.

1. Decide On The Company's Legal Structure

There are two types of legal structures for businesses: LLC and LTD. Each has its own set of pros and cons, which should be considered during company formation process. LLCs offer limited liability protection to their owners, meaning that the personal assets of the business owners are protected if the company goes bankrupt or is issued. This is a major advantage over sole proprietorships and partnerships, which do not offer any such protection. LTD, on the other hand, offer tax advantages to their owners. While LLCs are taxed like partnerships (i.e., they file taxes as individual entities), LTDs are taxed under subchapter K of the Internal Revenue Code, which means that the company itself will not have to pay any income taxes.

2. Write A Business Plan

The business plan is the foundation of your startup, and it should always be revised for each new phase of the company's development. It'll serve as a roadmap that shows investors what you want to do, how you plan on doing it, and why your company will succeed. There are many helpful tools available online which can guide you through the process. The business plan should incorporate all the company's business goals, growth projections, marketing strategies, accounting procedures, and risk factors. You should also include your financial forecasts for at least 3 years.

3. Determine The Company's Location

Before you begin searching for a location, research commercial real estate agents and companies so that you can get a feel of what is available in your price range and area of interest. You should also consider whether or not your company will need any special licenses to operate in certain areas (e.g., liquor licenses). There are many resources available online which can give you an idea of what kind of zoning restrictions exist in your area and how much they will affect where you set up shop. The location of the company will later determine some of the other important factors which need to be considered. The emphasis for the location should be on accessibility for the customers or clients.

4. Acquire Any Necessary Licenses And Permits

Before you open a shop, it's crucial to take care of all legal matters (e.g., corporation formation) and financial issues (e.g., getting startup money). These are essential because they will keep your business operations throughout its formative years when it is most vulnerable to fluctuations in the market. Certain types of businesses require specific licenses and permits to be issued before opening (e.g., restaurateurs typically need licenses to operate). Licenses are often issued by the state where you plan on operating. The process can take several weeks, so it's important to start early.

5. Set Up Business Bank Accounts

Business accounts include checking, savings, and money market accounts. Make sure that your bank offers online or mobile banking services so that you can easily monitor your account at all times for fraudulent activity. You should also open a merchant credit card processing account since most payments are made through credit cards these days (and accepting cash will slow down your business). This is also important because it will allow you to accept debit and credit cards.

6. Market The Company Online

There are many good ways to market your business online, including social media, blogging, webinars, video marketing, online ads on various websites (e.g., Facebook), etc. Social media marketing is an effective way of reaching out to potential customers quickly across multiple platforms (e.g., Facebook, Twitter, etc.). It's important to create a strong online presence because people want to be able to find your business on the web. If you need help, there are several useful resources available online which can guide you through the process. If you're looking at a long-term marketing strategy, implementing SEO can help your company rise in search engines.

7. Source Quality Suppliers

What you buy should complement what you sell. For example, if you own a restaurant, it would make no sense for you to buy ingredients from a company that sells furniture or clothing products because they have nothing in common with one another and your products will not get attention. This is why it's important to source quality suppliers before opening up shop to create a solid product line that customers will recognize and appreciate.

You can get your startup idea off the ground and running by writing a business plan, determining location, acquiring necessary licenses and permits, setting up business accounts, marketing the company online, sourcing quality suppliers. Keep these tips in mind before you open your company and you should be able to run it well for years to come.

By Steve Barker

© 2022 Copyright Steve Barker - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2022 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in