Simple recipe for starting a business (part 1)

Part 1: For a company the right knowledge

Start with a clean collection business name

Use names that have positive connotations (e.g., safety first Bank seems very well, but lemon Bank may not be a good idea). The adjective and you use names should have positive connotations: first and safety are positively both banks (evoke positive thoughts), while the lemon is very negative banks (evokes the negativity).

Do not pull just a name for your hat. Do your homework and see what the names relate to your company and products and services that you offer and then it close to those who have positive connotations: those which connote quality, safety, happiness, success, rewards, etc. Remember that during startup of your company, your company's name is an essential element of the marketing and sales, and optionally the name of your company could become your brand. So choose wisely.

Choose the appropriate business entity

This is a very important part of the process. Make simple clear. For most of start-up companies and small size through an S Corporation (S-Corp) will do nicely. It offers the shield of the liability of a corporation and eliminating double taxation. At the end of the year, profits and losses of the company will become the owner/s profits or losses and owner/s cannot be held responsible for damages caused by the company or debts and other obligations of the company there are a few exceptions such as contributions. Furthermore, taxes used to fill an S-Corp is very simple and an S-Corp, like all other companies, has an infinite life, which means that it can change owner as often as desired. Therefore an S Corp may be sold, with its current structure intact, again and again. Once an S-Corp has reached a certain size, it can be converted into a C Corp, which will provide additional tax benefits - when a company gets large enough tax benefits of a C-Corp outweigh the expenses related to double taxation. Sole proprietor offers no protection - there is no distinction between you and your company legally or financially - and therefore should be used in selective situations. Limited liability (LLCS) and Limited Liability Partnerships (LLP) are special entities such as Law Firms and accounting services. Ltd. and taxable do not have an infinite life and cannot be easily sold with structurally present intact-major changes are necessary when the company was sold and filling fees can be a nightmare. If you need additional assistance or more information, please contact a business advisor prior to the establishment of a company. Item: do choose a sole owner or LLC simply because in some States, they are slightly less expensive to implement. You lose much more in the long term.

Having a plan - all

Can you build a building without blue prints? What you can wireless infrastructure without a wiring diagram? The answer is not and cannot have a business without a plan. Plan you indicate where you are, where you want to go and how to achieve this writing - if you think you can keep track of everything in your mind, you set yourself to failure. The plan must define clearly the three quintessential business departments: sales, operations and finance. The plan must bear who is responsible for what and how will take place the necessary tasks. Even if the company began as a one-man operation, you need a plan. The plan must also be a budget-assets, liabilities, costs and estimated income should be in the budget. The only component of the budget which is difficult to address is estimated revenues. However, you can always start with a modest prediction and take away. So soon seek help advise business planning in not your strong, so you can start in the right path. Don't forget that your business grows along with the plan. The planning process is much more important than the plane itself. Item: have a plan, any plan. Business planning is an exercise in life. He did not need to be perfect. It must simply be started.

Immediately start of sales and marketing

Do not mistake that most people start a business. Don't wait for the perfect and perfect time product a good product sells now doing - and certainly more wait for customers to find you. First of all, have a sale with a simple strategy strategy initially and let grow from there. Second, offer for sale a day by all means; continue to increase sales as quickly as possible. and expand your sales as the increase in the sales force. It should be noted that most businesses have a strategy for marketing and sales in place or take account of the sales and marketing to be a separate Department. This is an area where a business consultant or consultant in marketing can be very useful. We will focus on this topic in detail in part 2.

Use professional services

There is nothing wrong with asking for help or to spend money on getting the necessary assistance, knowledge, or the services you need to become and remain successful. You should not know everything. On the contrary, successful business people are often unaware of what they don't know and what are their weaknesses, and they are ready and willing to remedy by delegating responsibilities to others. As a business owner, he must learn to ask for help when help is needed. If you have any questions about how to perform certain aspects of your business, please contact a business consultant or a marketing consultant. If you have taxes and accounting issues, please contact a tax professional or an accountant. If you cannot afford to hire staff for some tasks, outsource tasks to other entities. With the help of the professional service is certainly an asset in the operation of a business thriving. The point: If do you things right from the start, you only become not succeeded more quickly, you'll get it cheaply and with less effort.