Are you all set to convert your dreams into reality? Establishing your own business and becoming your own boss can be really overwhelming, but it also requires loads of discipline and dedication. Here are a few tips for getting you started in the proper direction:
- Developing an elaborate plan
Creating an elaborate business plan can be one of the toughest challenges. Conduct a thorough market research before you decide to give a concrete shape to those fleeting ideas in your mind. An apparently fascinating business idea does not necessarily imply great sales figures. You need to focus on your targeted customer groups for figuring out their demands. Market survey provides a deeper insight into the expectations and purchasing behaviors of customers. Always remember, the secret recipe of success is loads of patience plus the willingness to learn from one’s mistakes.
- Determining the structure of your business
Deciding on the structure of your business is an absolute necessity due to its serious implications regarding taxation, liability as well as planning of succession. If you find it difficult to determine the apt structure for your new business venture, you can always hire a professional for expert guidance. The most common structures include sole proprietorship, partnership, cooperative and corporation.
- Preparing your business funding strategy
Several business endeavors fail to succeed due to the paucity of funds. If you are thinking of establishing your business with limited capital which can run the expenses only for a couple of months, then it is quite likely that you would be buried under a pile of debts. Planning out a long-term strategy for ensuring a steady supply of funds, is really crucial for the survival of your new venture. Unless you have a substantial amount of savings, you can always apply for business loans or grants for taking care of the basic investments.
- Adhering to the legal formalities
Business registration is one of the most fundamental steps for entrepreneurs in order to set up bank accounts, make arrangements for loans and carry out other important business-related operations smoothly. Initially you would be required to submit your proposed name request for approval. Once the business name receives approval, you must ensure that the registration process is completed within the stipulated time period. Choosing the right business insurance package is the next crucial step.
It is really essential for every self-employed person to keep himself/herself informed about intellectual property law and tax laws, in order to protect your own rights and avoid infringing on others. In addition to these, you should be aware of the various employment regulations and make sure that your workplace adheres to the set standards.
- Selecting a strategic location
Selecting an appropriate location for any commercial property, is very essential for the profitability as well as productivity of your business. It has to be convenient for your clients as well as employees. While making a choice, do keep in mind the nature of your business, along with several other factors such as the availability of basic amenities, cost of rent, transport connectivity, ability of attracting trade and proximity to the commercial hubs of your city.
- Investing in the essential devices
Prior to setting up your office, prepare a list of the indispensable devices such as dedicated telephone lines for your business, laptops, computers, wireless routers, scanners, printers, fax machines and Xerox machines. Investing in ‘all-in-one’ machines for printing, faxing and scanning would significantly reduce your expenditure. But it you are required to send exchange lots of faxes on a regular basis, then eFax would be your safest bet. Unlike conventional fax machines, the use of eFax help in cutting down costs, increases mobility, enhances safety and saves a lot of precious time.
- Stocking up on furniture and supplies
Though your office layout will depend entirely on the space chosen by you, following a few guidelines would help in better utilization of space.
- Invest in folding tables
- Get hold of multiple stackable chairs
- Depend less on paper and focus on de-cluttering
- Make use of vertical space
Neatly organize folders, pens, markers scissors, tapes, paper clips and other stationery items of daily use in a chest of drawers.
- Making your presence felt on the internet
There is no better way of grabbing the attention of potential customers than with an attractive business website. A well-designed, informative website with key details regarding your products and/or services would enhance your online visibility and customer awareness regarding your company.
- Taking care of your accounts
Since running a business involves several financial duties, hiring skilled personnel would be extremely beneficial and cost-effective in the long run. Professional firms are adept in handling bookkeeping tasks, maintaining balance sheets, monitoring payroll, calculating liabilities, assets and equity.
- Harnessing the power of the latest technology
Managing your daily operations would be really time-consuming in the absence of a few business apps and software. Google Drive is one of the most popular cloud storage systems which facilitates users to work on their own files, as well as in collaboration with others. MS Office 365 is another excellent option for cloud-based sharing and storage of documents.