There are no limits on who can become a great Business entrepreneur. You don't necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, what you do need is a strong plan and the drive to see it through.
Things to remember and required to start a business/company.
1. Select a Name & Legal Structure:- There are 4 types of legal structure/organization, of which you can select any one of them.
- Sole Proprietorship
- Limited Liability Company (LLC)
- Corporation or S-Corporation
2. Start a Market Research:- Is anyone else already doing what you want to start doing? If not, is there a good reason why? Start researching on the thing what you have decided to start and collect the information, also contact the peoples who can help you in this matter.
3. Write your Business Plan:- A Business Plan is a written description of how your business will evolve and from when it starts to the finished product.
- Title Page: Start with the name, the name of your business, which is harder than it sounds.
- Executive Summary: This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now.
- Business Description: What kind of business do you want to start? What does your industry look like? What will it look like in the future?
- Market Strategies: Who is your target audience, and how can you best sell best to that market?
- Competitive Analysis: What are the strengths and weakness of your competitors? How will you overcome them?
- Design & Development Plan: What is your product or service and how will it develop? Then, create a budget for that product or service.
- Operations & Management Plan: How does the business function on a daily basis?
- Finance Factors: Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?
Start learning as much as you can about the production, New thing, development of Busines/company, so you can improve the process and your hiring decisions as time goes along.
4. Obtain your Federal Employer Identification Number (FEIN): If you are set up as a Corporation, LLC or Partnership (or a sole proprietorship with employees), apply for a Federal Employer Identification Number (FEIN) from the IRS. A FEIN will be necessary to open a bank account or process payroll.
5. Open the Company Bank Account:- Select a bank and open the company bank account.
6. Lease Office, Warehouse or Retail Space (if not home-based):- Depending on your type of business (retail, office or warehouse), arrange for office space to be leased. Contacting a commercial realtor in your area can be helpful. Also, make sure to arrange for utilities and office furniture.
7. Obtain Licenses and Permits:-
- A. Federal Permits: Depending on the type of business you are in, you may need a Federal license or permit.
- B. State Licenses: Some occupations and professions require a State license or permit. Laws vary from State to State, however, if you are engaged in one of the following professions, you should contact the responsible state agency to determine the requirements for your business. State license and permits are based on the Products sold.
- C. Sales Tax Permit: If your company sells physical products within the state where it does business, you may have to collect and pay sales tax. This is usually accomplished by obtaining a State Seller’s Permit or Resale Permit.
- D. Business License: Most Cities or Countries requires you to obtain a business license, even if you operate a home-based business. This is a license granting the company the authority to do business in that city/county.
8. Hire Employees (if applicable):- If you intend to hire yourself or others as a full or part-time employee of your company, then you may have to register with the appropriate State Agencies or obtain Workers Compensation Insurance or Unemployment Insurance (or both).
9. Set up an Accounting and Record-Keeping System:- Setup your Accounting and Record-keeping system and learn about the taxes your new company is responsible for paying.
Company documents generally are required to be kept for 3 years, including a list of all owners and addresses, copies of all formation documents, financial statements, annual reports, amendments or changes to the company. All Tax and Corporate Filings should be kept for at least 3 years.
10. Obtain Business Insurance:- There are many types of insurance for businesses but they are usually packaged as “General Business Insurance” or a “Business Owner’s Policy”. This can cover everything from product liability to company vehicles. A decent policy can run as little as $300/year and offers a great extra level of protection.
11. Systemize and Organize:- Prepare the business as if someone needs to take it over and run it for you. These means have a method to process orders, pay bills, pay employees, pay taxes, maintain your permits, etc. Basically, try to make the operational aspect of the business as automated and efficient as possible so you can concentrate on growing your business.
12. Develop a Business Identity:- Order business cards, letterhead and promotional materials for your business. A professionally created logo can make your business look professional and established.
13. Get the Word Out (Marketing):- Now that you’ve set-up the company for success, you need to get the word out. Create a marketing plan for your products and services that target your ideal customer.