How To Organize A Business

Starting out will always be the hardest thing to do

, but when you're armed with the right steps, then it will just be a walk in the park. This is how you will begin your business, whatever it is.

1. Know what kind of business you'd like to set up.

Requirements can vary, depending on the form of

business ownership. Sole proprietorship has the least and the simplest. Partnerships and corporations can be a little bit more complicated as there are still legal agreements that you have to compose, such as Articles of General Partnership and Articles of Incorporation. The good thing about these two is that you can have more control when it comes to your liabilities. You can opt to limit it according to your contribution to the company.

2. Identify your sources of capital.

You still need to find a business that doesn't need any money at all. Even when you're just setting up an office in your home, you may have to allocate some money on the months when you won't be getting the profit that you expect, but you're already incurring expenses, such as electricity. Nevertheless, it will be a good start if you can make use of your own savings first before you tap on other sources. You don't need to think about paying somebody else once you start earning. However, if it's never going to be enough, you can approach banks and other lending institutions. Make sure, though, that you have a good credit score. Otherwise, the interest rates will be high, and you could be allocating a considerable amount of your revenues for your liability payments.

3. Create a business plan.

The business plan will be your guide for enterprise success. It will help you determine your goals, analyze how you are going to fulfill them, explore the possibility of expanding your business, defining your competitors and your customers, as well as determining the strengths and weaknesses of your enterprise.

There are several companies that offer business plan services. Yet, it's always recommended to make one on your own. After all, who else knows the business more than you do? You may, however, ask some help or advice from professionals. Make sure, too, that you will be properly guided with it as you go along your business. It's, in fact, recommended to refer to it all the time. Make some adjustments too, but only when it is necessary. As much as possible, stick to the plan.

4. Identify the regulations and requirements of the government.

You don't want to cause some trouble with authorities. Or else, you will be suffering from dire consequences. Every step of the way, ensure that the government knows what you're doing. Get a business permit from your locality. Understand the various provisions of labor laws, anti-discrimination regulations, and minimum wage laws. Most of all, know how to tax your business.

by: Lawrence Perry

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