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Help with Setting up a Business

Help with Setting up a BusinessHaving your own business is really a tough job and decision. You need to have passion and determination in order for you to start and compete with others as well as maintain the business. To get you started, check the ideas given below.

What kind of business?

Knowing what type of business you would like to start is really important. This is the base of your business plan. You should have a business that is within your scope of knowledge and skills and most importantly, your passion.

Choose something that really interests you. It should be a business that will make you feel comfortable in handling and managing your employees and services. It doesn’t matter if this is just a small business or a big one. What’s important is you love what you are doing.

How much will it cost?

You need to know how much is the estimated cost or capital you need to start. Ask assistance from an accountant or a business professional. You may also consider joining trainings that focus on managing a business, cash flows, and legal matters. Investment is the most crucial part of a business. You can lose your money and business if you’re not properly trained and prepared in this line of work.

Find a good location

Find a location that is more accessible to you, your employees, and your customers. Once you’re done with this, it’s time to work on legal papers and contracts that you may need. Ask your local office what the requirements are to operate your business.

There are still a lot of things that you need to consider in setting up a business. These are only 3 of those common things you need to know and really prepare for to prevent and avoid failure at start up. The University of Tennessee Research verified on July 26, 2012 that the rate of business start-up failures increases from 25% of the first year to 44% on the third year.

  • Your Daily Finance

    I just chose to do something I was already great at and knew I had the skillset. Most people are so afraid to start business thinking they don’t have enough money. Many businesses can be started with less then 2k. Network and get the word out about what you plan on doing and when you will be doing it. I just started a blog and my digital marketing/seo company and i tell everyone what I do.

  • http://howdoyougetaguy.com/ Bellaisa Filippis

    I found that doing what I love was much more rewarding than not. I started off trying to do the things I thought were going to make the biggest amounts of money – and I HATED it!

  • http://amyhagerup.blogspot.com/ Amy Hagerup

    I love running my own business. I agree with Bellaisa below that we have to be in love with what we are doing. Then it isn’t work but is fun.

  • prince

    Nice post here, thanks for the awesome post

  • lina@happyfamily

    I dream to have my own business…

  • http://suburbanfinance.com/ Suburban Finance

    I have a business degree, and the set up is easy. It’s the planning and the contingency planning that is difficult.

  • http://www.makemoneyyourway.com/ Clarisse @ Make Money Your Way

    For me before setting up a business you need to have a feasibility study first and then followed by planning. Having your own business is a great achievement especially if the business really works out.

  • http://www.callboxinc.com/ Judy Caroll

    It is best to build a business with includes our passion. Knowing goals was the first step, research was a huge factor that established the mind to be effective. Research about the value you could give and what was your uniqueness, the capital, your competitors, who would be your audience, and in what way they could reach you. Research was in the form of talking to the audience, consulting to the experts, at the internet world and etc. It is a must do before implementation.

  • http://www.callbox.com.my/ Dara Lin

    Include the passion when planning to set up business, always investigate all parts of your desired industry for a better result on. Research everything, consult online and offline, who might be the competitors, your audience, and always open for suggestions particular on professionals.

  • ahsanali

    good job bro thanks for sharing a good artical keep it up

  • http://inspiretothrive.com/ Lisa Buben

    I think doing what you love and finding ways to make money at it is the best way to go. The “finding ways” can be the hardest part. Amazing to know the rate of failure.

  • jefferson @seedebtrun

    Yeah.. One of the most important parts of jumping into a business is making sure that you have the passion and patience to stick with it long term.

  • http://www.startbizquitjob.com/ Naomi Dinsmore

    At the beginning I was doing everything within my power to get my business off the ground. It was hard, draining and this ‘love what you do’ attitude just wasn’t happening!

    It was fear of the unknown. Jumping in head first without looking back is what my life needed. Now I’m fully used to my routine and what needs doing. I couldn’t imagine doing anything else. I’m a self-confessed work-alcoholic and love it!

  • http://foundsuccess.org/ Walt

    Great post, agreed about finding a decent location.

  • Sagar

    Nice and informative post
    I have always work with a policy of “Always do what you love “. You should always love your work then there will be no failures whether it is business, job or any other thing. But running the business is not easy task. There are many things to be done and known before starting a business.

    The above article clearly explains you 3 main streams which should be understood before starting up a business. Having money is not one eligibility for starting up a money. I do agree that money is a important factor for any business but it should be used in a proper way at right places.I think the best thing for having a successful start up business is having good experience and knowledge in that business.
    Always love what you do with hard work then you will always achieve success.

    Thank you for sharing.