Business-how-to-startup

    ➥  BUSINESS 

Definition :-  Business is the activity of making one's living or making money by producing or buying and selling products (such as goods and services).

Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors."

The Basics of a Business

Generally, a business begins with a business concept (the idea) and a name. Depending on the nature of the business, extensive market research may be necessary to determine whether turning the idea into a business is feasible and if the business can deliver value to consumers. The business name can be one of the most valuable assets of a firm; careful consideration should thus be given when choosing it. Businesses operating under fictitious names must be registered with the state.

What Does Business Mean?

There are three mains legal forms a business can take: sole proprietorship, partnership, and corporation. Each of these legal forms has distinct characteristics as well as advantages and disadvantages.

Example

• A sole proprietorship is a business organization, or lack their of, where the business owner and the business itself is one entity. 

• A partnership is an organization where a few partners join to form a business. The partners can be individuals, partnerships, or even corporations.

• A corporation is the most common form of business because it is the most adaptive. The corporate structure allows shareholders to own a percentage of the business with maintaining limited liability protection.

1. Refine your idea.

If you're thinking about starting a business, you likely already have an idea of what you want to sell, or at least the market you want to enter. Do a quick search for existing companies in your chosen industry. Learn what current brand leaders are doing and figure out how you can do it better. If you think your business can deliver something other companies don't (or deliver the same thing, only faster and cheaper), you've got a solid idea and are ready to create a business plan. 

2. Write a business plan.

Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan. 

3. Assess your finances.

Starting any business has a price, so you need to determine how you're going to cover those costs. Do you have the means to fund your startup, or will you need to borrow money? If you're planning to leave your current job to focus on your business, do you have money put away to support yourself until you make a profit? It's best to find out how much your startup costs will be. 

Many startups fail because they run out of money before turning a profit. It's never a bad idea to overestimate the amount of startup capital you need, as it can be a while before the business begins to bring in sustainable revenue.

4. Determine your legal business structure.

Before you can register your company, you need to decide what kind of entity it is. Your business structure legally affects everything from how you file your taxes to your personal liability if something goes wrong. 

If you own the business entirely by yourself and plan to be responsible for all debts and obligations, you can register for a sole proprietorship. Be warned that this route can directly affect your personal credit.  

5. Register with the government and IRS.

To become an officially recognized business entity, you must register with the government. Corporations will need an "articles of incorporation" document, which includes your business name, business purpose, corporate structure, stock details and other information about your company. 

6. Purchase an insurance policy.

It might slip your mind as something you'll "get around to" eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with incidents such as property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you're properly protected. 

7. Build your team.

Unless you're planning to be your only employee, you're going to need to hire a great team to get your company off the ground. Joe Zawadzki, CEO and founder of MediaMath, said entrepreneurs need to give the "people" element of their businesses the same attention they give their products. 

8. Choose your vendors.

Running a business can be overwhelming, and you and your team probably aren't going to be able to do it all on your own. That's where third-party vendors come in. Companies in every industry from HR to business phone systems exist to partner with you and help you run your business better. 

9. Brand yourself and advertise.

Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business.

Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. 

10. Grow your business.

Your launch and first sales are only the beginning of your task as an entrepreneur. To make a profit and stay afloat, you always need to be growing your business. It's going to take time and effort, but you'll get out of your business what you put into it. 

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