Setting Up Your Business!

byfirstlearn

5.8K followers

5 years ago

If you are even just thinking of setting up a business there are a few basic rules to follow.

The first thing you need to do is to conduct some market research to see if you have a valid idea and that it is something people want or need. To just go blindly ahead without carrying out this process is not a good idea. You may be lucky and fall on your feet, or you could of course be very unlucky and fall flat on your back. Time and money has been wasted because you did not ckeck to see if your idea was plausible.

Once you have found a product or service that is in demand then you need to get together a business plan. Again miss this step at your peril. If you are successful it will be down to luck and not planning.

How are you goin to fund this business. If like me you are working on the internet then the funding is nowhere near as high as it would be for a bricks and mortar business. You can literally get away with domain name and hosting, although you will need other things to help build your business.

With an internet business we do not need to worry about location or a structure to work from. I work from home and I have a good internet connection. Providing you have a computer, an internet connection and somewhere at home to work from then you could be ready to go.

How are you going to structure your business. Although you should have looked at this when you did the business plan it is a point that is often overlooked. Are you going to work when you feel like it or are you going to set up proper business hours where you work just on your business?

The next thing you need to look at is a business name. I would suggest you look closely at what your business is doing and try to get a name that fits in with that.

Finally you can register your business and you will be ready to go.

I wish you well in your endeavour.

Derek Barrington

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