How You Start Your Own Business
Author: Sherry Tingley

Starting a new business is often a thrilling experience and
sometimes people forget to do a basic business plan.
Business plans can help you clearly see the goals you want
to achieve and how you are going to achieve them.

There are three fundamentals to a good business plan:
market research, funding and legal requirements for your
business. The first two pages of the business plan should
contain a concise summary which explains what your company
is, what it offers, what makes it different from other
similar companies and how it is profitable for potential
investors.

Market research is mandatory for any strategic business
plan. Market research is important as it specifies who your
product or service is for, if there is an existing market
for the product or service your company is offering,
identifying the existing competition and stating how you
plan to engage the competition.

It is also important to discuss the long and short term
goals of your business, what you wish to achieve and the
amount of time necessary for you and your business to
achieve those goals. As a start up business, more emphasis
should be given to the short term goals.

People are an important aspect in any business. The
business plan details the management team that will be
assisting in the propagation of the business, identifying
the important skills that each individual will be offering
for the success of the business.

The financial aspects must be carefully considered and
stated in your business plan. The start up investment or
capital needed must be thought through, as well as a list
of possible expenses. It is also important to consider the
amount of profit needed to break even with the initial
investment.

To deal with the legal aspects of the business, it is also
recommended that an attorney, specifically experienced in
business matters, be hired. The attorney will be
responsible in giving advice relating to contracts, lease,
as well as a suitable business framework.

After creating the business plan, the location of the
business must be considered. It is important to consider
the distance between the company and the customers,
accessibility, and limits in terms of zoning. Sometimes
government incentives and tax exemptions available will
help determine where to build your company. The government
offers financing programs aimed to encourage small
businesses so government business loans are something that
a future business owner should consider. A legal name for
the company must be registered along with the business
name. Requirements may vary depending on the state.

Each business must pay taxes. Check into your tax
liabilities for your particular state and town. Examples of
taxes include the tax permit, income and employment taxes.

Most importantly, business licenses and permits must be
applied for. These are important in order to be allowed to
open your business. Guidelines change depending on the area
as well as the type of business. The site business.gov has
compiled a list of permits and licenses required for
businesses in the United States. You may need a seller's
permit, building and zoning permits and possibly a health
permit.

A seller's permit is required for businesses purchasing
wholesale and reselling. Also known as a sales tax permit,
these may be applied for from the State Franchise State
Board agency. A building permit is required when building
or remodeling your business space. In addition to this
permit, a zoning permit must also be obtained. Also, the
commercial space must also comply with existing building
laws and guidelines. If food preparation is required,
health permits must also be applied for.

Lastly, a home occupation permit should be applied for if
in case the business being put up is home based. Fees might
consist of a percentage from the annual total revenue or a
fixed rate.

Once done with all the necessary permits, business
marketing should be one of the main aspects to concentrate
on. A good marketing plan is invaluable.


About the Author:

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