9 basic steps to start a small business

　　Starting a small business requires determination, motivation, and know-how. Here are nine key steps to give you the know-how for a successful small business startup:

1. Identify your business opportunities:

　　In the face of many opportunities, choosing what kind of business to start with can be a fixed task. It is important to identify your passion and understand your personality type. However, it is also important what skills you bring, and whether you are entering a dying industry or a fast-growing emerging business.

　　2. Develop a business plan:

　　For any startup, a business plan can give you a better understanding of your industry structure, competitive landscape, and capital requirements for starting a small business. A study mentioned in Paul Tiffany's "Fool's Business Plan" shows that companies with business plans have 50% more profits and income than unplanned businesses. Writing a business plan just makes good business sense.

　　3. Find startup funding:

　　To start a business, you must invest in the business. The journey of finding startup funding is different for everyone. Some startups (such as consulting firms) require thousands of dollars to get websites and business cards, while retail stores require $ 100,000 or more. Finding the money you need may come from a source you never thought about, or it may end up being a frugal boot method.

　　4. Name your business:

　　What is the business name? Nothing. Having the right business name will help differentiate you from the bland competitors, and your customers provide a reason to hire you and help in your company's brand. Find out what you need to know to find a name for your business.

　　5. Select the business structure:

　　Deciding on the structure of your business is not a hasty decision. Whether you choose a popular limited liability company, a sole proprietorship, or a company; your choice will have an impact on your business responsibilities, funding capacity, and tax payable. Don't worry about your final business structure, as your structure may grow as your business grows.

　　6. Obtain your business license and permit:

　　Starting a small business requires ordinary and necessary paperwork and regulations. Depending on the business structure you choose, you may need to register your business with state authorities. Establishing your small business may require an Employer Identification Number (EIN), which is also used by state tax authorities to identify the business. Additional paperwork may require sales tax permits, zone permits, etc.

　　7. Set up and determine your business location:

　　One of the many tasks of starting a business is setting up an office. There are many steps to setting up an office, including where to find your office (home or office space), buying the necessary office equipment, designing a workspace, and obtaining supplies.

　　8. Get commercial insurance:

　　As the new small business owner, you have a responsibility to manage business-related risks. In the event of a disaster or lawsuit, don't put your new startup at risk without getting appropriate small business insurance to protect your company.

　9. Create an accounting system:

　　Unless you are alone, you cannot avoid the accounting and bookkeeping aspects of running your business. Setting up accounting will help you understand the financial health of your business and help you avoid failure.

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Mahadi Nayeem