by Ed Yourdon
How to Start a New Business – Things You Need to Get Started
If you have been keeping your eyes open, you might already noticed that those people who can afford world tour and who got big houses are not those ones who work as employees but business owners. If you don’t want to work until you are 60 and depend on your retirement benefits right after, you must already consider starting a new business as early as now. Here’s what you need to get started:
1. Funding. Whether you decide to build an online or offline business, it’s inevitable that you’ll need initial investment. The amount will largely depend on the things that you need to purchase to get your business running. Let me give you an example; if you decide to run a retail store, you will need money to rent a building or a space in the mall. You also need to shell out money for the products that you will sell and the tools/equipments that you are going to use. Before you totally sink your teeth into this endeavor, make sure that you have enough money to avoid unnecessary delays. If you don’t have enough cash, you may apply for business loan from banks and other financial institution. These entities will require a comprehensive business plan and a proof that you can pay them whatever happens.
2. Business plan. Aside from using your business plan when applying for loan, you can also use this as the framework of your business to ensure its success. Creating a business plan is no joke as this may take you days or even weeks to complete. You need to figure out and write down all the things that you plan to do to grow your new business. These include strategies, marketing, customer relationship, etc.
3. Business coach. Unless you have enough training, experience, and educational background on running a business, I recommend that you hire a business coach who can bring his expertise to help you make well-informed choices. Depending on your need, you may sign up with those people who offer unlimited email and phone support.
4. Permits, licenses and tax identification number. Don’t even think about operating your business without these if you don’t want some legal issues to haunt you in the future. Do your research and determine the type of permits and license that you need to obtain. These may vary depending on the state where you’d like to put up your business.
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