According to Fortune.com, research has shown that in the last quarter of 2016, there was a four-year high in the number of individuals seeking to see to start their own businesses. If you are planning to start a business for the first time, then it can be quite difficult to navigate through the various tasks to be completed during this crucial time. Whether you are opening a bakery or a clothing store, here are 9 basic steps that every company should follow when setting up shop:
1. Do your research
This is the first step to setting up a successful business. You should research on which specific products or services are needed in your particular area. By identifying a market gap, you will be able to focus on providing the right products to meet your clients’ needs.
2. Make a business plan
A business plan is one of the most important documents that you will need when starting up your company. A business plan should outline all the necessary information about your company vision, values and methods of operation. This will help to guide you on your journey of entrepreneurship.
3. Develop a business name and logo
No business is complete without a suitable business name and unique logo. Your business name will help to distinguish your company and also attract clients. If you are looking to find domain names, then be sure to contact Brand Root today. They specialize in providing amazing business names, logos and domain names for sale.
4. Choose the right business structure
There are different types of business structures for you to choose from. It can be a sole proprietorship, partnership or even an incorporated company. Do your research in order to settle on the best business structure to meet your needs.
5. Find the right licenses and permits
This is another key ingredient that you need to have when setting up a business. Find out about the procedure to attain the licenses and permits that you will need to operate within your local area. This ensures that all your business operations are within the confines of the law.
6. Hire the right staff
As an entrepreneur, you can’t do everything on your own. For this reason, you should embark on the process of hiring the best professional staff who will propel you towards achieving your business goals.
7. Get insurance
In the unpredictable world of business, anything can happen at any given time. For this reason, it is advisable for you to obtain a suitable insurance policy which will protect your business from unforeseen losses.
8. Open a business bank account
As an entrepreneur, it is extremely vital for you to separate the business finances from your own personal finances. The best way to do this is by opening a separate bank account for your business operations.
9. Find the right location
When starting a business, you should take your time to select the best location that is easily accessible and affordable. It should also be in a secure area with all the necessary amenities.