The 6 Things ANYONE Thinking About Starting A Business Needs To Know

The 6 Things ANYONE Thinking About Starting A Business Needs To Know

Starting a business is not easy and can be tricky at times when resources are not utilized properly.

193
views

"Making money is art and working is art and good business is the best art." Andy Warhol. Running a successful business is the best art as said by Andy. But before starting a business, there are a lot of things which need to be considered and planned before setting up a business.

A start-up business needs a business plan, financing, man force and (of course) an insurance plan.

Starting a business is not easy and can be tricky at times when resources are not utilized properly, one can overspend or underspend. Taking good care of resources and utilizing them properly is an important step towards setting up a new business and making it successful.

It's always better to spend hours discussing your business matters with lawyers, entrepreneurs, insurance brokers and accountants to figure out the important steps to take while setting up the new business. Below are six points that are essential to know so that you can invest the right skills, steps and resources in establishing a business.

1. Selecting a business name

Always choose the right name for your business and the one whose internet domain is also available. Also, get the trademark for your business name so that it will be registered and avoid getting copied by someone else. Selecting the name is the first step towards attracting the audience so the name should be unique, meaningful and engaging.

After selecting the available business name, purchase the internet domain and register the business name so that you can fully own the business name.

2. Budgeting the business finances

Starting a new business can be very tiring in terms of finance. Learning to spend the right amount of time is really important not only for your pocket but also for the success of your new business venture. Sometimes spending less or more than the needs of your business can cost you more.

Always try to understand the situation when making any decision about spending resources into a start-up. Managing your resources is important, but getting up to date with technology also plays a vital role in the establishment.

3. Dealing with legal matters

Understanding the rules, policies, regulations and taxes is key for your new business. Following the business regulations and paying the right amount of taxes is essential for any business, so it is good to do some initial research on these matters and then consult everything with a lawyer to get legal advice.

The two most important things to consult with the lawyer are:

Ensuring that the right amount of tax is applicable to the service or product you are providing to the people (if applicable) and knowing the essential licensing procedures needed to carry on the new business.

Starting a business and then establishing it is very hard but putting the accurate skills and administration can deal with all the problems efficiently and contribute towards the prosperity of a business.

4. Ensuring protective measures

Ensuring the protection and security of newly built business is very important. Nowadays various insurance companies are available in the market but choosing the right business insurance provider is key. Insurance package varies depending upon the nature of the business. For example, the manufacturing business needs full protection of its manufactured products in case of any tragedy and unforeseen circumstances.

First, you should dig deep into your business to understand every aspect so that you can look for the appropriate insurance package for your business needs.

At first, understanding things can be hard at times but the more you know your own business the more efforts you will put in for its betterment.

5. Dealing with personal life

The most essential part of your new business venture is you and it's not the only business you are dealing with. You also have a personal life to spend and manage. Always look first for your own circumstances and personal family commitments to ensure you can easily manage the new venture. The workload can be way too much in the starting years of your business so be prepared for it and don't give up.

After starting a new business you'll have to learn the art to manage all things parallelly. Whenever you see a well-established business, it's not built overnight. There are months and years of effort behind a successful business and if you're aiming for such success, then you'll have to be ready for doing such efforts.

6. Way of marketing

With advancements in technology and digital media, different means of marketing and advertisement are available these days like social media marketing, television ads, AdWords, email marketing and many more. Depending upon the nature of business and services it provides to customers is key while choosing the right marketing medium for your business.

Spreading the newly launched business to the users and customers is a way to increase sales and its growth. If people don't know about the business, how come they will buy your products and services.

Marketing is a process to present your services and products to people who may be interested to buy them.

Always choose the right medium while targeting your intended audience. And never forget your competitors. It can be too early to talk about competitors, but knowing their strengths and weaknesses is important so you work on your business accordingly and provide people with better services than your competitors.

Only some of the important points are discussed here which you should always keep in mind before daring to start a new business.

A business-minded person always observers their surroundings with a business point of view and it is very good for their own business. Apart from the points mentioned above, you can try to do business in your field of interest to put extra effort into the activities you personally like to do rather than those which you don't like.

In a nutshell, there are various factors which play important role in the development and success of a business and understanding of those factors is crucial for the entrepreneurs.

Popular Right Now

Why Working With Special Populations Doesn't Make Me A Good Person

What you're missing from the bigger picture.
21235
views

"What do you do?" might be one of my least favorite questions. Let me tell you why.

I am currently a registered behavior technician at a wonderful program (MAP) nestled in the heart of North Carolina. Usually, when I tell someone what I do, their response is either an uncertain nod or a plain look of confusion. At that time, I break it down by saying, “Basically, I work with children who have autism."

Now, more times than not, the response I receive is along the lines of, “Wow, that's so amazing of you", or my personal favorite, “Good for you. I could NEVER do that."

I understand that working with special populations isn't for everyone, just like being a neurosurgeon isn't for everyone. But, working with special needs children doesn't make me a good person, a saint, or a hero. Every time someone tells you he/she is a teacher, do you gasp and express how much you could NOT be a teacher?

What about when you meet a pediatrician? These people work with children just like I do. I'm certain if you spent one day in my shoes you would see just how much you COULD do my job.

Maybe not all of the technical work, but after a day with these children, you would be humbled by how much you could learn from them.

After all, these children are just children. They want to be accepted just like every other child.

They want to be understood and to be part of a community just like the rest of us.

My job has given me the opportunity to get to know a handful of the more than 3.5 million Americans on the spectrum. I've gotten to know each of their personalities, their quirks, and what makes them unique. I can't help but imagine a world where everyone gets to know these individuals as I have.

A world where we accept all of those who might appear or act different from us and educate ourselves on these populations. A world where that education helps us see that they aren't so different from us after all.

Working with individuals with special needs doesn't make me a good person, because I do it for selfish reasons.

I work with them because I don't know what my life would be like without them. They have taught me so much and changed my life in so many ways. I get to play a small hand in these children's lives. I get to help them learn fundamental life skills you and I take for granted.

But, I also get to leave work every day having learned a lesson. These children have taught me to be a better version of myself and to appreciate even the smallest of things life has to offer. Each day they challenge me to laugh more, have more fun, and not take myself so seriously. They show me more love than I ever knew possible. Maybe it isn't with their words. Maybe it's with the smiles and giggles when we're singing their favorite song, or the way they look at me when they finally get something they have been working so hard to learn.

The hugs, the kisses, and the moments where our two worlds collide and we finally connect; these are the moments that remind me how much these children have to offer the rest of us. If only we would take the time to let them teach us, we would be more selfless, less judgmental, and have a greater appreciation for life.

April is National Autism Awareness Month.

My hope is that this month we work to spread awareness for Autism, as well as other special needs. We take this time to learn something new, to help educate others, and to stop looking at these individuals as though they need special people in their lives to help teach them and focus more on opening our minds to the things they can teach us.

Explore Odyssey's featured Autism Awareness content here.

Cover Image Credit: Katharine Smith

Related Content

Connect with a generation
of new voices.

We are students, thinkers, influencers, and communities sharing our ideas with the world. Join our platform to create and discover content that actually matters to you.

Learn more Start Creating

Dave Ramsey, Thank You For Sharing Your Money Tips And Knowledge With The Rest Of Us

From just starting your program and being only on baby step one I have realized many things.

89
views

Ever since starting college I have always had that thought in the back of my head about how am I going to pay off my student debt after getting out of college. This is probably a thought that every student has when they attend college and they know that after they receive their education that they are out in the real world where they have payments to make every month and probably be in debt for most of their life. But after watching your podcast and following your Instagram and seeing all these people paying off hundreds of thousands of dollars in a couple of months is very inspirational.

Paid off student debtDave Ramsey Instagram

From just starting your program and being only on baby step one I have realized many things. One, I spend money on a lot of things that I don't need but never realized until I started tracking my spending to make a budget. Two, saving a thousand dollar before actually tackling your debt is a great task as it shows that if you can save a thousand you can find a way to pay off your debt then. Though it does seem like a long process that doesn't seem possible till you finally hit the triple-digit mark. Three, you don't actually need a credit card in life because you will actually have money you can spend instead. Though I am still wondering how exactly this would work later on with wanting to buy homes and cars.

But overall thank you for sharing your story and knowledge about money and your experiences so others can learn and do better with theirs. So let's all be weird and not broke as you like to say.

Related Content

Facebook Comments