Most of us are not truly happy with the jobs we do. It’s everyone’s dream to start something of their own and do something they feel passionate and confident about but the reality is that we all settle for doing jobs for someone else and living someone else’s dream. Starting your own business can seem like a formidable task. For those of you who have overcome the initial fear and anxiety of being a business owner, read on to find out how you can start a business legally and live your dreams.
Market research
Have an idea in mind? The next step is to conduct a market research to see if there is a concrete business which can support your idea. You get to know about your potential customers and any competition that might already be offering their service in the same space. It will also help you come up with your unique selling point and make sure you position yourself differently.
Business plan
Behind every successful business is a sound business plan. Think of it as a roadmap on how you plan to organize, run and expand your business. A business plan will help potential investors and also other people believe in your business.
Finance required
Once you have a solid business plan, the next step is to estimate the funds required to start the business. You can fund the business yourself if you have the money, or compare the myriad of options available to get the finances.
Location
Are you a completely online company or do you intend to have a brick and mortar office? The location of your office will determine your taxes, revenue, state laws and other legal work.
Structure of your business
Once you’ve decided on the location you can move on to determining if you intend to get into a partnership or you decide to start it on your own. The structure will determine how you register your business, your liabilities, and taxes.
Business name
Coming up with the right name for your business is very critical. The name of your business has to be one that fits with your business goals and industry. Make sure that you don’t have a name that may already be in use.
Registering the business
This step legally makes you the owner of a business. Register with the government of your country and also your state government as this will determine your legal obligations.
Government tax ID and License
You will receive a unique service tax number once your business is registered with the government. Depending on the nature of your business make sure that you get the right licenses that may be required for your business.
Business bank account
The final step is to open a business bank account. It will help you all legal issues, taxes, and any other hurdles that you may come across while running your business.
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