hi im interested in opening my own business but i dont really know where to start or what to do .?

Answer 1

When you kn ow what type of business you want to open, then you can ask for assistance.

Answer 2

The process is quite simple. Quit your work and notify the tax office when you became self employed, start trading as a sole trader.

That said, the descions you need to make are many. First up is whether you wish to trade as a sole trader or a Ltd company (or partnership). If it is as a limited company then you will need to register you company name and fill out forms with Companies House. As a sole trader you are trading as yourself (ie John Smith) but you can use an alias, such as Smith's Emporium, then you are John Smith trading as (t/a) Smith's Emporium. Seek out advice to decide which you method of trading is most suitable for you, eahc has its benefit and disadvantages.

You will need to keep you accounts, so you will need to employ and accountant or be able to do that yourself. You will need to decide on how you will market you company...how much to spent on that. What about offices and fixures and fitting. Cost of rent, gas, electricity, water or will you be working form home.

Has the domain name for your company already gone, what about your website?

If you are providing a service do you have enough knowledge about the service to provide added value.

How much money can you afford to waste on a failed adventure and how/when will you close the business if you fail (many do, and you can end up wih lifetime debts!!).

Are you able to solve your own IT problems?

What is your logo like? How will you stationary look?

Will you need to employ people, do you know about employment law? as well as accounting procedures.

ARE YOU SELLING A PRODUCT OR SERVICE PEOPLE REALLY WANT?

Do a much preparation as possible before you start your business, all the time you spend afterwards is money not earnt or even money lost!

As a business owner you will have to do everything yourself or pay for people to do it for you.

On the plus side, you don't have to be a genius to own your own business, just look around at all those that do, it just takes a bit of graft and dedication. Remember, nearly all successfull businesses take a few years to get that way, determination and hard graft are your biggest assets. The other reall bonus is that your are your own boss, you decide what you want to do and when you want to do it. You can even change what you are selling, decide if you want to tell certain customers to stick it...you are free to do what you want.

Answer 3

Well the relative urgency of various aspects depends on your type of business. If for example you wanted to open a shop the first thing to do would be to figure out where it would be and how much it would cost. Assuming you have a firm idea of what your business is going to be and it doesn't require much setting up (ie property/equipment) then you need to decide what type of business you want to run - "sole trader" or limited company are the most common, and sole trader is the easiest and cheapest if you're not going to have any employees.

You should be able to get advice from your local enterprise agency - ask at your jobcentre if you can't find who this is. Or let us know where you are and what type of business and maybe we can help more.

Answer 4

I'm in the UK and starting a biz soon and my advice is to seek out a local free business advice service (we have 1 here called business initiative) they are free to use, u need specialist advice tailored for u personally, asking on here is not so good, if u have no clue as to what biz u want to do then start looking at franchise businesses with a proven record, try and get a biz bank account with a free banking period, in the uk u have 12 weeks to register a new biz. Once you begin stay on top of your book keeping, save all your receipts. U will need working capital, work long and hard and never lose faith, GOOD LUCK

Answer 5

Hi,

Are you in the UK? I work as a business adviser within the business support team of the local council. If you are in the UK you local council will have a business support team who offer free advice and guidance to people like yourself. Defintely worth giving them a call. Very useful and free too.

Answer 6

Service Corps of Retired Executives (SCORE)
Nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide.
Category: Service Corps of Retired Executives
www.score.org

Answer 7

There are listings for business proposals on www.baajaa.com. To post your own proposal just click on the 'Post a FREE Ad' button. You can do it anonymously if you wish at www.baajaa.com and the Emails will be routed to you automatically via their website.

Good Luck. Here's the link -

http://www.baajaa.com

Answer 8

Please study the business you are interested in. Determine how much will be your investment to put into your business. Do a business plan. If then everything feasible, start ASAP. For further info, please do the Yahoo! Search.

Answer 9

Check the web http://www.acra.gov.sg/ for some info; i'm assuming you want setup in SG;

Answer 10

Become a Politician , It,s Hoot -- do what you like , nobody bothers you and if you Screw it all up , it,s carefully hidden = no blame - no probs