a how to question?

Question

can anyone give me steps on how to establish a business?

Answer 1

Ask everything possible about money. What kinda business? Dealing? Resturant? Product cost? Base fee? Transportation? Plumbing? Electricity? Hydro? Gas? Insurance? Hiring rate? % profit?

Answer 2

Determine what kind of business you want to start.

Find out who your customers are. Are there enough customers to make your business profitable?

Find out who your competitors are. Is the market flooded with similar businesses, or is yours unique. If there are others, what makes yours different so you can attract customers?

Decide on a business name and register it. If you are going to be the sole proprietor or partnership, you can register a fictitious name by paying a small fee and publishing it in the newspaper for 3-4 weeks. Incorporating is more costly and comes with both advantages and disadvantages.

Make a business plan. This is not only a required item if you need a business loan, but should be done by anyone starting a business even if they don't need a loan. A good business plan helps keep businesses focused on what they want to achieve and how they are going to achieve it.

Apply for a business license, and if you are selling retail, apply for a sales tax permit (sometimes called a reseller's permit). If you are not a sole proprietor, you will also need to apply for a Tax ID number from the IRS and your state.

If this is not a home based business, find a good commercial realtor to help you find a retail or office location.

Advertise and get your business name out in the public. No matter how wonderful your goods or services are, you will not make any money if nobody knows about you.

This is not a comprehensive list, but should give you a good start. You have to consider money all the time. If you quit your job to start your own business, make sure you have at the very least 6 months of living expenses, besides the money you need to get your business going. Good luck, I hope you succeed!