What does it take to set up your own business?

Question

What does it take to set up your own business? What is the cost? What are the things to look out for?

Answer 1

Process, costs and steps depend on the type of business you want to start. A person who wants to start a manufacturing business will have different costs compared to someone who wants to start a retail clothing store or an online marketer earning from advertising.

1. Define your business first. What do you want to do? Make a list of possible businesses you can develop and write the pros and cons of each. Clarify your business model.

2. Check the feasibility of the business idea. Is it workable? Given your resources, do you think there's a chance?

3. Once you've determined exactly what business to start, research about the business -- how much will it take you to start the business, what do you need, who are doing it, who is your target market, how are you going to reach your market. This is your business plan. It is best to put it in writing, especially if you will be seeking loans or investors as they will require a business plan

4. Find out how much the business will cost and where you can get the money. If your resources are not enough, where will you get money? Can you get money elsewhere? If you really cannot raise the funds you need, are you willing to downscale the idea?

5. Decide if this is a business that can be done alone by you, or whether you will need a partner or you will hire employees. Aside from you, who else will be involved in the business?

6. Once you find out that you can really raise the capital you need and the personnel requirements, setup your business. Decide if you want to be a sole proprietor, partnership, LLC, S or C corporation.

7. Go to your local county to find out the steps for business registration, assumed name or DBA, and whether the business will require a license or not. Or check the Web for information on starting a business in your state, specifically from your state or local government websites. Then complete all legal and regulatory requirements.

8. Start the process of setting up the business. If this is a website, then start thinking of its contents, who will design the site, who will manage the site. If this is a restaurant, start looking for location. If this is a recipe book, start contacting agents and publishers or look into the option of self publishing.

9. Set up your office, whether at home or if you will lease an office space. Purchase the equipment you need.

10. Start developing your marketing materials such as business cards, brochures, flyers.

Answer 2

You probabaly need to think about these things some more cos of course it varies between what business it is, what your resources are, and where your market is. So an online business in ebay is low start up cost compared to say buying a shop or purchasing a franchise. Try looking at sites like nfea (enterprise agencies) and shell livewire or princes trust - lots useful stuff there. Some websites will let you view cobweb briefs which give succint "guide to being a xxx" which helps with what you needs/costs etc

Answer 3

Nerves of steal and a willingness to live off beans on toast for a few months. Also a very good accountant and go see the small business advisor in your bank. they will give you some free software that will help you prepare a business plan.

Answer 4

ambition, willingness, a sound idea (or creative mind!), family support is helpful, motivation, commitment, dedication, some funding (doesn't have to be much), and to believe in what you're doing (makes selling easier if you know your product/service is good), oh and... lots of time - like 36 hours in a day!

you need to have the right qualities to set up in business, any skills needed can be learned!

Answer 5

You need to know what business you want first. Understand your market and customer needs. You may or may not need some significant start up cash. Most importantly, you need a good plan.

Answer 6

My dear friend,

Why bother starting your own business on your own?

Why not have a company do it for you for free? And help you step by step building up your business. you get up to 80% and the company 20%.

Now tell me, isnt that a great deal.

My advice: take the next step, think beyond and visit these websites.

Trust me, you'll thank me later

God bless and a happy new year!

Answer 7

you will have to either fill in a form cw1 or contact hmrc to register for self employment and national insurance contributions then obviously put capital in to what ever venture you decide to do. You can earn £64,000 before you have to register for vat but if you earn a net profit of £1173 every week for several consecutive weeks then you have 30 days to become registered for vat.

Answer 8

1.You will need somewhere to start the business it could be an internet businees at first then buy a building for it

Answer 9

If you are in the UK then try the local business advice service - likely to be a link for it from the local Council's website
also
www.berr.gov.uk
www.bllondon.co.uk
www.tradingstandards.gov.uk

and, if it all goes wrong
www.insolvency.gov.uk!!! ;-)

Answer 10

SBA has a lot of very useful information