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| How to start a small business? |
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To start and operate a business in addition to flair, enthusiasm and desire, a considerable amount of study and preparation is required. A person needs the skills of a chess player to succeed in the game of small businesses. The right opening strategies, like a game of chess, give a business the edge over its competitors. A frank assessment of personal and business goals is needed which can be used to develop a thorough business plan.
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Getting Started |
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Before beginning, prepare a list of motives on the basis of which you’ve decided to run your own business. Most popular reasons people give to start their own business are:
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• You are your own boss. |
• You crave for creative independence. |
• You are financially self-sufficient. |
• You wish to make the maximum use of your potential.
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The next step is to find out the type of business that suits you. For that you must ask yourself the following questions: |
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| • What are my technical skills? |
| • How do I enjoy spending my spare time? |
| • What are my talents? |
| • Can I make money using my hobbies? |
| • How long can I spend in running my business? |
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After that, it is necessary to find the right slot for your business by answering the following questions: |
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| • Who are my competitors? |
| • Is my product marketable, in other words, will it sell? |
| • How is my business better than the competitors’? |
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| The concluding step is to prepare this checklist: |
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| • Where will my business be situated? |
| • What kind of business do I want to begin? |
| • Which of my talents will benefit my business? |
| • What name will my small business have? |
| • How will the legal framework of my business be? |
| • What type of insurance coverage does my business require? |
| • What type of financial aid do I require? |
| • What machinery/ inventory do I require? |
| • What assets do I have? |
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The answers to these questions will help you come up with a systematic business plan that can be used in the future for devising strategies to operate the business. |
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| Kinds of Small Business Organizations |
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Selecting the correct business structure for the business is an extremely vital decision while organizing a new small business. Here a few major factors that affect your decision: |
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| • Legal boundaries |
| • Resource requirements |
| • Kind of businesses |
| • Liabilities present |
| • Distribution of earnings |
| • Size of the business |
| • Duration of business cycle |
| • Tax pros and cons |
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A small business can either be started as a sole proprietorship, a partnership or a corporation.
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