Khatra Khatra Khatra


STARTUP GUIDE FOR ENTREPRENEURS

Starting your own business involves many variables. How you go through these variables is what determines the success of your business. The business type, business plan, finances, physical location, legal paperwork; are just a few of the many variables. To get the business off the ground however here is a startup guide to help start your own business.
1. Evaluate yourself personally

This question sets the pace for personal evaluation, why are you starting a business? For money, freedom, solve a problem or for flexibility? What skills do you have? Evaluate the industries you know you can do well in. The capital you have and the risk that is involved. Personal evaluation helps you focus.
2. Research
Having the business idea is an important thing but you need the reality on the ground. Take time to do your complete research. The research you do will give you the probability of the potential success of your idea. Do research on the market you are getting in, are there gaps? Do research on the industry you are getting in, are the raw materials available? Is there competition? Research answers the important questions that at last validate your business idea.

3. Have a business plan

A business plan draws and documents the details and information of your business. The plan includes the structure of the business, the market you are in, what you are selling, capital you need, financial projections and legal paperwork.
In the business plan, describe your business model, analyze the market conditions, and streamline how operations and management will be handled.

4. Setting up your business

Registering the business is the first and most important step. Take your time to find a suitable name for the business, get all the paperwork and details right. Get an attorney for these if possible. Remember this is after you have analyzed the market, marketing strategies for your product or services, set up the location, operations, and management in the business plan.

After this, you will get business licenses and permits and you are ready. Depending upon the business, there may be a city, county, or state regulations as well. This is also the time to check into insurance and to find a good accountant.

5. Setting up your space

The business plan is drafted and financial funding is available. All that is needed now is to set up premises in a suitable, carefully chosen location. The location and set up tremendously affects the success of your business. If it is an online business get designers to create for your website that is customer friendly. Buy or rent offices in an easily assessable and convenient location.
The location of the business needs to be accessible to customers and staff. Be cautious of the competition in the area you decide to have your business set up. The availability of raw materials is also important.

6. Financial Plan

The funding plan for your business depending on its projected size, goals and operations cost. To finance your business you may need an investor, partner or personal capital or funds from friends and family. To execute a financial plan in most cases you will need an accountant.
For businesses, you are required by law to keep records and financial books. Having a personal accountant can help you avoid financial mistakes in bank statements, credit cards and on tax perspective. A personal accountant can keep you on track in saving, investing and allocating income to expenditures.
For business entrepreneurs, starting a business without an accountant for financial issues can be a problem. When setting up a business in today’s economic climate having an accountant is very important.

Reasons why you need an accountant;

An accountant will help you make a decision on how to structure your business when starting. They have professional expertise on sole proprietorship, partnership or setting up limited companies.

-Keeping records – Accountants will help you keep the records any transactions that your business will be involved in. The receipts, invoices, statements, etc. are all used in accounting so with an accountant all these documents will be safe.

-Setting up a financial system for the company after it has been set up is one of the many roles of an accountant. How the cash will be handled, suppliers be paid, purchases are made, bills paid and taxes.

-Bank liaison – With an accountant, you have a link with the bank. The accountant will receive bank statements counter check with banks for any issues. The cheques are also handled through the accountant. After setting up your business anything that deals with the bank you can easily direct it to the accountant.

-End of financial year reports – Interpreting these financial reports can be hectic for someone without an accounting background. You need an accountant to get the information contained therein; profit turnovers, expenditure, assets, liabilities and cash flows.

-Taxes – Pay taxes can be confusing because of the many types of taxes that need to be paid depending on the type of business. Accountants ensure that you pay the right amount and the correct types of taxes. Also, they ensure you are enrolled with the correct tax collector and you keep up with their deadlines.

-For new business owners, they can experience problems separating their personal financial affairs and business affairs. They can guide you if your business is to be audited by an external agent or when carrying an internal audit of your business.

-When making investment decisions, you can always consult your account to get a professionals advice on the feasibility of the investment.

-Handling payrolls can also be done by the accountant. This saves the hustle of having a human resource manager if your business is small in labor and also to save on the cost of hiring.
Conclusion

If you have everything set up and complying with all the government regulations, beating tax deadlines, keeping your financial records and all variables accounted for, prepare for take-off. This is the trial and error phase where you expect mistakes. Feasibly deal with all the mistakes, be open-minded, seek professional help when needed and be creative, adapt to the market and industry changes that arise, take note and poach on the opportunities.