7 Essential Things Required to Set Up a Business

7 Essential Things Required to Set Up a Business

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Each person believes or has an entrepreneurial mind of one day starting or owning a big business. The usual problem is people can’t tell how. Before one embarks into doing business, planning is the most important aspect.

People assume that for those who are successful in business have luck, but according to Louis Pasteur chance favors only the prepared mind. When one knows what to do they should have a guide to spearhead the accomplishment of the idea.

Here are the 6 steps one has to follow before starting a business:

Differentiate Your Product Offering

Ensure that the business idea has market many people have got good ideas but not all those good ideas have got ready market or can challenge the market for the existing product. One has to recognize the existence of other good ideas which are in the market; find the unique thing that the idea has which will pose a challenge to the already existing and running ideas.

You should also be sure if the kind of idea you are bringing to the market is really needed by consumers. Protect the idea from who can steal from by registering with intellectual property.

Identify the Stakeholders of Your Company

The success of any business organization lies in the people surrounding it One should carefully select those individuals with interest and commitment in ensuring success of the organization. Nevertheless not all with interests should be included as founders of the business organization nor should they in anyway be equally compensated.

Engage an Attorney

Identify an attorney of the company as being the key individual in the company. Attorney is the person that one will be going to seek advice, counsel, guidance and legal answers. This enhances growth of the business by navigating and solving all corporate issues at all stages promoting its growth.

Within the commencing stage one should ensure he involves the Attorney and that they have their contacts at all time the attorney should be someone trusted and who can perform well and in addition should be professional with many years of experience.

Incorporate

Incorporating the company in this stage one has to raise money as a security of getting grants. When a company is not incorporated one can’t get grants. The importance of incorporating a company at an early stage is to enable issuance of founders stocks cheaply without necessarily paying money for the shares.

Involve a Very Well Planned Marketing Strategy

One can’t raise money capital when he doesn’t have a well-documented business strategy which clearly outlines:

  • the need and the market issue,
  • solutions your product will bring to the market,
  • money your product will generate,
  • how you will use the money,
  • benefits and losses of the investor and the key partners of the company.

It’s should be written with guidance of your Attorney. One should then look for interested investors to the company.

Operate the Company Virtually

Ensure the daily running of the business minimizes risks to the company. Here contacts are not very important but conference rooms should be easily accessed. Renting and working for other enterprises while owning your current company should be avoided at all levels. If need be discuss the issue with your Attorney.

If you want to setup your business in srilanka make sure that you have srilanka visa with you.

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Categories: Small Business Tips

About Author

Amelia

Amelia Amy lives in Wales, UK and is an avid blogger and reader. Since her early years she’s had a passion for writing. Her articles have been published in leading UK newspapers. Her areas of interest are Travel, Fashion, Lifestyle, Food, Reviews (Book/Movie), Health and Fitness. She works as a Freelancer on her chosen areas of interest and currently writes on behalf of Srilanka Visa which helps you in visa assistance service.