8 things to do before starting a business

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8 Things to Do Before Starting a Business
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• You've come up with a fantastic idea for a new
  business. You've thought about it extensively,
  talked it over with some friends, and now you're
  ready to turn your dream into a reality. The only
  problem iswhere do you begin?
• Starting a new business can be an overwhelming
  process whether you're a first-time business
  owner or an experienced entrepreneur. There are
  many steps involved and hundreds of decisions to
  be made. It can be hard to keep track of
  everything that needs to get done. To help you on
  your way, here's a list of things to get done
  before you start your business.

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TAKE CARE OF THE BASICS

• Business Plan
• Perhaps one of the best things you can do to help
  yourself when you first go about setting up a new
  business is to develop a business plan. You want
  to have a clear idea of where you are going and
  how you are going to get there, and going through
  the process of creating a business plan will
  force you to think through all the little details
  you may otherwise overlook.

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• Breakeven Analysis
• You'll also want to know from the get-go whether
  your idea is going to be able to make you any
  money. A breakeven analysis will help you
  determine how long it will take before you'll be
  able to turn a profit. Make sure that you
  understand the realities of running your business
  in the red can you really wait 2-3 years for a
  profit?

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• Funding Sources
• Chances are that you aren't going to be able to
  completely fund your business venture alone. So,
  where is the capital you need going to be coming
  from? A bank? An investor? Family? Make sure that
  you know how much you are going to need and where
  you are going to be getting it from.

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• Marketing Plan
• How are you going to attract customers to your
  new business and make them aware of your
  presence? What's special and unique about what
  you will be offering, and to whom will you be
  offering it? Know your audience and how you're
  going to turn them into customers.

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• Exit Strategy
• It may seem strange to think about how you are
  going to leave your business when you're only
  just beginning to think about starting it, but
  your exit strategy may influence how you build
  your business. Is this business going to be a
  short-term venture, or are you planning on
  passing it down to your children? You'll want to
  make this transition as smooth as possible when
  it comes, so make sure that you are setting up
  your business in a way that will legally allow
  for this.

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COME UP WITH A NAME

• Figuring out your business' name is a more
  involved process than just drawing up a list and
  choosing your favorite you'll want a name that
  is easy to remember but unique enough to find
  online. If potential customers run a web search
  for your name, are they going to find a dozen
  other businesses, or are they going to find your
  new business? Check with your county clerk or
  secretary of state to see if someone in your area
  already has a business with your name. Also, run
  a trademark search online to see if your name is
  untaken, and check whether your domain's name
  will be available for your website.

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DO YOUR DUE DILIGENCE

• How is your business going to be taxed? How many
  owners will there be? What will the ownership
  structure be? Are you going to need professional
  liability insurance, workman's comp, product
  liability insurance, or commercial property
  insurance? Are you going to need a federal
  employment identification number or a seller's
  permit for retail goods? What about local permits
  and business licenses? Healthcare for your
  employees? How much do you need to charge in
  sales tax? These are the types of questions
  you'll want to have the answers to before you
  open your front doors. After all, neglecting
  taxes, regulations, or mandatory licenses can
  land your brand new business in a lot of trouble.
  Remember that you don't need to do this all alone
  (and probably shouldn't!) consult a lawyer,
  accountant, insurance agent, or fellow
  entrepreneur.

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OPEN A BUSINESS BANK ACCOUNT

• You may be surprised at the kinds of deals you
  can get when setting up a business bank account.
  Be sure to shop around and look at more than just
  your local bank. Think carefully about what
  you'll potentially need from your new bank. Maybe
  having mobile check deposit is going to be
  crucial for your business, or maybe you need to
  have an unlimited number of monthly transactions.
  Also, remember that you'll likely need some type
  of credit/debit card processing equipment or a
  system like Square.

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 FIGURE OUT THE COST

• There's no way around it opening up a new
  business is going to be expensive. Now is the
  time to sit down and really think about your
  budget. How much will you be spending per month
  on your own rent/mortgages, health insurance, and
  bills? Be realistic about what you will and won't
  be able to sacrifice, and leave room for some
  flexibility. You don't want to fall behind on
  your personal expenses while also trying to keep
  your new business afloat.
• Your new business is likely going to take a toll
  on your personal life as well. Most new business
  owners work 60-80 hours a week for the first two
  years of owning their own business. If you have
  big events coming up in your life (the birth of a
  baby or a wedding to plan, for example), you may
  want to wait for things to settle down before
  starting in on your business as well.

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DETERMINE YOUR ROLE

• As we mentioned before, it's generally not
  recommended to attempt to open a new business
  completely on your own. You may be passionate
  about baking cakes or selling t-shirts, but how
  passionate are you about accounting, dealing with
  legal issues, and handling the daily hassles?
  Whether it's hiring employees, bringing on a
  consultant, or getting an accountant, you'll
  probably need the help of other people. It may be
  tempting to believe that you'll be able to do
  this alone and save yourself some money, but
  errors in your bookkeeping, a failure to obtain
  proper licenses, or even just being grumpy and
  impatient with customers because you are so
  stressed can potentially end up costing you a lot
  more!

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SET UP YOUR ROUTE TO MARKET

• How are you going to be getting your goods or
  services to your customers? Will you have a
  storefront, or will you sell primarily through
  Etsy or eBay? If you're looking to have a
  physical location, make sure that you understand
  the neighborhood that you're moving into and your
  potential competition. Are the customers that you
  want to attract in that area? Also consider how
  much rent you'll realistically be able to afford
  and whether the property you're interested in is
  properly zoned for your type of business and
  hours.

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STAY INSPIRED

• Feeling overwhelmed by all that needs to get
  done? Wondering whether it's really worth it?
  Sometimes all that it takes to get re-inspired is
  to talk to your support groupyour family,
  friends, etc. Taking a step back from the little
  details and reminding yourself of the big picture
  and the end game is important to do throughout
  the process. Remember that all these little
  annoyances you're dealing with now are going to
  help build your business to be even better.

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Business setup consultants in Dubai

• Virtuoso Business Development Consultancy
• M-15,Al Wasl Building, Sheikh Zayed Road,
  Dubai,U.A.E
• 971 43515 637 / 971 4271 3716
• 971 4 3515 647/ 971 508778797