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Top 5 Things To Consider When Starting Your Own Company


Opening a small business is stressful. This can prove to be one of the challenging times for your company and you. You need to ensure that you take every step necessary to make the launch a successful one. This article will outline the 5 most important things to consider when you decide to turn the good business ideas into reality.

1. COST - It is important to consider exactly how much it will cost you to physically set up your company during the company registration phase. These costs will vary considerably between different types of service providers... accountants, attorneys, web domain registration, email web hosting etc...
bviously the costs that a business will face will depend on the type of business you will be operating.  Some businesses have very high start-up and development costs to get off the ground, whereas other businesses can get going very easily and at a low cost.

2. MARKETING PLAN - The Marketing Plan is a highly detailed, heavily researched and, hopefully, well written report that many inside and possibly outside the organization will evaluate. It is an essential document for both large corporate marketing departments and for startup companies. Essentially the Marketing Plan:
sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support.
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3. BUSINESS PLAN - A good business plan has 2 goals: It should describe the fundamentals of your business idea and provide financial data to show that you will make good money. Beyond that, the content of your business plan depends on whether it's for potential investors or a financial projection just for yourself. Because your business plan will be submitted to people you don't know well, the writing should be polished and the format clean and professional. Your numbers must also be accurate and clearly presented. However, not all business people are great writers or mathematicians. Consider paying a freelance writer with small business savvy to help you polish your plan. Similarly, if you are challenged by numbers, find a bookkeeper or accountant to provide needed help.

4. LICENSES - 
 you may need to obtain a number of licenses and permits from federal, state, and local government. Since licensing and permit requirements for small businesses can vary among jurisdictions, it is critical that you contact your state and local government to determine the specific obligations of your new business. Keeping this in mind, below is a quick checklist covering the different federal, state, and local licenses and permits you may need to acquire prior to opening for business:
Basic business operation license from the city in which your business will operate, or from the local county (if the business will be operated outside of any city's limits).
Federal employer identification number (EIN), also called a tax identification number (required for almost all types of businesses). Note: your business may also need to acquire a similar tax identification number from your state's department of revenue or taxation.
Fictitious business name permit (also called "dba" or "doing business as" permit; required for almost all types of businesses).
Zoning and land use permits, especially for new manufacturing businesses and certain home-based business operations.
Health department permits, especially if your business involves the preparation and/or sale of food.
Sales tax license for the selling of almost all products and services.
Fire department permits, especially for businesses that will attract large numbers of customers (i.e. nightclubs and bars).

5. WEBSITE - Every business should have a professional looking and well-designed website that enables users to easily find out about their business and how to avail themselves of their products and services. Later, additional ways to generate revenue on the website can be added; i.e., selling ad space, drop-shipping products, or recommending affiliate products, make money on the net.
Remember, if you don't have a website, you'll most likely be losing business to those that do. And make sure that website makes your business look good, not bad -- you want to increase revenues, not decrease them.

When it comes to the success of any new business, you -- the business owner -- are ultimately the "secret" to your success. For many successful business owners, failure was never an option. Armed with drive, determination, and a positive mindset, these individuals view any setback as only an opportunity to learn and grow. What sets them apart is their openness to new knowledge and their willingness to learn whatever it takes to succeed.


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