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How To Start Your Own Company

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StrategyDriven Starting Your Business Article |Start your own company|How To Start Your Own CompanyAre you an employee? If not, no worries. I am just going to put an example that will immensely help you understand the significance and uncertainty of starting a new company. Consider an employee who is well-recognized(of course due to his performance), highly-benefited, and well-settled with an XYZ company, but due to certain issues, he has to find another company. He will only be hoping if the new company has the same atmosphere and working culture.

Isn’t the above scenario related to a businessman/businesswoman finding a stage to put their business into the market? If not for the idea, the entrepreneur would be more worried about getting a predictive reach, perfect location for sufficing the demands, and the list is endless. But perfect planning never goes vacant. So let’s begin the checklist of how to start a company.

Steps To A Perfect Start Of Your Company

Out of every ongoing managerial, industrial or automatic process in the surrounding, hardly some would be working without any planned layout. Similarly, before starting a company, here are a few steps which can help you earn good fame in society.

1. Analyze the market demands for your product

Until you have an idea that assists the society or a section of the society, you cannot say or analyze its demand, a good location, probable customers to attract, how to innovate it, and reduce the price compared to the competitors.

Start with business ideas eradicating the common problems with advanced technologies that also serve as the future need of the common people globally, if possible. You can also work on already implemented solutions but can be designed better and economically. You might have seen some artsy people jumping into some related business, which is wonderful if you have some hobby.

According to Forbes, the definition of a successful startup goes like this: their product meets the needs of the society, their growth-rate is faster, they ignore nothing, and they recover from every hard-fall. (source)

2. Invest in your business

Even without required funding, appropriate investment, and all hard work, the business cannot reach the heights you desired. Even if you have a small investment to make, go for it. You can explore other options like a partnership, business grants, third-party investors, crowdfunding, loans, etc.

People say money can buy you anything, but that’s not 100% true for business as it requires an equal amount of dedication and hard work all the time.

3. Search the perfect location

The location also has quite an impact on the business. The location you choose is based on the target customers, company funding, partners, and other required preferences. Additionally, an owner should also consider the cost and restrictions to the business.

The location also becomes a preference if the business generally comprises selling offline as in retail stores.

4. Design your business structure

Now that you have picked up your idea and location, the next important consideration is to define how your business would function, the workflow of all the processes, product release and update process, marketing and sales, product financing, employee payroll, and HRMS process.

The business structure should aim at the organizational goals, vision, and mission that your organization needs. This also helps you in setting employee goals and OKR to measure performance.

Think about how to serve your customers and have a supportive query resolution workflow because customers are the main strength of your business to keep it on the right track. Analyze the market demands of the product to stay ahead in the competitive world by delivering the perfect required solution or service.

5. A name that reflects

Business/product name is the main aspect to be finalized as it is the first entity of your organization that will be highlighted in the market.

The name you choose should reflect what you want to deliver, should be simple and catchy for the customers to remember, and should be unique in the history of the trademark. You can refer some names to your co-founders, investors, and prospective customers. This also shows the culture and social front of your organization.

Now that you’ve come up with the name, register it legally according to your business type.

6. Work on financial setup and accounting

Whatever business type you set, whether e-commerce, mobile application, online retailers, etc., it is essential to deal with finances and accounting. Finances include payroll to the employees, deals with the customers, and partnerships for which bookkeeping is the primary for further accounting purposes.

Start from choosing a bank account, a promising one probably. You can also create employees’ bank accounts in the same bank for ease of process in salary transfer.

And yes, don’t forget to verify the statutory compliances at all stages to avoid the evasion of penalties and risks. Better consult a professional advisor for all your liabilities stated under the government rules.

7. Build your product website

In the modern world, websites, social media, and applications are mostly in use for searching and analyzing as per the needs. Listing your contact details and other forms can help customers reach you quickly. Providing an interactive website and social networking page can help customers get the product or service knowledge from it.

Purchase a personalized domain, theme, plug-ins, WordPress and set up your website using simple but attractive designs and content. And don’t forget to apply digital marketing techniques to gain online reach and google reviews.

For instance, founded in 2008, Zomato has become one of the largest food aggregators fulfilling their mission of “better food for more people” till date. An interactive website, social media pages, Instagram trends are somethings that people admire.

Above mentioned bullets may not be the only steps to start a company, but these are the main ones that you should look after.

In a nutshell

Starting a new business can be overwhelming and tricky until and unless you have proper planning at hand. Even if you are building the organization single-handedly, going the correct path and following the rules can help you cross the hardest difficulties easily. And don’t take forever to finalize your decisions, think and consult for better and start working towards the goal.

About the Author

StrategyDriven Expert Contributor | Shubham JoshiShubham Joshi is an experienced content marketer at FactoHR. Passionate about training and development programs, he is always ready to help colleagues and customers by representing concrete ideas and methodology. Beyond work, he is well-equipped with problem-solving abilities.

5 Reasons Your Startup Should Be in Healthcare

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StrategyDriven Starting Your Business Article | 5 Reasons Your Startup Should Be in HealthcareWhen you think of startup companies, you may think of some obvious ones that are now household names. There are social media platforms, mobile video games, banking apps, ride-sharing services and home rental marketplaces. You know them well.

An arena that isn’t as often spoken about in the same breath as these other game-changing companies is the healthcare industry. The Patrick James Trico Group is well aware that startups in the area of medical innovation and data processing are where the biggest and most beneficial progress will be.

1. A Better Patient Experience

With technological advancements, a patient’s healthcare experience should begin long before a visit to the doctor’s office. Artificial Intelligence and wearable tech could collect analytical information for the doctor to evaluate before you even make an appointment.

The appointment itself could be scheduled by an AI-driven system in much the same way that pharmacies use software to send automated calls and texts when a patient needs a refill. There is a wide range of possibilities for improvements in all aspects of a patient’s experience.

2. Automated Data Collection

Robotic automation of data collection is an area in which many hospitals and healthcare facilities could benefit. Human administrative errors are a common occurrence, accounting for countless mistakes, which could cause someone to pay a higher price or, at worst, have the wrong procedure performed.

With data collection performed by robotic automation, many of these errors could be prevented. Other industries already use similar automated data collection and machine learning to streamline their business, creating straightforward, painless engagement and happy customers.

3. Improved Information Storage

Your healthcare information is fragmented across all the different clinics, hospitals, doctor’s offices, and any other health facility you’ve ever been to. Rarely do these entities communicate well and share that information without some complicated process of requesting that such information be sent from point A to point B.

A central ecosystem that houses data easily and safely would allow medical staff to retrieve patient records instantly, avoiding potentially harmful mistakes and allowing for accurate and timely care. An AI-driven functionality could also find and address any anomalies in patient records.

4. Creative Innovation

Medical researchers do a lot to progress healthcare and provide much-needed information by way of well-researched and thorough study. But often the solutions offered by those immersed in the healthcare field are from a calculated, linear and dogmatic approach.

Entrepreneurs are creative innovators willing to think outside the box and attack a problem from a completely new point of view. Their solutions may require some reframing of the way a facility currently does business, and therefore might never occur to a dyed-in-the-wool healthcare professional.

5. Everyone Benefits

Efficiency and progress in the healthcare space will benefit everyone involved: the healthcare providers, the patients and, of course, the startup company that provides the innovation.

Institutions with leadership that understands the need for the most effective quality care will be smart to embrace the technological advancements that startups may provide. The patient will reap the benefits of efficient and smart healthcare and the startup will reap the rewards of the market.

Starting And Running Your Own Restaurant

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Do you want to get started in the hospitality services or cafeteria food services? Whether you’re operating out of a catering van or you’re running a restaurant, it’s a dream a lot of people can afford to do nowadays; years of family recipes being passed down through the generations and you’ve got yourself a time honored tradition that people love to indulge in. If you think it’s time to make money off Grandma’s mashed potatoes, here’s a couple of tips on getting started in the food business.

Make Sure You Love to Cook

Running a restaurant means you need to know your craft and know it well. If you don’t like the ins and outs of cutting up a chicken or frying off your vegetables without getting them brown, and you know inside you’re not willing to learn, this maybe isn’t for you. Of course you can bring in talented chefs and let them go to town with their skills, but if it’s a family run business you need to be personally invested.

Similarly, if you’re not invested in what you do, it’s very unlikely you’re going to be able to grow in the potential you should. You’re less likely to be on the lookout for opportunities, and you can more easily get bogged down.

Find a Good Place to Start

Location is everything in the food business, especially when you’re running a themed restaurant. You need to be able to attract people to your business and have free advertising from your shop front. Thankfully people like to eat, so this usually works in your favor.

Individual growth is also important for an ever growing market sector. Shop around for somewhere affordable that you know you can do something with. You may need to expand a seating or kitchen area at the end of the day, when you’ve drawn in enough customers and got yourself a good following. Plan for this from the beginning and you won’t be able to disappoint yourself or your clientele.

Know Where to Find the Parts

If anything goes wrong in your kitchen, you’re going to want to know what you can do to quickly replace any faults. The cooking area is your livelihood, so if that goes down, so does business! Don’t let yourself panic by doing a little preparation before you get yourself up and running; planning ahead is always the best way forward.

Let’s run through a quick example: for your cooking vats, or any part of your system that takes away waste oil and water, your waste storage systems are a very important part of your working life. Look into something like Simplex Pipeline Strainers when these stop doing their jobs and you notice a difference in the cooking ability of your oil.

Whilst food is serious, restaurants are lovely businesses to start and run, as you’re making good food for a mostly appreciative customer base. It just makes it all the sweeter if you can specialise on your local culture and climate as well.

4 Guidelines for Starting Your Own Business

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StrategyDriven Starting Your Business Article | 4 Guidelines for Starting Your Own BusinessStarting your own business is a complex process that requires careful planning and important financial decisions. Here are a few steps to guide you through your journey and help get your business off the ground.

Reanalyze Your Idea

If you’re interested in starting your own business, you probably already have an idea of what you want to market. However, you’ll need to reanalyze your idea to ensure that it’ll offer something original to the public. Asking yourself questions such as, “Is there a need for this product?” and “Is this product innovative?” will help you determine whether your idea has the capacity to succeed.

Create a Business Plan

Once you’ve decided that your idea has what it takes, you’ll need to draft a business plan to take your business to the next level. Your business plan serves as a roadmap that details the various stages of development, ranging from start-up to eventual advancement. Mapping out your business plan can be a complicated process, so don’t be afraid to reach out for help if you need it. A business coach near me can identify your business’ strengths and weaknesses, instill a sense of professional confidence and ultimately help you reach your goals.

Create a Financial Plan

Starting a business requires an initial investment before you can make a profit. Some of the costs you’ll have to cover include insurance, licenses, rent and utilities. One of the main reasons why small businesses fail early on is because they run out of money before earning a profit. Therefore, creating a financial plan can help you map out how much money you’ll need to launch your business and ensure that you have enough to keep things running smoothly for at least the first year.

Choose a Business Structure

There are four main types of business structures: sole proprietorship, partnership, corporation and limited liability company. A sole proprietorship is the most popular structure, in which you are the only person who owns and runs your business. In contrast, a partnership consists of two or more individuals. A corporation is owned by its shareholders, not individuals, and you won’t be personally held liable for your business’ debts. A limited liability company is similar to a corporation in terms of its protections, but it allows for similar tax benefits as a partnership. It’s important to educate yourself on the various business structures to ensure that you choose the best one for your business.

If your business doesn’t achieve success as quickly as you’d like, don’t be disheartened. Although starting your own business can seem overwhelming at first, following these steps will help you on the path to success.

How to Start Your Own Small Business

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StrategyDriven Starting Your Business Article |Small Business|How to Start Your Own Small BusinessIf you have dreamed about being an entrepreneur and starting your own small business, the process may be easier than you imagined. Since you are not opening a large or medium business, the steps to create your business are much more manageable. You do not have to deal with stock, public trading, large demands for capital, or complex tax or legal issues. Here is what you need to know about taking on this endeavor.

Steps to Starting Your Own Small Business

You can quickly launch your business after completing these steps:

Business Planning

Every business should have a business plan. This is the foundation of your request for outside funding. However, even if you do not require funding from a bank or other financial institution, a business plan can be helpful in creating a roadmap on how to operate and grow your business.

Funding Your Business

You may need some initial capital to start your small business, such as to pay for inventory, equipment, staff, and other needs. You may have several options to fund your business, such as:

  • Using personal funds
  • Asking friends and family to invest
  • Using crowdfunding
  • Borrowing from a bank or other financial institution
  • Seeking out investors

You will want to consider the funds you need to initially start your business, as well as your capital needs for the future. You don’t want to make an initial ask for funds and then have to return to ask for more shortly later.

Pick a Business Location

The location you choose for your business can have a dramatic impact on the potential success – or lack thereof – of your business. The business location you choose can affect your revenue, legal requirements, and taxes. Additionally, if you choose a bad location that is associated with past problems or legal issues, this can negatively impact the community’s perception of your business.

Use appropriate tools to get an address report about locations that you are considering. This can help you to be informed about the location and any potential issues with it.

Select Your Business Structure

The legal structure you select for your business will impact important aspects of your business, including requirements on how to register your business, your potential personal liability, and the amount you pay in taxes. Common types of legal structures for small businesses include:

  • Sole proprietorship – This is the simplest structure to have and if you do not choose any other structure, this will be the default classification for your business. With a sole proprietorship, you do not have any protection from personal liability and your business income is taxed at your individual rate.
  • Partnership – A partnership involves two or more people who are in business together. It is possible to limit personal liability with certain types of partnerships.
  • Limited liability company – A limited liability company has the same types of legal protections as a corporation but provides tax benefits of a partnership.
  • Corporation – A corporation is a separate legal entity from the individual owners. It can own property, pay taxes, enter into contracts, assume liability, and make and defend against legal claims in its own name. Corporations provide protection against personal liability.

You will want to choose the business structure that best suits the needs of your business, now and in the future.

Register Your Business

You will want to register your business to make it legal and to establish a brand for it. You will likely need to register with the government, potentially with the federal, state, and local government. Corporations must file articles of incorporation that identify the business name, its purpose, the legal structure, and other pertinent information.

If you hire employees, you will need an Employer Identification Number.

Acquire Legal Permits and Licenses

You may also be required to obtain various legal permits and licenses to legally operate your business. These vary by your state, location, industry, and other factors. Some trades require you to maintain a professional license. You may also need a permit before you collect sales tax from customers.

Purchase Insurance

Keep yourself protected by purchasing a general business insurance policy. You may also inquire about other types of insurance that may be able to protect you, such as errors and omissions insurance. A competent insurance broker should be able to inform you of your options.

Seek Out Additional Resources

Fortunately, there are many places that you can turn to for assistance and information. The Small Business Administration offers a wealth of information, including many free resources. Many states also have other organizations that provide assistance to small businesses and can help with everything from market research to financial planning. You can also check with the agency where you must register your business for additional assistance.

Conclusion

By following the steps above, you can soon be on your way to starting your own small business and becoming your own boss. Good luck!

About the Author

StrategyDriven Expert Contributor | Ben HartwigBen is a Web Operations Executive at InfoTracer who takes a wide view from the whole system. He authors guides by sharing the best practices and does it the right way!