How to Set Up A Business With Little Money (Part 2)

This is a continuation to the first part published yesterday. Today we continue with other necessary information that will come in handy in setting up and running a successful business.

#11. Select a business name

You have to decide on a name that will best suit your business then check to see if the domain name is available online and also check to see if it’s free to use that name in your country and state.

#12. Register your business name

If your proposed business name is available, register it with the country clerk, have it trademarked at the state and national levels and secure a domain name.

#13. Use Available Resources

There are numerous resources that might be available to you in terms of business advisory services, training and other forms of assistance. It is important you find out what is available to you. It can be helpful.

#14. Determine tax obligations

Now is the time to wrestle with tax obligations. In most places, there are four basic types of business taxes: income tax, self employment tax, taxes for employees and excise taxes.

#15.  Secure permits /licenses and buy insurance

Unless the company is a sole proprietorship or a limited liability company without employees, you’d have to apply for state licenses, pick up a local tax registration certificate and file for local permits if required. You also have to make sure that you arrange for the proper insurance for your business as this will vary according to the type of business.

#16. Set up the books and choose a business location

You should figure out if you’re using cash or accrual system and determine the fiscal year for the business and set up a record keeping system. You should also choose a location that best suits the needs of the business with the right level of competition and proximity to suppliers.

#17. Don’t worry about an office, a patent can wait too

If you’re not making any revenue, don’t worry about getting an office. Patents also costs a lot of money so wait till you have customers paying the bills to go down this route.

#18. Be flexible

Share your ideas with friends and family and ignore the naysayers. Being able to change and create what customers will want will determine if you’ll fail or succeed. Your nearest people will be the most honest with you about your business but at the same time, there’s a difference between constructive criticism and someone’s quick jab projecting that your business will fail. But don’t become angry when your idea is rejected by customers or investors, it might be that the time is not right.

#19. Deliver products fast and offer new products or services

Your business is a work in progress if you launch your product or service quickly and if you already have customers, hold on to them by providing new products. Also keep in mind that success won’t happen overnight.

#20. Avoid fights with partners and hire a copywriter

If you have disagreements with partners, sever ties as soon as possible and unless you’re an excellent writer, hire a copywriter to help you.

Don’t fear the competition and benefit from word of mouth. Never become an object of pity by bad mouthing others. Don’t be scared to show your face out and provide outstanding customer service. Make sure your website functions and don’t be overly concerned by the economy. Make sure your clients pay their bills and find the right employees. You should know that honesty is the best policy and remember that opposites attract. Make sure to say goodbye to your social life and recognize that you’ll be the final person to get paid. Arrive at useful definition of success and realize when its time to move on. Never only rely on the advice of others.

Do all the about and gradually, you might just become one of the most successful business men/women in the world. I hope to read about you on Forbes Magazine, In Shaa Allaah it can happen. Work hard and trust in Allaah.

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