Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. If you only trained to work for someone else, then chances are you’re unaware of many of the skills necessary to start a business. The world of entrepreneurship is a world all its own with it’s own nuances. The following contributed post is thus entitled, Advice For Starting Your Business.
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Photo by rawpixel from Pixabay
Running a business can come with a number of issues that you are not familiar with before starting your company. At the end of the day, as a business owner your main priority will be your profit margins, but that doesn’t mean you should let the other things pass you by. Here is a look at some of the intricacies of running a company that might help you further down the line.
Starting Your Business
When starting your business, you need to ensure that a number of important details are ticked off your checklist. Firstly you must decide what your business name is going to be and under which of the four possible legal structures you are going to set up under. They are as follows:
● Sole Proprietor
● Partnership
● Limited Liability Company (LLC)
● Corporation
Once you are familiar with these types of structures and know which one is the right option for you, then it is time to start writing your business plan and opening a company bank account. However, before you open a bank account you should register your company with your government in order to get an identification number. It is vital that you follow the rules when it comes to registering your company because an incorrect registration or none at all will cause your business severe problems in the future.
In addition to making sure your company is registered, you should also start looking into and obtaining any permits that you require to start work. Once again these depend on your structure and type of business, so research your needs before pursuing permits. These might need to be obtained at a nation or federal level and a state level so be prepared for plenty of paperwork. The same applies to obtaining your business license which is a requirement in most cities.
Photo by geralt from Pixabay
Employees
Should you require them then the next logical step is to start hiring employees so that you can start production in your chosen field. There are several things to remember when hiring staff, many of them to do with tax and payments. Motivating your staff is one thing to consider in the future, but there is no greater demotivation than not being paid.
Once again there are a number of legal hoops for you to jump through, this time you only have to get these licenses if you intend on hiring staff, do make sure you are doing the right thing. You should also look into what your business can do at a local level when it comes to things like taxes and healthcare. There are usually many different types of initiatives on offer but you must find them for yourself, such as in the UK they offer a Construction Industry Scheme that assists contractors ensure the tax of their subcontractors is paid. There are similar schemes in other parts of the world and taking the time to find them will be a great assistant to you.
