The main principle that will guide you when engaging into business, especially when you are just starting, is to have enough knowledge on that specific business that you are going to start. It is small or big? Do you need to outsource, employ people, or you are the one who will implement the policies which is needed to your business.
When starting a small business you will need knowledge on specific field:
1. Establishing a Business Organization
This is the most important decision of every individual who will establish their own business, whether small-business or big-business; it is very obvious they commit mistakes at the start. To avoid mistake when establishing you own business at the start, you need to establish your own business-organization, and register to the appropriate government agencies.
2. Selecting the right Business Organization
This would be the second step on establishing your own business and you are prepare to establish it. Make sure that when selecting a business organization is within the line of your business. You need to research carefully if you will be on your own, to have a business partner, established your own company, or joining a company.
3. Partnership
Partnership is very common on professionals. Business who renders service. Example are partnership of doctors, dentist, lawyers, insurance underwriter, accountants, engineers, architects, financial consultants, and more. In partnership it is important to matched and balanced the capacity and the capital of the two parties.
Things you need to remember when starting a business
They are many things that you need to remember regarding start-up business, but you need to remember and consider the following:
1. The amount of Capital
How much the Capital you are going to spend on starting you own business. If the Capital is big, look for the opportunity on it, and it happened that your Capital is small, their will be also business that will fit on that amount.
2. Years of Experience
This part tackles the level of your experience in business. It doesn't mean that your friend or your acquaintance profits from their business it will also be the same on your planned business. It is better to start a business that you are familiar instead of managing a business that you are not familiar with. You will encounter many problems because you are not familiar or ready to manage that field business. There is a quote "familiarity of the business in addition to capital."
3. Demand
The success of your business will rely if there is a demand on product or service. If there is no need for a product or service, eventhough you will start a business that have enough capital and the capability that you can run the business, chances are that business will fail if there is no demand on your product or service. Consider the area and know if there is a demand for product or service.
Must-Have Software for your Business
Intuit QuickBooks Pro 2011- Small package
Microsoft Office for Mac Home and Business 2011 - 2 Licenses
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Microsoft Word 2010 - Complete package - 1 PC - DVD - Win - English - 32/64-bit
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Recommended Laptop Computers for your business
HP Pavilion g7-1075dx
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HP Smart Buy 620
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HP Smart Buy ProBook 4530s
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