HOW TO SET UP A BUSINESS

Things to consider when setting up your business

*BUSINESS PLAN

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.

Few reasons you need a business plan: 

1. To map the future

2. To support growth and secure funding        

3. To develop and communicate a course of action                                                              
4. To help manage cash flow



* GET BUSINESS ASSISTANCE AND TRAINING
Entrepreneurial training One of the best ways to learn about starting a business is to take classes, either online or in person, from experienced entrepreneurs who are actively and successfully doing what you want to do.



* CHOOSE LOCATION
Business location is the physical space where your business exists . ... Location is especially important for businesses in the retail and hospitality trades because they rely a great deal on visibility and exposure to their target markets.
Few things to consider while choosing a business location:
1.Style of operation
2. Demographics.
3. Foot traffic.
4. Ordinances
5.Accessibility and parking

 

* FINANCE YOUR BUSINESS
Finding financing in any economic climate can be challenging, whether you're looking for start-up funds, capital to expand or money to hold on through the tough times:
Ways you can finance your business:
1. Savings
2. Credit cards
3. Friends and family
4. Angel investors
5.Business loans and lines of credit

* DETERMINE THE LEGAL STRUCTURE OF YOUR BUSINESSA legal structure (entity structure) is the legal definition of your business e.g., corporation, partnership, sole proprietorship.The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a natural person who owns the business and is personally responsible for its debts.

* REGISTER A BUSINESS NAME
Getting a business name registered is very important. Its purpose is to make public the identities of those individual(s), partnerships or corporate bodies being the legal entity behind the business name.
The reasons you have to get your business registered are as follows.
 I. Establishing Business Bank Accounts
II. Getting Loans
III. Reputation With Customers
IV. Supplier Arrangements
V. Hiring Employees