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SpinDistribute.com Article Directory

The following article was published in our article directory on September 12, 2011.
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Starting Up a Small Business

Article Category: Business

Author Name: Dane Pymble

Establishing a small business enterprise involves detailed planning, budget setting and legality issues. If you are thinking about starting your own venture, there are several aspects you need to put together so that you can start.

You need a business idea which can be developed into a lucrative enterprise. While this might sound obvious, it is an aspect that should not be neglected. Once you have decided on the kind of business you want to start, then you are able to chart the way ahead for the other processes.

You now need to write a business plan to enable you to assess whether your idea is worth an investment. A business plan is the blueprint for any business. It tells how you and others will implement the business. It gives the business name which you will use when registering. It is also an essential requirement if you are looking for investors or lenders. They will want to read your plan and see its capacity for growth. It details your strategies, financial projections, marketing plan and the capital need to sustain the business until it starts to become profitable. Take advantage of free training courses available on business plan writing and securing finance.

Once the business plan is in place, you are now ready to try to find a lender. You can use your own sources, appeal to friends and family or take the plan to investors. Whichever mode you follow, carefully consider the ramifications on business profits.

With a plan and the financing in place, consider the legal issues that will affect your business. Decide if you want a sole proprietorship, a partnership or a corporation. This is more determined by the financing decision that you make. You can now register your business officially and you will be issued with an identification number. Obtain all the permits needed, tax forms and business insurance to protect you against contingencies.

The location you defined should be easily accessed to your likely customers and should be compliant with all environmental regulations.

With the above structures all in place you can begin to think about opening the doors to customers.

Remember you will be expending money in many ways before you begin making profits. You will need to pay for a location to run your business; potentially you will hire an employee to help you run your business, an accountant will come in handy to help you with your bookkeeping needs and all the important expenses that will need to be paid at start-up. If your business is a sole proprietorship, your employee identification number (EIN) will be needed to purchase all these prerequisites.

Keywords: small business startups, starting up a small business, small business setup, setting up a small business

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