Starting a Business For Dummies, 4th Edition, UK Edition

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Of course, you want your business to make money. Duh! That shouldn’t be the only reason you’re starting a business, but it’s certainly a big one. Do your best to hold the line on all the other expenses that simply drain your financial reserves while bringing in little or no additional revenue. If you’re going to eat out, for example, go to less expensive places. Save the expensive meals for your highest-paying customers. Or consider inviting your best customers over as dinner guests in your home. If you don’t know anyone who is a member, start by joining your local chamber of commerce and the various trade organizations for your industry. Chances are you’ll find a Rotarian in one of these organizations as well. Rotary membership is a great way to start feeling comfortable about wanting to become a business owner. Tell a friend You spend money on your business, your customers pay you money, money goes out for this, money comes in for that . . . one glance at your books should remind you that the sheer money aspect of running a business can get complicated. Utilize existing sources of information, such as census data, to gather information when you do secondary research. The current data may be studied, compiled and analyzed in various ways that are appropriate for your needs but it may not be as detailed as primary research. Conduct a SWOT Analysis

An exit strategy is important for any business that is seeking funding because it outlines how you’ll sell the company or transfer ownership if you decide to retire or move on to other projects. An exit strategy also allows you to get the most value out of your business when it’s time to sell. There are a few different options for exiting a business, and the best option for you depends on your goals and circumstances. Business lines of credit: Apply for a business line of credit, which is similar to a personal line of credit. The credit limit and interest rate will be based on your business’s revenue, credit score and financial history. The next step is creating a business plan. While it may seem like an annoying task that takes away from more pressing matters such as buying supplies or hiring employees, having a well-constructed business plan can save entrepreneurs time and money in the long run by providing direction and helping them focus their efforts on areas that have the biggest impact on their success. A business plan should include information about how much capital is needed, who will supply it, what goods or services are offered, how they will be marketed, the cost of launching operations, how profits will be reinvested, and which personnel should manage different aspects of the operation, among others.Invoice factoring: With invoice factoring, you can sell your unpaid invoices to a third party at a discount. Don’t be shy. Although you may never have had to sell yourself or your products before, you can’t avoid doing so when you own your own business. After you generate momentum and build a strong customer base, then you can rely more on referrals from your happy clients to do the marketing for you. Grants: The federal government offers grants for businesses that promote innovation, export growth or are located in historically disadvantaged areas. You can also find grants through local and regional organizations. As your business grows, you’ll need to delegate tasks and put together a team of people who can help you run the day-to-day operations. This might include hiring additional staff, contractors or freelancers. Hence, a business plan can help you figure out where your firm is heading, how it will overcome any obstacles, and what you will need to keep it going. When you’re ready to start writing, these free templates can help. #5. Examine your financial situation: Starting a Business Dummies UK

For you to legally operate your firm, you will need to get a number of business licences. For instance, you must register your company with the federal, state, and municipal governments. Before registering, you must prepare several documents. #9. Operating agreements and articles of incorporation An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement. You might also consider partnering with other businesses in your industry. For example, if you’re a wedding planner, you could partner with a florist, photographer, catering company or venue. This way, you can offer your customers a one-stop shop for all their wedding needs. A business partnership, on the other hand, as the name indicates, means that two or more individuals are held directly liable as business owners. Hence, you don’t have to do it alone if you can find a business partner who has abilities that complement your own. Moreover, It’s usually a good idea to bring someone in to assist your business to thrive. #8. Company with a limited liability: Legal and Financial Asects of starting a business Although no one can guarantee that your business will be a success, if you work hard, price your products and/or services right, and keep your customers satisfied, you stand a good chance of starting and building a successful company.If you finance the business with your own funds or with credit cards, you have to pay the debt on the credit cards and you’ve lost a chunk of your wealth if the business fails. By allowing your family members or friends to invest in your business, you are risking hard feelings and strained relationships if the company goes under. Business owners who want to minimize these risks may consider external funding. Customers use online directories like Yelp, Google My Business and Facebook to find local businesses. Some city halls and chambers of commerce have business directories too. Include your business in as many relevant directories as possible. You can also create listings for your business on specific directories that focus on your industry. Develop a Social Media Strategy

Businesses can take years to turn a profit, so it’s better to overestimate the startup costs and have too much money than too little. Many experts recommend having enough cash on hand to cover six months of operating expenses. Here, you will learn about starting a business without investment, choosing your niche, finding your customers, and marketing methods. Be flexible. Customers and clients appreciate vendors who are flexible and willing to meet their needs — and they often pay more for it. Think about what you can do in your business to better meet your customers’ needs, and then do it. On the court and in the boardroom, Shaq is The Big Believer (opens in new tab) in teamwork, understanding his success is the result of surrounding himself with the right people and taking advice from those before him.

Organization and structure: Write about the type of business organization you expect, what risk management strategies you propose and who will staff the management team. What are their qualifications? Will your business be a single-member limited liability company (LLC) or a corporation? Crowdfunding: With crowdfunding, you can raise money from a large group of people by soliciting donations or selling equity in your company. Conduct market research. Market research will tell you if there’s an opportunity to turn your idea into a successful business. … Your business idea also doesn’t have to be the next Scrub Daddy or Squatty Potty. Instead, you can take an existing product and improve upon it. You can also sell a digital product so there’s little overhead. What Kind of Business Should You Start? Freelance platforms: Using Upwork, Freelancer and Fiverr can help you find talented freelancers for one-time or short-term projects. You can also outsource certain tasks, such as customer service, social media marketing or bookkeeping.