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

Product Information

Charge what you’re worth. No matter how hard you work, if you charge your customers less than you’re worth, you won’t be able to stay in business for long. Why would you charge less than you’re worth? Well, some people do so because they don’t realize exactly how much they are Others charge less than they’re worth because they’re embarrassed or afraid to ask for an amount that reflects their true worth. Do what you love. To do what you love, you first have to know what kind of work you really want to do. This discovery requires deep introspection and an understanding of which kinds of work get your creative juices flowing and which kinds dry them up.

There are business names, and then there are fictitious business names known as “Doing Business As” or DBA. You may need to file a DBA if you’re operating under a name that’s different from the legal name of your business. For example, “Mike’s Bike Shop” is doing business as “Mike’s Bikes.” The legal name of the business is “Mike’s Bike Shop,” and “Mike’s Bikes” is the DBA. Crafting your executive summary is an invaluable step in the business planning process. Taking the time to write a clear, concise statement of intent can make or break your business plan. In this important document, you'll provide an overview of what your company hopes to accomplish and how it seeks to do so. An effective executive summary should include your unique value proposition, competitive advantages, Go-To-Market strategies, expected financials and any other information that you think will excite investors. This may all seem overwhelming but if done right could be your blueprint for success. Owning your own business is difficult and frequently necessitates working long and irregular hours. Moreover, having your own or starting a business can enable you to work more free hours in some situations is also another advantages. Many stay-at-home moms, for instance, choose to start their own businesses. #5. Buying an established company: Advantages Of Starting a Business Think about ways you can automate or outsource certain tasks so you can focus on scaling the business. For example, if social media marketing is taking up too much of your time, consider using a platform such as Hootsuite to help you manage your accounts more efficiently. You can also consider outsourcing the time-consumer completely.Business tools can help make your life easier and make your business run more smoothly. The right tools can help you save time, automate tasks and make better decisions. While it may not be considered “beginning” a business, buying an established business has proven profitable for many business owners—though it does necessitate both financial and time investments. Hence, these new business owners move through the genuine startup period and into running a mature firm for businesses that are already profitable. The above are some of the advantages of starting a business. Motives Of Starting a Business

Here, you will learn about starting a business without investment, choosing your niche, finding your customers, and marketing methods. 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. Not everyone in business is solely motivated by a desire to make money. Some people are driven by a strong desire to improve the lives of those who live in their neighbourhoods and communities. Some people, for instance, may aspire to live in a society that does not report child malnutrition. Hence, they become business owners and establish a business that facilitates the distribution of nutritious foods to underprivileged children. Just like Henry Ford who had the foresight to change the way people travel. He saw potential in automotive parts becoming mass transportation tools and founded the Ford Motor Company. The motives of starting a business is inspiring and it makes a positive transformation in society. #3. Autonomy and adaptability: Motives Of Starting a Business 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.

1. Determine Your Business Concept

Maybe you’ve been talking about your great business idea for a long time now. You know you can do it — so what’s stopping you? Or maybe you started taking steps toward making your idea a reality, but something came up and you just haven’t gotten around to committing yourself. Next, apply for an employer identification number (EIN). All businesses, other than sole proprietorships with no employees, must have a federal employer identification number. Submit your application to the IRS and you’ll typically receive your number in minutes. Get Appropriate Licenses and Permits Starting a business can be quite tediousbut I believe if you follow the above guidelines, you will you come out big and established! Starting a Business FAQ’s How can a beginner start a business?