4 Steps to Starting a Small Business and to Becoming your Own Boss

4 Steps to Starting a Small Business and to Becoming your Own Boss

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Starting a Small Business

• Should be done with diligence and careful planning.

• Requires motivation and determination.

• Should possess sufficient knowledge in the proposed business.

• Eliminate the risk factors.

• These essential characteristics and adequate money as capital are required for starting your business.

• Before starting a business consider the following:a) Know the right Business for youb) Create a Business Plan



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Know the right Business for you

• Find the right business that suit your needs.

• The ultimate goal is a business that gives you good income.

• Good income is needed to sustain all your basics needs and lifestyle.

• All of this is very vital to your goal.



Create a Business Plan

• Find the right business that suit your needs.

• The ultimate goal is a business that gives you good income.

• Good income is needed to sustain all your basics needs and lifestyle.

• All of this is very vital to your goal.

• The first 3 months is a crucial time in determining if you will succeed or not.



4 steps to starting a small business

These steps become your master plan in creating your presence in the business world.

1. Get the Capital You Need .

2. Name is Vital.

3. Business Structure.

4. Set-up a Good Accounting System.



1.Get the Capital You Need

• Every business requires the right capital.

• Finding that capital is important.

• Every business has a different start-up need, and funds can be different for everyone also.

• Every business is different has its own requirement of capital.



2. Name is Vital

• A business name is essential.

• It will be the one that will set your business apart.

• The name must convey what you want your customers to know.

• Explanatory about your service and products.



3.Business Structure

• Structure is important and must not be set aside.

• A corporation, single or sole proprietorship and partnership have a different taxes and liability that all future entrepreneurs must know.

• Research the pros and cons of each business structure.

• Then decide the right one for you.



4.Set-up a Good Accounting System

• Many companies and business owners, particularly those in the sole proprietorship and partnership failed in their businesses because of a bad accounting system.

• There is need to separate the personal and business aspect of their finances.

• Research and set up the accounting system favorable for your business.



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strategy after reading Steps to Starting a Small Business.

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