Things Required For Company

Things required for company.
1. Do a self-inventory.
Not everyone has what it takes to start a company. That’s not to say that
your idea is not brilliant. It just means that you may not have the personality
traits to handle launching a company of your own.
Before investing any time or resources, evaluate yourself and see if you
have some the typical traits of an entrepreneur. Are you motivated, able to
adapt and confident? Are you resilient?
2. Develop an idea.
Don’t just start a business because something is in vogue and you think
commercializing it will make money. Develop a business concept that
you're passionate about related to something that you have experience
with. From there, come up with a product or service that you believe can
enhance the people’s lives.
3. Test the plausibility.

Once you’ve settled on an idea, figure out how you can make it become a
reality. Is the product or service something that people want or need? Can
you make a profit selling it? Does the product work?
5. Identify your market.

Even though you may have detected some interest in your business, you
need to do more homework. Assess the market, targeting the customers
most likely to make a purchase. Perform a competitive assessment.
7. Establish a budgetOnce you determine how much money you’ll have to
work with, figure out how much it will take to develop your product or
service and create a marketing plan.
8. Find the right investors.
You’re going to need some sort of funding to start off, whether from your
savings, credit cards, loans, grants or venture capitalists. Find an investor
who shares your passion, someone you believe you can work with.
9. Listen to investors.
Whether you like it, investors do have a say in your company. And you
need to listen to their advice or suggestion. But that doesn’t mean you have
to do what they tell you.
11. Determine the legal structure.

Settle on which form of ownership is best for you: a sole proprietorship, a
partnership, a limited liability company, a corporation, an S corporation, a
nonprofit or a cooperative.
12. Select a business name.

Decide on a name that best suits your business. Then check to see if the
domain name is available online, as well as if it’s free to use in your county,
state and in the country.
13. Register your business name.

If your proposed business name is available, register it with the county
clerk, have it trademarked at the state and federal levels and secure a
domain name.
16. Secure permits and licenses. According to gov , you’ll have to pick up
a federal employment identification number (unless the company is a sole
proprietorship or a limited liability company without employees.) Apply for
state licenses. Pick up a local tax registration certificate. File for local
permits, if required, such as a conditional use permit or zoning variance.
17. Buy insurance.
Make sure that you arrange for the proper insurance for your business.
This will vary according to the type of business. If you’re working from
home be sure that your homeowner’s insurance covers theft or damage to
business assets, as well as liability for any business-related injuries.
19. Choose a business location.

Select a location that best fits the needs of your business, one that offers
an opportunity for growth, the right level of competition and proximity to
suppliers. It should also be accessible to customers.
20. Don’t worry about an office.

If you’re not making any revenue, then don't concern yourself with an office
or warehouse ust yet.
22. Be flexible.
Chances are that your original idea will have to be modified. Being able to
pivot and adapt to create what customers want will determine if your
business will fail or succeed.
In other words, what is the underlying reason a customer would do business with
your company?
1) DEFINE YOUR BUSINESS AND VISION
Defining your vision is important. It will become the driving force of your business. Here are
questions that will help you clarify your vision:
 Who is the customer?

 What business are you in?
 What do you sell (product/service)?
 What is your plan for growth?
 What is your primary competitive advantage?
2) WRITE DOW N YOUR GOALS
Create a list of goals with a brief description of action items. If your business is a start up, you
will want to put more effort into your short-term goals. Often a new business concept must go
through a period of research and development before the outcome can be accurately predicted for
longer time frames.
Create two sets of goals:
1. Short term: range from six to 12 months.

2. Long term: can be two to five years.
Explain, as specifically as possible, what you want to achieve. Start with your personal goals.
Then list your business goals. Answer these questions:
 As the owner of this business, what do you want to achieve?

 How large or small do you want this business to be?
 Do you want to include family in your business?
 Staff: do you desire to provide employment, or perhaps, you have a strong opinion on not
wanting to manage people.
 Is there some cause that you want the business to address?
 Describe the quality, quantity and/or service and customer satisfaction levels.
 How would you describe your primary competitive advantage?
 How do you see the business making a difference in the lives of your customers?
3) UNDERSTAND YOUR CUSTOMER
It is not realistic to expect you can meet the needs of everyone, no business can. Choose your
target market carefully. Overlook this area, and I guarantee you will be disappointed with the
performance of your business. Get this right and you will be more than pleased with the results.
 Needs: what unmet needs do your prospective customers have? How does your business meet
those needs? It is usually something the customer does not have or a need that is not currently
being met. Identify those unmet needs.
 Wants: think of this as your customer’s desire or wish. It can also be a deficiency.
 Problems: remember people buy things to solve a specific problem. What problems does your
product or service solve?
 Perceptions: what are the negative and positive perceptions that customers have about you,
your profession and its products or services? Identify both the negative and positive
consequences. You will be able to use what you learn when you start marketing and promoting
your business.
4) LEARN FROM YOUR COMPETITION
You can learn a lot about your business and customers by looking at how your competitors do
business. Here are some questions to help you learn from your competition and focus on your
customer:
 What do you know about your target market?

 What competitors do you have?
 How are competitors approaching the market?
 What are the competitor’s weaknesses and strengths?
 How can you improve upon the competition’s approach?
 What are the lifestyles, demographics and psychographics of your ideal customer?
5) FINANCIAL MATTERS
How will you make money? What is your break-even point? How much profit potential does
your business have? Take the time to invest in preparing financial projections.
These projections should take into account the collection period for your accounts receivables
(outstanding customer accounts) as well as the payment terms for your suppliers. For example,
you may pay your bills in 30 days, but have to wait 45-60 days to get paid from your customers.
A cash flow projection will show you how much working capital you will need during those
“gaps” in your cash position.
I recommend thinking about these six key areas:
1. Start up Investment
2. Assumptions
3. Running Monthly Overhead
4. Streamlined Sales Forecast
5. Cumulative Cash
6. Break-even
6) Identify Your Marketing Strategy
There are four steps to creating a marketing strategy for your business:
1. Identify All Target Markets: define WHO is your ideal customer or target market. Most
companies experience 80% of their business from 20% of their customers. It makes sense then
to direct your time and energy toward those customers who are most important.
2. Qualify the Best Target Markets: the purpose of this step is to further qualify and determine
which customer profile meets the best odds of success. The strategy is to position your business
at the same level as the majority of the buyers you are targeting. It is critical to figure out who
your best customers are and how to best position your company in the marketplace.
3. Identify Tools, Strategies and Methods: a market you cannot access is a market you cannot
serve. Marketing is the process of finding, communicating and educating your primary market
about your products and services. Choose a combination of tools and strategies, that when
combined, increase your odds of success.
4. Test Marketing Strategy and Tools: the assumptions we do not verify are typically the ones that
have the potential to create business problems. Take the time to test all business assumptions,
especially when you are making major expenditures.

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Things required for company.

3. Test the plausibility.

5. Identify your market.

11. Determine the legal structure.

12. Select a business name.

13. Register your business name.

19. Choose a business location.

20. Don’t worry about an office.

1) DEFINE YOUR BUSINESS AND VISION

 Who is the customer?

2) WRITE DOW N YOUR GOALS

Create two sets of goals:

1. Short term: range from six to 12 months.

 As the owner of this business, what do you want to achieve?

3) UNDERSTAND YOUR CUSTOMER

4) LEARN FROM YOUR COMPETITION

 What do you know about your target market?

I recommend thinking about these six key areas:

6) Identify Your Marketing Strategy

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