Setting up a new business can be a difficult task to undertake. The key to creating a successful business is having a solid foundation. Here are seven steps to setting up a successful new business.
Create Your Business’s Name
Every business needs a name. This is important for branding purposes. The name should be clever while also as explanatory as possible. For example, a name like Fluffy’s Dog Grooming is straight to the point and is easy for consumers to remember.
Research the Company Registration Requirements
It is important for companies to register their names and any patent or trademarks that they may have. This helps to prevent infringement from taking place. At the time of registration, it is a good idea for businesses to consider setting up a LLC. A LLC is a limited liability corporation which helps to reduce the liabilities associated with doing business such as lawsuits and debt issues.
Implement an Accounting System
Companies need to have an accounting system in place to keep track of their income and expenses. The accounting system that people choose should be easy to utilize so that all of the financial records can be easily organized and printed out.
Set Up a Company Website
The Internet has allowed millions of companies to establish an online presence. This can help businesses begin to target their goods and services to consumers. People should choose a domain name that corresponds to their company name and then register the name so that no one else can use it.
Find Office Space
Office space is crucial to being able to have a business that thrives. Get help from a commercial real estate agent that helps small businesses find space that meets their needs and budget. Start small with the space because this saves time and money. Some businesses take on too much financially and this ends up hurting them in the long run.
Purchase Insurance Coverage
Business insurance coverage is important to have in place before opening a business. This helps to ensure that any issues with the goods and services are covered by insurance. For example, a company that sells toaster ovens and has one that causes a fire would have protection for any damages and lawsuits from their insurer.
Establish a Network
New businesses need to have a network of vendors and consumers in place so that they can begin to establish themselves in the community and online. It is a good idea for business owners to attend networking functions in their industry to establish relationships early on. This can lead to a business having the necessary connections to have the items and services that they need at an affordable rate.
Jerry Loh is the author of numerous business guides regarding company formation and corporate secretarial services. He currently handles Singapore business registration services under http://www.bizcorp.com.sg.