April 24, 2024

Are You Ready To Start Your Own Business?

TRUiC’s online guide helps you make sure your investment pays off

Starting your own business can be a complex affair butTRUiC’s online guide will take the pain out of the procedure.

A lot of brainstorming will be necessary to come up with the right name, but before you do that you need to come up with a great business idea. It will take a lot of time, but the investment will pay off in the long run.

To help you get started and to determine if you are ready to take the leap you should consider taking our online Entrepreneurship Quiz.

Then the important steps you need to follow are:

Step 1: Choose the Right Business Idea

TRUiC’s free Business Ideas Generator will help you identify great businesses that match your interests, lifestyle and natural abilities. This will help you stay motivated when the going gets tough and improve your odds of success.

Step 2:  Plan Your business

This will require a lot of brainstorming and time because a lot of careful planning has to go into the creation of a successful business. You need to critically analyze your idea to create a viable game plan as well as come up with the right name to ensure success.

Key points here are:

  • Your Business Name
  • Product Development
  • Sales & Marketing
  • People and Partnerships
  • Financial Planning

Also take a look at:

  • TRUiC’s Business Planning Guide
  • Use our Business Name Generator to find the perfect brand and website.
  • We help you to find organizations in your area which can assist you through the planning stages
  • There’s also a special section for women entrepreneurs in our Women in Business series.

Step 3: What You Need to Know When Forming Your Business

There are three main options available – a Limited Liability Company (LLC), a Corporation or a Non-Profit Organization. You need to ascertain which of these is right for your new business.

Step 4: Register for Taxes

Most businesses require an Employer Identification Number, also known as a Tax ID Number. Without an EIN, you can’t hire employees or open a business bank account.

Step 5: Create a Bank Account for Your Business

If you mix your personal and business accounts your personal assets (such as your home and your car) are at risk in the event of your business being sued. To be safe you need to open a separate business account, which also makes accounting and tax filing easier.

Recommended: Find the right bank for you in our review of the Top Five banks for your Small Business.

Step 6: Set Up Accounting

Quality accounting software is a must to consider for your company.

Step 7: Obtain the Necessary Permits and licences

To operate your business legally you will need to comply with federal, state and local government regulations.

Step 8: Get Insured

We recommend that all small businesses, including those based at home, purchase a general Liability Insurance Policy.  Other policies which can be considered are:

  • Workers Compensation Insurance
  • Professional Liability Insurance

Step 9: Define Your Brand

Your business name can help you to stand out. It is the cornerstone of good branding and a successful business.  When developing your brand think about:

  • What are the core values of your business? Customers and clients are looking for companies that have a compelling brand

Step 10: Establish a Web Presence

First and foremost, you need a professional website which is critical to the long-term success of your business. Vital to your credibility, the website should be easy to navigate and contain all your contact details.

Social media is also a great way to get known. You should consider setting up social media profiles on Facebook, Twitter and Instagram or creating accounts on review sites such as Yelp and Google Reviews.