| As we all know, all types of business require three | | | | the usual paperwork and regulations. |
| basic things: motivation, determination, and technical and | | | | In addition, you need to secure an employer |
| practical know-how. | | | | identification number or EIN so that taxing authorities |
| Here are the 10 commandments of effective small | | | | can identify your business. |
| business start-up. | | | | 6. You need to secure start-up money. |
| 1. You have to identify your business prospect. | | | | Most small businesses are not actually funded by |
| Choosing the type of business may be a task that | | | | venture capitalists, grants, and even banks. There are |
| may keep you stagnant as you are faced with an | | | | times that you need to gather money from other |
| array of opportunities. However, there are a lot of | | | | sources such as personal investments, funds from |
| business information aids that can help you sort out the | | | | family and friends, and even being involved in bartering. |
| topnotch business ventures. The least you have to do | | | | 7. You have to determine your business location. |
| is to identify your entrepreneurial type of personality | | | | If you have decided to put up a home business, decide |
| and lifestyle so you can choose among the range of | | | | on the best home design that will surely motivate you |
| business ideas. | | | | and your crew to become productive. If home |
| Just think of it, this is the first but crucial step in your | | | | business is not your choice, survey on office spaces |
| journey to success. | | | | that are available. In addition, do not forget to research |
| 2. You have to build a business map. | | | | and review about the advantages and disadvantages |
| A business map will enable you to have better grasp | | | | of buying or just leasing an office space. |
| of:a. competitive landscape;b. industry structure; andc. | | | | 8. You have to get your business insurance. |
| the main necessities of starting a small business | | | | As a budding business proprietor, you need to keep in |
| 3. You have to give a name for your business. | | | | mind that it is your responsibility to supervise the |
| Think of a name that will serve as your trademark. It | | | | dilemmas and dangers associated with your |
| should:a. assist in the branding of your organizationb. | | | | ownership. You have to guard your business against |
| set you apart from a sea of competitorsc. attract your | | | | litigation and/or disaster. |
| customers and provide them enough reason to | | | | 9. You have to create an accounting system. |
| choose you | | | | Bookkeeping and accounting are some of the aspects |
| 4. You have to choose a business configuration. | | | | that are inevitable when it comes to managing a |
| Look for the most appropriate ownership configuration | | | | business. You have to deal with the financials of your |
| for your business. You may wish to research on the | | | | business so you can plan-out a strategy to achieve |
| following legal structures:a. sole proprietorshipb. | | | | maximum return of investment or ROI. |
| partnershipc. S-type corporationd. a company that has | | | | 10. You have to know how to please your customers. |
| limited liability | | | | Knowing what your customers need can really be |
| 5. You have to register your business. | | | | rewarding. When you are able to please them, you |
| You have to go through a lot of paper works and | | | | have their loyalty. In addition, they may invite other |
| knowing tons of regulations. For instance, you need to | | | | friends to become your potential customers. |
| be aware that the office of State's Secretary | | | | You may be overwhelmed by the tons of things you |
| registers LLCs, corporations, partnerships, and even | | | | need to do to start-up and maintain a business. Well, I |
| items of dissolution. Starting a small business requires | | | | have three words for you, "Just do it! |