Business can be dated back to the evolution of the human race. It’s been the main source of one’s livelihood. Initially, man used the barter system to business with the others, which is the mutual exchange of goods and services. Later, the introduction of the currency enabled effective business development.
All you need to know to be an entrepreneur
The key steps a business start-up is to have a business plan. The basic strategy you need to opt to bring about a successful business is to do an in-depth research, seek expert advice, and to find government-backed loans. A customer friendly location will be an added advantage to take your business to the next level.
The right type of ownership to suit your needs
Depending on the type of ownership and the limit of legal responsibility, business can be broadly classified into:
- Single ownership: The whole organization is owned by a single entity that’s liable for the company’s profit and loss.
- Partnership: Ownership in which the organization is held by two or more individuals who equally share the profit and the loss.
- Cooperative ownership: provides the privilege of decision-making to the members who own and run the organization.
- Corporation ownership: delegates the decision-making to be done by the Board of Directors appointed by shareholders.
Once you decide on the type of ownership, you need to list your business name with your state government. The next step will be to request for an identification number from the IRS (Internal Revenue Service). Keeping the best interest of the company in mind, it’s advisable to obtain a license and permit.
You can’t run an organization on your own, can you? Finding the right person for the right job can be quite challenging. Though this can be difficult, it shouldn’t be overlooked. Take your time to hire the right person for the right job.
A helping hand is all you need
The United States government extends its support to the entrepreneurs and small businesses with the help of Small Business Administration (SBA). You need to contact your local SBA office to find out how they can be of any help to you.
Today’s scenario enables you to start up your own business initially as a small-scale organization and invariably develop into a full-fledged organization. If you follow the steps given, it will help you start your business with the least hassles and reap great results.