Starting a Business For Dummies, 4th Edition, UK Edition

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If you don’t have a firm idea of what your business will entail, ask yourself the following questions:

For you to legally operate your firm, you will need to get a number of business licences. For instance, you must register your company with the federal, state, and municipal governments. Before registering, you must prepare several documents. #9. Operating agreements and articles of incorporation Of course, you want your business to make money. Duh! That shouldn’t be the only reason you’re starting a business, but it’s certainly a big one.

You need to have insurance for your business, even if it’s a home-based business or you don’t have any employees. The type of insurance you need depends on your business model and what risks you face. You might need more than one type of policy, and you might need additional coverage as your business grows. In most states, workers’ compensation insurance is required by law if you have employees. Work With an Agent To Get Insured You may need to file a DBA with your state, county or city government offices. The benefits of a DBA include: To find potential partnerships, search for businesses in your industry that complement what you do. For example, if you’re a web designer, you could partner with a digital marketing agency.

New business owners tend to feed off their motivation initially but get frustrated when that motivation wanes. This is why it’s essential to create habits and follow routines that power you through when motivation goes away. Take the Next Step If you don’t know anyone who is a member, start by joining your local chamber of commerce and the various trade organizations for your industry. Chances are you’ll find a Rotarian in one of these organizations as well. Rotary membership is a great way to start feeling comfortable about wanting to become a business owner. Tell a friend As your small business grows, it’s important to have a scalable business model so that you can accommodate additional customers without incurring additional costs. A scalable business model is one that can be replicated easily to serve more customers without a significant increase in expenses. An LLP is similar to an LLC but is typically used for licensed business professionals such as an attorney or accountant. These arrangements require a partnership agreement.I am Vathani Ariyam, author of this online course, “Dummies Guide to starting your own business.” I have put some effort into this course, intending to help someone who wants to become an entrepreneur. If you’re starting at home, set aside an entire room in your home — not just a closet or a shelf — exclusively for your business.