• Home
  • About
  • Contact

The Phat Startup

The Ultimate Lifestyle Blog for Entrepreneurs

  • Blog
  • Blogger Lifestyle
  • Money & Finance
  • Motivation
  • Personal Growth

Money & Finance

Get your business setup correctly from day 1

Many entrepreneurs believe the strength of their idea, their passion and their funding are enough for their business to reach staggering levels of success. Unfortunately, planning is just as critical, if not more important. Business success depends on the initial foundation, so let’s look at how you can set up your business correctly from day one.

1. Understand yourself and the idea

You first need to be clear on the business idea and your ability to see it through to fruition. While you may have a business idea that will conquer a large and untapped market segment, you may not have the skills and other qualities necessary to lead the way. Therefore, your talents need to first align with the business idea.

2. Write a business plan

A business plan helps you assess the viability of your business idea. It highlights the different departments you need in your operations and identifies potential challenges to your success. It also projects your profits and losses and outlines the amount of funding necessary for execution. Lastly, it summarises the business sections, processes, and phases, complete with timelines for specific milestones.

3. Identify sources of funding

Adequate funding is crucial to setting your business up for success. Remember, it takes an average of three to four years before a business is rated profitable. While you’ll make some profits before, you will reinvest in expansion, stabilisation, and other processes. You can get funding from several sources including:

• Personal funds
• Banks
• Friends and family
• Venture capitalists
• Angel investors
• Government grants
• Business partners

4. Define your business structure

You need to determine whether you’ll be a sole proprietor, a limited liability company, a partnership, or a corporation. Having a clear understanding of these legal definitions is crucial because it affects operations and prevents future liabilities.

5. Register the business with appropriate authorities

To avoid problems with the law, you must register your business with the appropriate authorities. For example, you need to get the right tax certificates, adhere to health and safety protocols, and get an official name and address for the business. Find out what tax payments and other council fees you need to pay and what options are available.

6. Gather the best team

Employees are the backbone of every company. The people you employ determine the success of the business, so it’s crucial that you attract the best talent. To do this you need to create a compelling employee value proposition. Additionally, you need to invest focus on retaining the best talent long term.

Conclusion

These steps will help you start and run your business successfully. Proceeding without factoring in these steps will either lead to failure, or financial, legal and even administration troubles. See more information on setting up a business from Zest Benefits here.


« Tips on How to Effectively Clean Your House
How To Minimize Risk Of Discrimination In Workspace »

About The Phat Startup

The Phat Startup was created by Mike McOwen to create a space where entrepreneur lifestyle could be focused on. We tend to live a different lifestyle than most. Entrepreneurs tend to be interested in maximizing their life, not only their profit.

Connect With Me

  • Email
  • RSS
  • Twitter
  • YouTube

Twitter Feed

Mike McOwenFollow

Mike McOwen
PhatStartupsMike McOwen@PhatStartups·
29 Dec 2017

Why is content marketing so important? Find out here: http://thephatstartup.com/money-finance/why-your-business-needs-a-content-marketing-strategy-in-2018/

Reply on Twitter 946751505146707968Retweet on Twitter 9467515051467079681Like on Twitter 9467515051467079682Twitter 946751505146707968
PhatStartupsMike McOwen@PhatStartups·
9 Oct 2017

http://yescincinnati.com/

Reply on Twitter 917521630162759681Retweet on Twitter 917521630162759681Like on Twitter 9175216301627596811Twitter 917521630162759681
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

Wow, interesting

Forbes@Forbes

Millennial men are more likely than women to default on student debt http://on.forbes.com/60148NudC

Reply on Twitter 912458136849698816Retweet on Twitter 912458136849698816Like on Twitter 9124581368496988162Twitter 912458136849698816
PhatStartupsMike McOwen@PhatStartups·
25 Sep 2017

I LOVE Toronto! Miss that place

GO Transit@GOtransit

Explore Toronto’s art scene with GO! Enjoy special late night service during Nuit Blanche on Sept 30. https://cards.twitter.com/cards/v2l8b/4ttwx

Reply on Twitter 912458028355670017Retweet on Twitter 912458028355670017Like on Twitter 912458028355670017Twitter 912458028355670017
Retweet on TwitterMike McOwen Retweeted
BuffaloSabresBuffalo Sabres@BuffaloSabres·
25 Sep 2017

Batter's up! ⚾️ Spending quality time with our friends at @MiracleLeagueWN.

4
Reply on Twitter 912457252057034754Retweet on Twitter 91245725205703475453Like on Twitter 912457252057034754318Twitter 912457252057034754
Load More...

Blog Ideas That Make Money

Overcoming Challenges: Strategies For Improving Startup Team Performance

How to Create a Retail Space You Are Proud Of

What are KF Fittings?

Search

Copyright © 2023 · The Phat Startup

Copyright © 2023 · Divine Theme on Genesis Framework · WordPress · Log in