Have decided to set up a startup of your own and are looking at various opportunities? Great! It is necessary that you research into all the aspects of an opportunity properly. Also, you must take into account all the startup essentials you will require. Doing so will ensure that you are perfectly ready when it is time to run the business. Below, we look at the five startup essentials you have to consider and work on before you start your new venture.
Conduct An Economic Viability Research
Do a thorough research on how economically viable your business model will be. Find the market size your product or service will cater to. Then look at the competitors in that niche. See how much market share you can get in the first year, the second year, and so on. Calculate your revenues and expenses for all these years. You will now have a vague idea of how much economically viable the venture is. Ideally, you should have recouped all your investment during this projected period while also making a good enough profit that warrants starting the business.
Lock In The Funding
Always identify and lock in the funding before your business starts. As such, you will not have to worry about capital for business operations. If you begin your operations without the necessary funding in place, then you will essentially be sweating it out every day, week, and month, trying to meet the business expenses. This will take your focus away from business activities and will seriously jeopardize the existence of the venture itself. Ideally, you should have a capital that is sufficient enough to run your business for about 6 months to a year even if you do not make any revenues.
Prepare For Trademark
Always get the necessary trademarks immediately once you decide on them. And be sure to do a trademark search online to ensure that the identity you have created, whether it is the business name or logo, is unique and easily distinguishable from other trademarks. This will surely save you a lot of time.
A good part of your profits will be eaten up by the government taxes. So, make sure you educate yourself with all the taxes you will be liable for when your venture starts turning a profit. Hire a good accountant and look for ways to save on taxes. This will ensure that you will be able to profit fully from the venture while keeping taxes to the bare minimum.
Grants and Other Available Benefits
When you set up a startup venture, you will be eligible for many benefits from the government. This can range from interest-free loans for a certain period, to tax breaks for the first few years, to expert guidance from successful businessmen, and so on. Make sure that you check up on such freebies, and exploit them fully for the benefit of your startup.
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