6 Things You Need to Do Before Starting Your Company
Posted on: 30 April 2016 by Gael Milton
Have you ever wondered how you can take your idea and sell it to the world? Or do you have this great idea you think will be a huge success once it hits the market? Then you need to start your own company.
But what do you need to do before you can start your own company?
1. Have an idea of what business you want to do.
If there's no business, there can’t be a company. This means you need to have a business idea in mind before even thinking of starting a company. What will you be selling? What will your business be about? When you can answer these questions, then you're almost ready to start your company. But you need to...
2. Identify your Market.
No matter how fantastic a product may be, if nobody wants it, it's a failure. And I'm sure you don't want to start a company and then discover that there's no market demand for your product. To avoid this, you need to find out if your business idea or product is marketable. Ask questions like, "Are there people that need this product?" "Will people buy when I start selling?"
3. Plan Ahead.
You need to be able to plan ahead. You can't just start a company like that. Without a plan, you risk getting stuck half of the way and ending up without a company. Before you try to start your company, grab your crystal ball and look into the future. What problems are common to your kind of business? Think of these and their possible solutions. What rules will you have to abide by?
Which association will you need to become a member of?
Answer all these right before you attempt starting your company.
4. Know the Different Types of Companies.
There are various types of companies. You need to be able to identify which one will best suit your type of business. Do you want to have a company that will sell shares to the public? Will your kind of business allow you to do that? You need to ask questions and find out.
5. Know How to Register a Company.
To register a company means that the company legally exists and is recognized by law. For example,
let's say you're registering a limited company. Once it is registered, it means that the government of your country recognizes you and your business. So, whatever kind of company you want, it must be registered to enjoy benefits like getting loans and having a good reputation with your customers.
6. Your Company Name.
This is what people will see before they even know what kind of business you're into. So you have to come up with the best that you've got. Remember; it has to be related with your kind of business. And it has to describe, in the best way possible, what your business has to offer. You really don’t want a name you’d have to always explain or apologize for!
Of course this is not an exhaustive list. These are just some of the things you need to start your own company. You need to make your own research to discover more tips.
While you're researching, don't forget to make good use of the tips mentioned in this article. You can even leave more tips in the comments and share them with your friends too!