What To Do When Starting a New Business
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Cash flow is the movement of money into and out of a company. Early on, you may operate with negative cash flow if you are spending more than you are earning each month. This is typical for a startup that is trying to fine-tune their product or service while also spending marketing dollars to acquire new customers.
A Business Idea. Knowledge or Expertise. Market or Demand. Start-up Costs. Capital and Finance. Competition. Location. Staff.
Conduct market research. Market research will tell you if there's an opportunity to turn your idea into a successful business. Write your business plan. Fund your business. Pick your business location. Choose a business structure. Choose your business name. Register your business. Get federal and state tax IDs.
Checking the Company Name Availability. Acquiring a Director Identification Number (DIN) Acquiring a Digital Signature Certificate. Obtaining an Incorporation Certificate. Creating a Company Seal for official documentation. Stamping of all Company Documents. Acquiring a Permanent Account Number (PAN)
DO Have Noble Intentions. DO Show Your Customers Respect. DO Communicate Tactfully. DO Stay Approachable. DO Take Risks. DON'T Waste People's Time. DON'T Ignore People Beneath You. DON'T Think Too Highly of Yourself.
Don't Waste Too Much Time on Your Business Plan. Don't Be Afraid to Pivot. Don't Rush to Be First to Market. Don't Ignore Paperwork. Don't Ask Everyone You Know for Funding. Don't Hurry the Hiring Process.
Personal Wellness. Courses in Other Hobbies. Bookkeeping and Accounting. Consulting. Graphic Design. Social Media Management. Marketing Copywriter. Virtual Assistant Services. Finally, last on our list of the most profitable small businesses: virtual assistant services.
Not Doing a Business Plan. Doing What You Love. Not Doing Any Market Research. Ignoring the Competition. Not Taking Into Account Your Own Strengths and Weaknesses. Not Understanding What You're Actually Selling. Not Making Sure You Have Enough Money. Not Investing in Marketing.
Do #1. Innovatedon't rest on your laurels. Do #2. Ask for outside advice. Do #3. Have a solid plan and measure your progress. Do # 4. Hire the best and keep them engagedit takes more than money. Do #5. Build strong relationships with your key suppliers. Don't #1. Don't #2. Don't #3.