Starting New business

1. Are you ready to start a business

Before you do anything, ask yourself this: why do you want to start a business? Once you have the answer, you'll know what kind of business you'll start. For example, if you need extra money consider a side project. Or if you want more flexibility, it's time to leave that 9-to-5 job for good.

2. Business Idea

You need to look at business idea and how solid the business idea. Are you likely to succeed. Do you know about products and services that you are offering. Are you aware of the completion in the market.

3. Prepare a business plan

Business plan is essential so that you look at each and every aspect of business. It will elaborate in great detail the business points relating to location, finance, customers, products etc.

4. Where to get capital for small business

You have to look into the finance available to you. Your savings and amount from friends and family can play an important role to start.

5. Registration of business

It is important that you register you business with the appropriate authority. You would also need to register for tax.

6. Outsource you accounting

For small business, the best way to reduce cost is to outsource your accounting and VAT to accounting firm. The small business can get the necessary advice and also can save time. The business can focus on the core area of business.

7. Team

It is important to have the right team. The team plays an important role in the success of the business. You have to ensure that the team is hired based on right skills that benefit your business.