Key steps toward starting your own business

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Key Steps Toward Starting Your Own Business
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• A lot of people think starting a business is
  hard. Too many would-be-entrepreneurs get stuck
  early in the process because they think only a
  certain type of person has what it takes to make
  it as a successful business owner. The reality
  is, most people have what it takes a good idea,
  the right amount of capita and the creativity.
• What most people lack, however, is the patience,
  determination and ability to plan. Its easy to
  become overwhelmed in the early stages of
  starting a business. The key is to have a working
  plan to stick to. Use something simple to guide
  you along the way.

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Take time to brainstorm.

• An idea is great, but you need to be able to give
  it legs. Your job as a new entrepreneur and
  future business owner is to think about every
  aspect of your business. Come up with answers to
  every question a stranger or potential investor
  might ask you. For example try to answer these
  questions
• Who is the target market for the product?
• What could go wrong and how will you solve it?
• Are there additional products or services that
  could tie into your main offering?
• What are the main things you want your customers
  to know about you?
• By preparing answers to these questions ahead of
  time, you'll come across as a more confident and
  trustworthy business owner when it comes time to
  try to attract the attention of the right
  stakeholders.

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Create a business plan.

• After youve taken the time to answer questions
  about your business or product idea, put together
  a concrete business plan.
• According to the U.S. Small Business
  Administration, the main parts of a business plan
  include the executive summary, a company
  description (what makes the company unique), a
  market analysis (the competition and target
  demographics), the company's structure, a
  description of the service or product line, the
  marketing and sales strategy, financial
  projections -- plus any additional useful
  information.
• Entrepreneur also has a section of free business
  plan templates that can help you get started.

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Gather needed resources

• If you're planning to start a one-person
  business, you dont necessarily need to worry
  about hiring anyone. But it might be helpful to
  create a plan for the future when you want
  to scale the business.
• No matter what the size of your business is,
  you'll need a few essentials to start operating.
  Create a list of everything youll need and its
  approximate cost, Whether its an office space
  with a new desktop and printer or a warehouse to
  hold the products.
• If you are purchasing something that will solely
  be used for business, then likely it's tax
  deductible. Be sure to check with the IRS, an
  accountant or a tax attorney to be sure you are
  properly deducting expenses.

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Launch marketing and brand-awareness campaigns

• Before you launch the business off the ground,
  start planning the ideas for marketing, sales,
  and branding efforts. Because social media is
  used by much of the U.S. population in most age
  groups and continues to grow in popularity
  globally, having an online presence is key.
• Create a Facebook page, Twitter profile, Google,
  and LinkedIn page for your business, depending on
  the appropriate social media channel for your
  company. For instance, a dry cleaner may not find
  a LinkedIn page useful but could connect well
  with a local community on Google and Facebook.
  Be sure all your web pages have a cohesive feel
  and are updated regularly.
• All other communications with your clients should
  have a cohesive feel. Use the company's brand
  colors and logo to create business cards,
  letterhead and email signatures to demonstrate
  to customers a professional operation.

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Get the finances in shape.

• Not setting up proper accounting, bookkeeping
  and tax records up front can be dangerous and
  costly to a business in the long run. Set up the
  business as an limited liability company, an
  S Corp or whatever structure fits best to protect
  personal assets. Use bookkeeping software
  like GoDaddy Bookkeeping  or Quickbooks that make
  it easy to export records when doing taxes.
• Hire an accountant for your business who can
  ensure that taxes are done correctly. While doing
  your own business taxes can be relatively easy
  when running a solo business, laws and
  regulations vary by state. Consult with an expert
  to make sure you're in the clear.

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Create a maintenance list.

• When you finally have your business up and
  running, keep track of regular tasks that keep a
  business running, namely doing payroll, keeping
  up with inventory, updating the website and
  regularly blogging and using social media. Create
  a list of these regular tasks and schedule them
  on a project management dashboard or an online
  to-do list like ToDoist, which lets someone list
  a tasks due date as every fourth Wednesday and
  then it regularly appears on a daily task list.
• This ensures you will continue the regular
  housekeeping tasks of the business so it runs
  smoothly.

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Set future goals

• Whether your business is a day or a year old,
  continuously set goals in order tomove your
  business forward.
• Examine the competiton, employees, investors and
  peers to help you decide what new goals need to
  be set and what needs to happen so as to
  be successful. 

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Company formation in Dubai

• Virtuoso Business Development Consultancy 
• M-15,Al Wasl Building,
• Sheikh Zayed Road, Dubai,U.A.E
• 971 43515 637 / 971 4271 3716
• 971 4 3515 647/ 971 508778797