BASICS BEFORE BUSINESS STARTUP

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BASICS BEFORE BUSINESS STARTUP
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before you start a new venture

• Setting out on an entrepreneurial voyage has
  always been intimidating.
• There's no guarantee of achievement, and there's
  no real way to be prepared for uncertainties.
• Regardless of the difficulties seeking
  professional advice can be very rewarding.

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Do Your Research

• Now that you have the business idea, it is an
  ideal opportunity to offset it with a little
  reality check.
• What are the chances that your business idea will
  succeed? You should validate your business idea.
• Your business should take care of a customer
  problem, satisfy a need or offer something that
  the market needs.

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Make a Plan

• You need a solid plan so as to make your business
  idea a reality.
• A business plan is a visual representation that
  will help you manage your business from the
  start-up stage through the establishment and
  gradual growth.
• It is an absolute necessity for every new
  business.

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Plan Your Finances

• Setting up a new venture doesn't always need a
  great deal of money.
• It will include some initial investment and
  capacity to pay the ongoing expenses before you
  turn profitable.

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Choose a Business Structure

• Your business can be sole ownership, a limited
  liability company, a partnership.
• The business entity you pick will affect numerous
  variables like risk, liabilities, taxes, etc.
• You may pick an initial business structure and
  after that reconsider and change your structure.

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Register Your Business Name

• Your business name plays the most vital role in
  pretty much every part of your business.
• Ensure you thoroughly consider the implications
  as you explore your choices and pick your
  business name.
• Here is a checklist to business registration in
  UAE.

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Get Licenses and Permits

• There is an assortment of licenses that may
  apply, depending upon the business and the
  location.
• You should look into what licenses and permits
  apply to your business during the start-up
  procedure.

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Choose Your Accounting System

• Your accounting system is essential so as to make
  and manage the budget, set your rates and costs,
  file the taxes, and conduct business with others.
• Choose your accounting system carefully.

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Get Your Team Ready

• If you are not hiring employees, yet rather
  outsourcing work to independent contractors, this
  is the ideal time to work with an attorney to get
  your contractor agreement set up and begin your
  search.

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Get Your Team Ready

• When you have finished these business start-up
  exercises, you will have the majority of the
  tasks ready. Remember that achievement doesn't
  occur in a day or fortnight. Use your business
  plan at every step of your entrepreneurial
  journey.

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