Starting a New Business would be a critical task for any Individual. One has to remember that running a Business involves risk. Without proper knowledge and funds you may face problems to run your Business. Before you start your Business it is better to conduct a Market Research which would help you to learn about your competitors, product pricing, demand and supply stats. It would also help to identify the wants of the consumers so that you could deliver products/ services that would fulfill their wants.

Business Plan

This has to be the first step towards starting any Business. A Business Plan contains crucial information like the objective of the Business, budget, products or services, goals and plans on how to achieve those goals. A Business Plan would help you to avail funds from the Investors if they are satisfied and confident with your Business plan.

Registration Process

As per your local canadian or american laws, specific Businesses may be required to register with the concerned authorities. You may have to register it under the following types:

a) Sole Proprietor
b) Partnership Firm
c) LLC (Limited Liability Company)
d) S Corporation
e) Corporation
f) LLP (Limited Liability Partnership)

Depending on the nature of your Business it may require a Special permit or License to operate in a specific area. You could consult a Lawyer to find out the laws related to the area of your Business operations.

Account Maintenance

Maintaining proper accounts is a must for any Business. It helps to identify the cash flow, assets, liabilities and bills receivable. Regular analysis of your accounts will reveal the financial health of your Business.

Taxation
Filing the taxes at the right time is a must for any Business. Tax calculations can be prepared by an Accountant if you have one in your Office or you may seek the services of an Accountant/ Tax Consultant who will charge for his service. Nowadays there are software(s) like TurboTax which can help you to calculate your Business taxes with necessary deductions, and will also facilitate to file the returns online to the IRS.

Recruiting Employees
Depending upon the nature of your Business and work involved, you may have to recruit Employees. You may recruit candidates by conducting Interviews on your own or hire them thru contract basis from HR agencies.

Promoting your Products or Services
Advertisement is the great way to promote your products/ services. There are different forms of advertising like Online Advertisements, Advertisements in Newspaper/ Magazine/ Journal, TV ads, Ads in Radio, Hoardings and Banner Ads. You can also contact Retailers who may be ready to sell your products in their shops for a small commission. At the initial stage you may also offer discounts/ coupon codes to attract new customers.

Retaining Customers
Customer Retention is the backbone for any Business. Retaining Customers helps you to establish your Business. You must make sure that your customers are delighted with your products or services. A happy customer would definitely recommend your products or services to his friends or family members. You need to understand that “Word of Mouth” advertising is the cheapest form of advertisement. Through “customer retention”, you could not only enhance your customer base but also your profit margin.

Insurance for your Business
As uncertainties prevail, it is necessary that we protect our Business from any unfortunate events. As how “Life Insurance” is important to an Individual, the following form of Insurances may be necessary for your Business.

a) Property Insurance
b) Liability Insurance
c) Motor Insurance (Commercial)
d) Theft Insurance
e) Workers Compensation Insurance