Starting a Business: From Idea to Profitability
Author Geary Reid knows from experience how to avoid the many pitfalls that cause start-ups to fail. Learn from him how to make your business a success.
In Starting a Business: From Idea to Profitability, Reid provides a proactive guide that helps business owners get established and alleviates some of the struggles start-ups face. The detailed advice contained in this book is essential, including information on how taxation affects business owners, how to navigate business logistics, and how to use technology to save time and money. From getting an idea for your business to developing a mission statement, from meeting the needs of customers to making sales, this book will holistically prepare you, educating you about how to successfully start a business.
Starting a business can be a stressful and daunting experience. There are many obstacles in the way, and many of those who start a business quit because of the challenges. Not everyone who is successful in business is willing to share how they became successful. The owners of start-up businesses are often looking for opportunities to gather quality information to guide their decisions but struggles to find appropriate guidance.
If the business owner lacks a vision, then they will not know where they are heading in the future. It is good to start, but beyond today, where is the business heading? Business owners often prepare vision and mission statements. Once those two pieces of important information have been prepared, they develop goals and objectives. Most businesses, even start-up businesses, must be properly structured, which assists with their direction for the future. Employees enjoy working for an owner who provides important written information about the business at the earliest possible time.
Knowing the customers and the market is key information for the business owner and management. It is through the customers that the business will generate money to pay expenses and make investments. All businesses need existing and new customers. Through marketing, many new customers will be attracted to the business. Management must carefully consider when to use discounts, as it can attract more customers.Many owners of start-up businesses encounter challenges financing their business operations. They have plans but cannot access funds. Several financing options are available, but the interest rate and the payback period must be carefully considered. Those who borrow funds must be willing and able to repay the principal and the interest no later than the required time.There are regulatory and compliance issues that many start-up businesses are unable to overcome. Failing to comply with these requirements can cause a good start-up business to fail, as most governments require reporting from start-up companies. Payment of tax is important for established and start-up businesses. If the business generates sales or makes a profit, then it must pay tax to the tax authority appointed and identified by the government.
Businesses must distribute products and services to customers. There must be adequate vehicles to facilitate the timely delivery of items customers purchased. While a start-up business may not have many utility expenses for the first few weeks, it must budget for such expenses and regularly account for such expenses. With a lack of adequate funds, a business owner may choose to rent some assets. Rental must not be forever. Business owners must seriously consider acquiring buildings and land for the future of the business. Additionally, information systems and technology will help management to make critical decisions for the business.
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