Costas Polycarpou how to’s on running a successful business guide, Firm tips, Company advice
Costas Polycarpou How To’s on Running a Successful Business
July 15, 2021
Starting a business today means that you’re on your journey to start making important decisions. You need to complete legal paperwork, establish a brick-and-mortar shop, know your customers, do accounting, and a lot more.
The problem is that there is so much advice out there that you may become overwhelmed with many videos, blogs, coaches, and books that tell you what to do. What you need is to talk with an expert with real-life experience in business like Costas Polycarpou, so you’ll get consistent advice. These people have already traversed the journey, and they can definitely advise you on the pitfalls you need to avoid for your business.
Things to Get you Started
- Conduct a Thorough Research on your Market
The market will tell you whether the ideas you have in mind will become a successful opportunity to fill gaps. You need to gather information about other businesses that may have already manufactured the product you’re still conceptualizing.
Know the demography and your potential customers and see if the operations of a particular service are already present in your area. With this said, you’ll gain more advantage over your competitors, especially if you’re the one who has started a trend. Find helpful info that you can use as an edge over others in the same industry.
- Write a Business Plan
A well-thought-out business plan is going to be the foundation of your company. This is where you thoroughly think about the starting phases, manufacturing, and management of your products. Learn more about business plans on this page.
This roadmap is going to make investors feel confident that they are putting money in the right place. Write descriptions, current market analysis, specific consumers, and other organizations that your business wants to serve.
- Fund your Business
Businesses cost money, and others simply use their life savings to start something new. Every need is different, and there’s no definite one-size-fits-all for entrepreneurs. Funding may mean loaning from financial institutions, investor funding, tapping into your savings account, asking family for capital, or even tapping into retirement accounts.
Get capital from investors if possible. Some are more than willing to invest in something if it has sound management and a good plan to give them their returns in under a year. Some are angel investors and or firms related to venture capital. Make sure to apply with one that has more than enough experience working in startups.
- Pick the Best Location
You need to know the regulations, zoning laws, and taxes of the location where you’re going to set up your brick-and-mortar shop. Strategic decisions should be made with considerations to location, community, population, demographics, and more. This is like real estate, where location matters. Aside from this, you need to know some of the local and state taxes, including property, corporate, income, and sales taxes, because they can vary significantly from one place to another. Some are well-known to have very friendly tax environments to companies like startups and manufacturers, so they tend to be concentrated in one state.
- Choosing a Structure
You may want to start as a sole proprietorship business so you can control everything, especially when you’re starting. This can be easy to form, but it may be hard to raise funds as banks may often be hesitant to lend to sole proprietorships. Know more about sole proprietorships here: https://www.thebalancesmb.com/sole-proprietorship-2947269.
You can consider limited partnerships to protect the partners from debts and other liabilities. Others form a non-profit organization to do charity and religious work. You can compare the business structures that will work best for you and select one that will best fit what you have in mind.
- Selecting a Business Name
It would be best to choose a business name that won’t clash with other existing brands in your area. Once you have settled on a name, you need to register and protect it through trademarks or domains. Entity names may protect your company inside the state where you’re in. Depending on your location, some states may have rules about using suffixes, and the trademark will protect your goods and services at a national level.
Aside from the tips above, you need to register your business, get federal IDs, apply for permits, and open a bank account to get started. These can all be easy when you have a team or a coach that can guide you along the way.
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