How do you turn a creative idea into a successful business? Whether it’s creating a new publication, setting up a design studio or running a gallery, knowing the basics of business is an essential part of creating a new project. To help you with this here are some essentials required for starting up on your own.

IDENTIFY OPPORTUNITIES:

 

Choosing what kind of business to start can be an immobilizing task when confronted with the multitude of opportunities. It’s important to determine where your passions lie and to understand your personality type. Yet, equally important is what skills you bring to the table and whether you are entering a dying industry or a fast growing emerging business.

PLANNING:

 

For any startups, a business plan allows you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements of starting a small business. A study mentioned in “Business Plans For Dummies” by Paul Tiffany states that companies with a business plan have 50% more profits and revenue than non-planning businesses. writing a business plan just makes good business sense.

INVESTMENTS:

To start a business, you must invest in the business. The journey of finding start-up funds will be different for each individual. Some start-ups such as consulting require a few thousand to get a website and business cards whereas a retail store could need rs.100,000 or more. Finding the money you need may come from a source you never thought of or may just end up being the frugal bootstrap method.

NAME YOUR IDEAS:

What’s in a business name? Everything and nothing. The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you and aid in the branding of your company. Learn what you need to know to find a name for your business.

BUSINESS LICENSE AND PERMITS:

Starting a small business requires the mundane, yet necessary, paperwork and regulations. Depending on your chosen business structure, may need to register your business with the state authorities. Setting up your small business may require an employer identification number(EIN) which is also used by state taxing authorities to identify businesses.

BUSINESS INSURANCE:

 

As a new small business owner, you have the responsibility to manage the risks associated with your business. Don’t put your new start up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation