Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

Does anyone here own a company? If so, what are the steps?

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  • 1 decade ago
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    The number one thing is to do your research. Is there a market for your idea? How is your idea different from others like it. Although you'd like to think you've come up with something novel, there is almost always competition whether it is direct or indirect. So know your competition and figure out how your product or service stands out from theirs. You can use this as a selling point. Whether you finance the business yourself, get a bank loan, or approach venture capitalists, that comes later. Once you have an idea, knowing how marketable it is and what or who your competitors are and how they are servicing this market you'll be sharing, is the first step.

    I own my own business and it didn't cost much to start up and although I had a few competitors, I have many things that make my service a valuable option for clients. And I made a profit in my second year. But, beware, most businesses don't. It depends on the type of business, your expenses, and how fast clients hear about you and make the decision to use your service. And if you have expertise in your particular field and have built a reputation before you strike out on your own, you'll likely already have a following and potential clients.

    The first thing I suggest is to look at the following resources. They cost nothing or very little and you'll benefit from expert advice. It will also help you think about not just starting a business but what it takes to survive. Knowing whether or not you are a startup CEO or a CEO that will stay in it for the long term is valuable. And having an exit strategy, even if it's not written in stone is smart.

    Here's some resources that helped me. By the way, I launched my business before I did a business plan. If you are asking for money, you need to do a plan and if you are funding it yourself and don't want to do a plan right now, it's ok but eventually you will want to do one. It will help you see where you are and where you are going.

    Resources:

    1. Subscription to Entrepreneur Magazine

    2. Also check out Business 2.0

    3. SCORE.com (you can get free expert advice here, you can take free courses, you can be walked through a business plan, plus all sorts of other information. It can be overwhelming at first but pick the things you really need most and begin there.)

    4.Book - Pop! Stand Out in Any Crowd by Sam Horn

    5. Book - No B.S. Time Management for Entrepreneurs by Kennedy (It really is no B.S. and a fun read!)

    6. Book - Complete Business Plann by Bob Adams (If you prefer a book - it's almost like a book for dummies)

    7. Instinct - Tapping Your Entrepreneurial DNA to Achieve Your Business Goals (It's a different way of thinking, it's fun and may open your mind to things you hadn't thought of)

    I found having the Entrepreneur magazine subscription of great value because I was constantly being reinforced every month. It kept me in the company of others who were trying to achieve the same things I was and it helped me to keep going when I wanted to quit.

    I'm not affiliated with any of these things that I've suggestion. These are just suggestions and they've worked for me. You may find some or all, or you may be led to other things that work for you. But above all, keep your passion. It's the one thing that will keep you going when you feel you have doubtful moments.

    I also want to add that you should look for books or mags within your own industry that might be good. Knowing everything that you can about your own field will help you find a niche. Check Amazon.com and browse and make sure to look at the comments on how helpful or not helpful the books were so that you can make a more informed decision and put your money to good use.

    Good luck.

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  • 1 decade ago

    Where are you based? The country you live in will depend on the answer.. :-)

    In the UK, there are two options (ignoring setting up a 'PLC') (and you do NOT have to be rich to do either!!)

    My answer is guessing that you're thinking of a small company to start off with...

    First is - you set yourself up as a 'sole trader'. To do this you need do practically NOTHING! You can just call yourself "Bob's Flowers", "Anne's Flowers" and start trading today! However, you do need to let the Inland Revenue know you're trading as a 'sole trader' - but there's no cost involved. You don't need to register a name, have an accountant or a lawyer / solicitor involved. You'll find lots of support by speaking to your local Council who will often have people who can advise you for free,

    Second is set up a Limited company. This is a bit like creating a 'legal person' - "Bobs Flowers Ltd". It costs about £60 to set-up (you can do it yourself) and need one person to be 'Director' and another to be 'Company Secretary'. The companies house website has lots of information on this. Again, you can do everything yourself.

    I've done both - a sole trader is MUCH easier for you initially as you don't have to file accounts with companies house, and you can always become Ltd later if you need to.

    The one thing you must know is that you 'may' have to register for VAT. This depends on whether your turnover is expected to hit a certain amount in the first year. I'm not sure what the current limit is, but suggest ringing your local tax office as they tend to be very helpful!

    Running your own business tends to be extremely hard work but can be very rewarding - if you have a good idea and can support yourself financially whilst you get off the ground, I'd say go for it!

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  • 1 decade ago

    Depends where you live... here in california, USA.... you have to 1. open up a business account 2. pay $ for your fictitious name 3. place an add in the newspaper with your name. but before you even consider this you should think of the following.

    1. type of entity- you can have several types of business entities -- each with their positives and negatives. A sole proprieter entity is the easiest to create but you have no distinguishment between your personal credit liability and your business, if you have some friends who are interested: you can open up a general partnership or a LLP

    2. type of business: each busines type has its own rules and process. some require resale liscences or other types.

    3. how much $$$ can you invest? this is key.... iorder to make $ you have to have $$... banmks wont give you loans if you dont already have $ to begin with.

    4. education- anyone can open a business, but it takes intelligent people to maintain and prosper. figure out what you know about a business and what you need to learn. there are so many sites and books out there.

    Source(s): I own my own business. www.ninjanerds.com
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  • 1 decade ago

    If you want to open a bank account for the business, you will need a certificate of incorporation which you get by registering your company at companies house. You can download forms from their site and do this yourself or for about £60 you can get a company to fill the forms on your behalf.

    Depending on what you want to do it might just be easier to operate as a sole trader. This way you can just use your personal bank account, but obviously you can't employ other people unless you ask them to be self employed.

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  • 1 decade ago

    Owning a copy is easy making it profitable is the diffcult job.

    For £24 you can register a company from ukplc.net

    I started by company with £3,000

    Paid 1 months rent and three months deposit for my office totalling £1,800. Bought two computers on ebay for 200, laser printer of £80, coloured printer for £30, chairs for £50, desk for £60.

    Today my business is worth over £250,000

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  • 1 decade ago

    Well it depends what kind of business you want to start. First you have to get a "tax ID number" from your state. Then you have to file to your state a "fictitious" name for your business. Then you have to find a warehouse that supplies the products that you want to sell. Real warehouses will only "consider" you if you have a tax id number. After all this you have to find a way to bring traffic to your "store" ie. advertising ie. newspaper adds, commercials, Internet banners, etc.... Its tuff to start a business because depending on what kind of products you choose to sell you want to be competitive and some markets are more competitive than others like selling electronics. You really have to be VERY selective on what warehouse supplier you choose because places like, lets say, Wallmart can buy things in huge bulk and sell their items for cheaper. I could go on and on and on, but I hope that points you in the right direction!

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  • Anonymous
    1 decade ago

    I own a Real Estate Company. Is that what kind of Company you are inquiring about?

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  • Anonymous
    1 decade ago

    It depends on the type of company you wish to own. You have several options (sole proprietership, partnership, limirted partnership, corporation, limited liability corporation, , etc.). Usually the decision on the type is based on tax and risk factors, and your accountant and/or lawyer can explain the options to you.

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  • 1 decade ago

    Oh my god, I wish I could tell you! Owning a business is a learning curve that never stops. I never wanted to own my own business but was forced to after I was laid off from a job. I didn't know anything when I got into it and have just been learning things as I go along.

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  • 1 decade ago

    A company is a type of business. But you can't start one immediatley unless you are rich or can get £50,000 from somewhere.

    If want to start a busniess there are alot of start-up programmes you can ask for help

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