Re: Steps To Be Undertaken When Starting Small Business

To: Valued employee
From: Mr. McComas Wem
Date: October 17, 2017
Re: Steps to be undertaken when Starting Small Business.
Dear Esteemed employee. Following an in-depth conversion with a former employee of the CSB Building and Engineering Firm concerning the Firm’s decision on investing in a small start-up business of manufacturing and selling thingamajigs in Fresno. I am impressed with the contribution of the small businesses towards the American Economy. Although the former employee had a brilliant entrepreneurial idea. However, she did not have a concrete business background. I nonetheless researched this exceptional product and realized the following ten fundamental steps to be undertaken while starting Small Business;
Step 1; Writing a Business Plan
It is inevitable to draw a comprehensive business plan which will enhance in steering the business all along its growth curve. The plans should be broken down into mini-plans highlighting the marketing steps, pricing procedure, and operations (Block, 1995). The plan should be revisited on a regular basis.
Step 2; getting help and training
Despite initiating a business can be a lonely endeavor, there is need to seek more information from the neighboring market. Seek instrumental advises on how to get started to avoid closure of the firm after a short period before realizing the dream.
Step 3; choosing the Business Location
Choosing a strategic business location is significant for future expansion and growth of the business. The proximity to suppliers, transportation access, security and zoning regulation may also determine the strategic location of the business.
Step 4; understanding financial option.
During the initial stages of the business, keeping the full-time job until when the business of profitable is significant. However, in some cases, bootstrap or fall back on savings would be desirable.
Step 5; deciding on the business structure
Proper business structure helps to reduce personal liability for business losses and debts. Moreover, good choices are significant in giving tax benefits. There is various business structure like partnerships or sole proprietor.
Step 6; Registration of business name
The trade name is the official brand that the business will be using while promoting its exceptional products. Every business has a unique name best preferred by the customer. The trade name is an imperative competitive advantage while carrying out business in the market.
Step 7; Getting a Tax ID
The Tax Id is a government policy and regulation required for every business. It helps the business in filling the returns to the relevant authorities. Operating a business without a Tax ID is an offense and such business risks closure.