Every year millions of people start their own company. Some do because they come up with a very good idea, others because they want to work for themselves. And also there are some who think they can be rich. All these are good reasons to start a company.
Enthusiasm, motivation and commitment are important to get it done but the most important is proper planning. Because without a proper plan it’s not possible to make it succeed. But there are some facts to think about before starting a company or business -
- Will I need financial support, or can I fund the company myself?
- Will I need other people to make it work?
- How long can it take to achieve success?
- Do I really have the determination to get it done?
- Will we need keyman insurance protection?
If you are serious to start your company then you have to be determined and be ready to work very hard for it. And, like successful people, don’t give up if you fail at the first time and keep trying until you achieve success.
Steps to Starting a Company or Business
Most company starts almost the same way. Here are 18 steps to start a company or business successfully-
- Step 01 : Determine what kind of company should you start?
- Step 02 : Research your business idea?
- Step 03 : Write a proper business plan
- Step 04 : Determine the Legal Structure of Your Business
- Step 05 : Finance your company?
- Step 06 : Prepare: skills, business training and support
- Step 07 : Get the right people
- Step 08 : Name your company
- Step 09 : Register your business
- Step 10 : Obtain a tax identification no.
- Step 11 : Register for local and state taxes
- Step 12 : Get business permits and licenses
- Step 13 : Choose a business location
- Step 14 : Set up a office
- Step 15 : Build a website
- Step 16 : Get distributors and suppliers
- Step 17 : Get legal advice and business insurance.
- Step 18 : Start selling Binary options maybe.
What Insurances Will I Need
You will of course need to make sure that all the relevant insurance policies are in place when running your company. Below are some of the most important ones you may want to consider along with some recommended companies.
Key Man Insurance
Insurance than many companies forget to put in place is to insurance for the key people within the company. Key man insurance is a cover which will pay out to the business in the event of death or critical illness of one of your key employees. This can be very important and many companies have gone bankrupt due to a key person dying without the insurances in place.
This is another important insurance you may need to look at. There are different types some of which are for professional indemnity and some are liability insurance. These are the types of cover you may want to think of which are to help in event of bad advice or accidents within the company.
Starting a Company
There are lots of resources on the net. The below are a few good places to start.
www.gov.uk/browse/business/setting-up – A must read for those starting a business
www.companieshouse.gov.uk – This is where you register your companies Ltd naming but also a good resource.
www.mykeymaninsurance.com – The best place for getting business insurance advice and cheap quotes.