Essay on New Business

Submitted By sukha889
Words: 965
Pages: 4

1) Business Idea - It is very necessary to find out the business idea which will lead you in the industry, it is important if you want to start new entrepreneur. To do this, we need to understand the value proposition you're creating. Estimate the economics as best you can so as to figure out ahead of time if customers will actually agree to purchase your product or service for significantly more than it costs you to produce it. We need to find out three main things i.e Production cost, customer utility and price.
2) Business Planning- business planning is crucial tool for opening a business. Form goals and objectives for your new company. Start with a detailed outline of what you plan to accomplish. This is the main step to starting a business.
3)Market Research - Market research is necessary before starting new business like we need to find out some factors like demographic, industry sector data, international market, importing and exporting, environment.
4) Set up a legal business structure- Setting your company up as a corporation or LLC are popular entity structures for many small businesses. This protects owners' personal assets from business debts and liabilities. Additionally, incorporating can provide credibility and tax benefits. Let The Company Corporation help you cross this item off your business startup checklist.
5)Registering the business name- Registering the name of businss is a legal requirement for almost all businesses in Canada. Find out whether or not you have to register your new business's name and learn all the details about business name registration for new businesses in Canada.
6)Corporation, partnership, or sole proprietorship- Since you have chosen to begin your business, you will need to figure out what business structure or manifestation of association suits your needs.
Sole proprietorship
Registering your business
Changing your legal status

7)Financing - Finance is the main problem for startup new business, government agencies provide some grants, subsidies and loans, financing is different for every different business.
8)License for start business - it is very necessary to obtain a license to start the business from the government of the CANADA.
9) Proper Management- Management plays very important role in any organization so that proper supervision can be done. Managers of different departments manage the business resulted more profits, they mainly deals with the day to day operations.
10) Choosing and setting up a location - Trying to decide where to locate the business and how to arrange it once you get there? Review these resources and consider your options. renting a space home-based business choosing a commercial building site selection

11) Marketing- As we all knows marketing of a product is important step to sell your product like that marketing of a business is also necessary so customers can know about your standing in the market. The main elements of marketing are -:
Promotion and Advertising online sales selling to government
12) Making a Website- Online impression for every business is important because consumer can know more about our product if we make well organized website but some important factors should be in mind while making website these can be -:
Protect The Online Security Of Operations And Your Customers. applying information security best practices.
13) research and development -: Innovation in any business is the way to success in the market because we can see there are number of competitors but to compete with them a new product and innovation in products is necessary for these all research and development department should be set up.
14) Hiring Employees- When you're starting a business, hiring employees may be the