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Starting a Business – Еverything you Should Know in 2024

If you have a good idea or want to start a project, starting a business is the next logical step. It’s actually very simple – below we give you a brief overview of the main things you should know before registering a company.

As mentioned by LLCGuys – LLC is the most simple and used legal entity for any new business.

Have you ever dreamed of how you no longer have to work under someone else and how you work for yourself? Maybe you also have a good idea or skills? If you are tired of paid work, and you have a good idea, then entrepreneurship may be just for you. This is arguably the most cost-effective way to bring wealth to yourself, but at the same time, you can expand your opportunities and share your skills further.

Of course, this also brings new challenges. It is not worthwhile to become an entrepreneur with the desire to “get rich”. It is certainly not an immediate way to get rich quickly. Success does not come overnight – it requires serious work and commitment. Starting a business should first be a piece of courage and a great dose of inspiration. If you have both of these qualities, official editorials and other details are trivial! Learn more at Greenery Financial.

What should you consider before starting a business

img source: easycompanies.com.au

Many companies have been created entirely on impulse, but in addition to the desire to work for themselves, there are other things to think about. Here are some points to keep in mind:

– What do you really want to do?
– Where do you want to operate?
– What to choose as a company name?
– How are you going to find customers?

Make a business plan

img source: businesscardinal.com

A business plan is one ominous term that any first-time company owner is afraid of. In most cases, it is recommended to make a business plan at the very beginning, in which you write down your idea structurally and make calculations to calculate whether the idea is also financially useful or not. Writing a business plan can be helpful and can help you keep a certain line, but in a modern business, a business plan is starting to lose its relevance.

A business plan is needed just to apply for a grant – in essence, a business plan is like “proof” that your business is going to make money. In reality, there is a very high probability that your company will change its course totally, and a beautiful multi-page page of writing once written is completely useless. So don’t worry about a business plan if you don’t have a specific reason. Focus on getting the job done because usually, every new company changes direction in the first year.

Company registration and company portal

Creating a limited liability company is not really complicated at all. You could even say that registration is the easiest step, all thanks to the options online. All of the different registers shed a light on exactly how everything is going, and what you should take care of, but also give a small overview of the whole procedure.

Most common steps when registering a company:

img source: trak.in
  • Present an ID card and choose what kind of business you will be doing;
  • Choose a name for the business and enter the address;
  • Choose capital. Mark the amount of capital and choose whether you want to pay the amount now or later;
  • Enter information about board members and other related people;
  • Select the period of the financial year (usually the calendar year);
  • Enter the articles of association. You can add your very own statutes, but you can simply use the existing template and change the required fields. This makes it extremely easy to add a statute;
  • Enter contact information and select an activity;
  • Review and sign;
  • Add a billing account

Send the application. If everything is correct, the company will most likely be registered within a few days.

Once you’ve thought through your plans properly, applying is a breeze and shouldn’t take more than an hour (or even less). Get more info on this here.

What else should I do after registering a company?

Paperwork and editorials do not end when you have made an entry in the commercial register. For example, a bank account must be made for a company – this cannot be done if there is no registry code yet. So as soon as the company is registered, you can create a bank account. Of course, if you start operating in an area that requires a special permit to operate, you must also obtain all the necessary permits. However, most small businesses do not have to worry about this point at all.

How to finance your business?

img source: entrepreneur.com

However, once all the paperwork is in order – your company is registered, your bank account is open and everything is ready for action – you have to think about the more important question: where to find money to finance the company’s activities? Funding largely depends on your specific situation. Here are some possible options to consider.

You have enough money to finance your company

If your company doesn’t need any big expenses at first, for example, you just need to buy office space and office supplies and the work can start, then there is a high probability that you can make the necessary expenses yourself. What’s more, you may not need to spend a lot to get everyday items. If you want to rent office space, many spaces are already furnished, so you don’t even have to spend on such things.

Try to think minimalist – you don’t need a lot of things in the beginning, at least not until you have found your first customers.

When in trouble, a loan can help

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Personal loans, company loans or other loans are a possibility. The lowest interest would probably be on a loan secured by real estate. Namely, if a company needs bigger investments to start, such as buying equipment, then there is probably no money to take from your bank account. Therefore, a slightly more dangerous road is followed and real estate belonging to the collateral is placed in the collateral. The number of real estate loans can be quite large, and this amount is undoubtedly enough to finance the start-up of a business. However, you should think very carefully. Before taking out a loan you should be sure that you’ll be able to repay the loan or the company will make money so that you can get back the investment made one day.

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