Setting Up Your Own Company
Setting Up Your Own Company
1. Think of an idea
If you have decided that starting a business is the road you will take to obtain financial freedom then you must come up with an idea that you believe is viable and can be turned into a product or service to generate you and your business a source of revenue or income. Coming up with a unique idea will not be easy but once you have you must make sure it is well thought through before you decide to act on it.
2. Registering your new idea
Once you have come up with an idea for the business you are thinking of starting then registering the idea is a good idea and can be a good way of ensuring that nobody copies your idea or reproduces your product or service and that you get the full potential out of the new business idea you have created. These are a few ways in which you can register you new business idea.
i. Intellectual property
S what is Intellectual property? Intellectual property is something created by you and is unique.
It includes patents, trademarks, copyright and can also be a new product you have invented like a design of a product, logo or brand of your new business or even some work written for your business on your website or in your sales brochure.
ii. Patents
A patent is a licence or given government authority over the right or title for a set period of an invention you have create so you can sell it without anyone copying your product and selling it without your permission.
iii. Trademark
Trademarks are words or symbols legally registered or create by you for use for your company or product. This may include logo, stamp or even a hallmark to name a few.
3. Now you must turn the idea into a business or product
i. Research your market by finding out who might be your new potential customers or clients and how your new idea will benefit them.
ii. Create a business plan showing how you will meet the targets you have set to for when you business will be profitable and how to test your product by marketing it to a wider audience.
iii. Find investment or a partner if needed because starting a new business may require capital to fund you new idea and turn it to an actual product that you will then be able to sell.
iiii. Registering your business is something you will need to look into carefully. By choosing the right legal structure for you business can save you time and money later down the line should you wish to minimise the tax you pay or sell shares in the business.
After you have followed the whole stages listed above and have sought good advice from friends, family and possible a financial adviser if you have one then you are ready to set foot in the world of entrepreneurism.
Good luck
1. Think of an idea
If you have decided that starting a business is the road you will take to obtain financial freedom then you must come up with an idea that you believe is viable and can be turned into a product or service to generate you and your business a source of revenue or income. Coming up with a unique idea will not be easy but once you have you must make sure it is well thought through before you decide to act on it.
2. Registering your new idea
Once you have come up with an idea for the business you are thinking of starting then registering the idea is a good idea and can be a good way of ensuring that nobody copies your idea or reproduces your product or service and that you get the full potential out of the new business idea you have created. These are a few ways in which you can register you new business idea.
i. Intellectual property
S what is Intellectual property? Intellectual property is something created by you and is unique.
It includes patents, trademarks, copyright and can also be a new product you have invented like a design of a product, logo or brand of your new business or even some work written for your business on your website or in your sales brochure.
ii. Patents
A patent is a licence or given government authority over the right or title for a set period of an invention you have create so you can sell it without anyone copying your product and selling it without your permission.
iii. Trademark
Trademarks are words or symbols legally registered or create by you for use for your company or product. This may include logo, stamp or even a hallmark to name a few.
3. Now you must turn the idea into a business or product
i. Research your market by finding out who might be your new potential customers or clients and how your new idea will benefit them.
ii. Create a business plan showing how you will meet the targets you have set to for when you business will be profitable and how to test your product by marketing it to a wider audience.
iii. Find investment or a partner if needed because starting a new business may require capital to fund you new idea and turn it to an actual product that you will then be able to sell.
iiii. Registering your business is something you will need to look into carefully. By choosing the right legal structure for you business can save you time and money later down the line should you wish to minimise the tax you pay or sell shares in the business.
After you have followed the whole stages listed above and have sought good advice from friends, family and possible a financial adviser if you have one then you are ready to set foot in the world of entrepreneurism.
Good luck
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