How Long does it take to start a new business?
Starting a new business is an exciting idea. Theoretically, it could only take a day but in reality, things are more complicated and serious. The most important factor is having a clear idea of the business you imagine and all the rest is a matter of careful planning and making the right decisions.
TRUiC is a company that can assist you throughout this process. From offering the right tools to suggesting solutions for various problems and giving guidance. The beginning is always crucial. If everything is all set and created on a steady base, then your startup is on the right path. However, how long does it take for someone to start a new business?
Here is a list of factors that may affect the duration of the process:
1.The business structure
This is one of the basic factors for a startup. What kind of business do you envision? If you don’t have a clear view of what your services will be you will need enough time to make the right choices. Remember, if the base of your business has issues or mistakes then the rest of it will be affected too. Sole proprietorship takes little time to create, while other types, for example, an LLC, Partnership, or Corporation will depend on the state you are. It might take anything froma few hours to quite a few weeks until the process of filing is completed.
If you haven’t figured out a name already, then it is crucial you start thinking of one ASAP. The name of your business will follow you forever. It will be on every paper trail of your services. Many people believe that it is very easy and quick to pick a name, but the truth is that it demands a lot of time before you are sure that it reflects the actual services of your startup.
If you are thinking about creating a home-based business then it won’t take long. Especially if your services don’t include products or employees. However, if you are searching for a new place this might take a long time, so it would be better if you approach a real estate agency office to give you more options. In the event you already have the building but it still needs renovation, then it depends on the work that has to be done until it is ready for use.
4.The Bank Loan
This is the step that will guarantee your ability to pay for all the purchases for the business. It is important to have a business plan with all the details of what your priorities are, the equipment, how much it will cost, etc. to be sure that you will cover all the upcoming financial issues. Banks differ from each other and they will offer you a variety of benefits to choose from, so this might take a lot of time to compare them before you reach a decision.
5. Licenses & Insurance
The duration of this stage depends on the business’ structure. Depending on if you have products or just offer services, filling in papers the applications may take some time. On the other hand, insurance is also important and you have to pay close attention to what kind fits your business in order to protect it fully. For example, if you offer products, then you might need product liability insurance. If your business has employees, then you have to protect them with workmen’s compensation that also needs to include disability and medical benefits.
6. Marketing and Website creation
One of your main priorities should be the marketing plan for your business. This is what will attract your future customers and what will determine its whole progress. This plan must contain the branding strategy, the setting of your target group and of course, the budget for marketing spending. It might take more than a month, again depending on the business structure. Even after you start your business, always remember that your marketing plan will maintain your customer list so that your business can steadily grow to reach its success.
When starting a business you need to be sure that you have followed all the necessary steps that will gradually lead your business to growth and success. Also, it is important that you stay realistic and to be patient because being in charge of everything demands effort and discipline, especially when you have employees who depend on you. However, with the right guidance in the beginning your business will start off on the best footing. TRUiC offers one of the easiest methods with some great tips on affordability from the start of your business. Be sure to visit their site to learn more about starting your business on the right foot.