Small Business
Download as PPTX, PDF1 like102 views
The document outlines essential steps for starting a small business, including conducting market research, writing a business plan, securing funding, and choosing a business structure and name. It also provides guidance on starting a home-based business and gives an example of a pet-sitting service. Overall, it emphasizes the complexities and responsibilities involved in running a small business.
Small Business
- 1. SMALL BUSINESS IDEAS UNDER THE GUIDENCE OF: SUNDAR B N Asst .Prof. Cource co-ordinator Post-Graduation studies in commerce GFG Women’s college Holenarasipura PRESENTED BY: MONISHA H S 1st M.com GFG Women’s college Holenarasipura
- 2. CONTENTS 1.Meaning 2.Steps to start small business 3.How to start a small business in home 4.Example 5.Reference
- 3. Meaning of small Business ● Small business is defined as a privately owned corporation, partnership, or sole proprietorship that has fewer employees and less annual revenue than a corporation or regular-sized business.
- 4. STEPS TO START SMALL BUSINESS 1.Conduct market research: ● Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business
- 5. 2.Write your business plan ● Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.
- 6. 3. Fund your business ● Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
- 7. 4.Pick your business location ● Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
- 8. 5.Choose a business structure ● The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.
- 9. 6.Choose your business name ● It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
- 10. 7.Register your business ● Once you’ve picked the perfect business name, it’s time to make it legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too.
- 11. 9.Apply for licenses and permits ● Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors
- 12. 8.Get federal and state tax IDs ● You’ll use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It’s like a social security number for your business. Some — but not all — states require you to get a tax ID as well.
- 13. 10.Open a business bank account ● A small business checking account can help you handle legal, tax, and day- to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.
- 14. How to Start a Small Business at Home ● Identify your small business idea. ● Start as a side business or hobby. ● Decide on your software. ● Create a business plan. ● Decide whether you’ll be an LLC or sole proprietorship. ● Create a business bank account. ● Determine if your business idea works well From home.
- 15. Example ● Pet Sitter ● Do you have a passion for pets? Consider becoming a pet sitter. While the pet’s owners are away on vacation, either host their pet at your home or make visits to their home. Join a pet sitting service like Wag to get started.
- 16. Conclusion Starting a small business is complex, time- consuming and life-altering. There are many more things that go into running it than just providing the product(s) or service(s) that your business offers, however. You’ll also be responsible for your business’s finances, protecting your business and personal assets, keeping your business legal, paying taxes, keeping records, managing employees and more.
- 17. Reference:- https://www.businessnewsdaily.com › ... Topic:- Small business ideas