Must-Have Things to Own a Business
Becoming self-employed brings a great sense of freedom and accomplishment to most people, but it also carries a great deal of responsibility. With virtually hundreds of fields of industry and career concentrations, it's pretty difficult to establish a general list of what you may need to start your own company. However, when you get down to the basics you will discover a few "must-have" things to own a business regardless of your chosen field.
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Business Plan
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Every successful enterprise begins with a solid and well thought-out business plan. No matter what line of work you are in, your business plan will act as a basic guide to how your operation will function -- or how you expect it will function -- and a documentation of your future business goals and prospective rewards. Your business plan should include summaries of projected overhead expenses, desired profits and details about your products, services, operations, potential clients and customers and marketing ideas.
Licensing
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Depending on what line of business you are building, you may need to acquire certain licenses, permits or certifications to operate within the boundaries of the law. Many businesses such as restaurants, caterers and tattoo studios require some level of sanitation training and certification. If you're starting a construction company, you will need building permits. Taverns, night clubs and establishments that serve alcohol require a liquor license and in some cases a full background check on the proprietors. Check with your city, state or county department to see what, if any, types of permits or licensing your business may need.
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Insurance
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In most any business scenario you will be required to have some form of insurance. As a business owner, you will have to provide your own health insurance for yourself, your family and, if applicable, your employees. If your business requires frequent or daily driving, commercial auto insurance will be required. If your business requires entering client homes or properties -- such as pet sitting or cleaning services -- you'll need to carry bonding insurance. Businesses with expensive tools and equipment may need to insure these items against theft or damage.
Workspace
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No matter what line of work you are in, you must have the proper appliances, equipment and workspace to operate a functional office -- small or large. Even if you are running an auto repair shop, car wash or pool hall, you will most often need a small office to conduct administrative duties. A moderately sized, quiet office area is needed to make and receive business calls, keep files and perform bookkeeping and cash handling tasks. You will likely need a desk, chair, telephone, computer, adding machine, copier, fax machine and a variety of other office supplies. Voicemail and Internet service are also recommended.
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