How to Open a Small Business

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Open a small business by thinking of a business idea, considering the financial implications, writing a business plan and opening a business bank account. Incorporate a business with help from a marketing and sales management professor in this free video on small business.

Part of the Video Series: Small Business Tips
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Video Transcript

Hi, my name is Mark, and we're going to look at how we would start up our own very small business. The first question with this is really knowing yourself. What is it you can do? What is it you want to do or, particularly, able to do? That's the first question you need to ask yourself, and given that particular answer, what kind of business is it that you can operate and how much is it going to cost to invest in this business? Is it something that you can do on your own? Can you work from home? Do you need to rent space? Do you need to team up with other people? You know, these are the kind of basic questions you need to ask yourself. Once you have the answer to that, then you will have to look at the financial implications, and you'll have to write a business plan as to the steps you take from concept to completion. With that in mind, then you have to think about have I got money in the bank that is mine that I can use for this business, or do I need to get a loan from a bank or from an investor in order to start? Again, do you have a track record in this business? Do you have people that you've worked with in the past who believe in what you can do? Maybe they'll just invest in what you...in what you want to do. Maybe they can hook you up with other potential customers. There are all manners of entry into a marketplace, and you have to consider these. But the first thing you need to do is write that business plan because that is your guide to take you to where you want to go. So once you've answered these questions, then you'll have to go through the various formal steps. And one, obviously, is to open up a business bank account. And I'm sure wherever you live, there are a number of these banks that are available, and especially nowadays, I'm sure they are more than happy to accommodate you to collect your hard-earned currency. Then, obviously, you need to incorporate the business. To incorporate the business -- are you going to be a sole trader? Are you going to be a partnership? Are you going to be a limited company? Or what type of business will you be, and how...are there legal applications in terms of your end requirements? So you have your bank account, you have your company set up. And then, of course, the stage is set for you to go out and win customers.

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