What You Need to Start a Business

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When starting a business, one needs an idea, objectives and goals for the company, as well as the physical and financial means to get the idea off the ground. Gather all of the necessary tools to start a new business with help from a management teacher in this free video on business.

Part of the Video Series: Running a Business
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Video Transcript

Hi, my name is Mark, and we're going to look at what you need to start business. Well, you need a business idea, and you need to know what it is you want to sell. But, in terms of what you need, you need a legal status. So, are you going to be a sole trader? Are you going to be a partnership? Are you going to be in a limited liability company? What type of organization you're going to be? You also need a business bank account. In other words, the trading that you do, both buying and selling will need to come from a business account rather than your own personal account. You should also, prior to starting any of these, have a business plan. In other words, a set of goals and objectives that you need to achieve in order for the business to work successfully. You need a business address. Again, if you're going to work from home, that's fine, but you should be able to separate what you do personally and what you do as a business. And, of course, you need tools in which to operate. It could be a vehicle, it could be actual specific toolkits that you need, in terms if you're a plumber, or engineer. What is it you're doing? What kind of equipment will you need for that particular business? Once you have all of these things, you're going to need to be able to communicate what is it that you do in a very effective and persuasive manner in order for people to be interested in using your particular services, and will be, forms of advertising and promotional materials.

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