Small business start up actually refers to register a small business. A great small business always starts out as an idea, but you have to transform that idea into action. If you are going to set up your small business, you must ensure that all of the essential elements are put in place so that there may be a chance to succeed.
Essential elements for setting up a small business
Like any big goal, if you start by breaking it down into smaller tasks, you’ll be able to tackle enough of the actions necessary to get started. The below listed six elements break down the process and simplify getting started with your own small business.
1. Determine your company name.
Name selection is often an overwhelming, frustrating, and exhausting experience. Like the name of a person, it determines other people’s first impression when see or hear it. Your business name is more than just a name, it’s a big part of your company brand. The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you, and aid in the branding of your company.
2. Choose an entity structure.
Pay careful consideration as to which type of structure you select. Like in China, whether you choose a WFOE (wholly foreign owned enterprise), JV (joint venture), RO (representative office), FIPE (foreign invested partnership enterprise), knowing which structure is best for your income and tax situation is key for your business.
3. Choose a business address.
A virtual business address or commercial location is ideal for small businesses. It’s important to note that your physical business address and business mailing address may be two different locations.
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4. Establish a web presence.
A company web site and social media presence is just as important today as having a business phone number or email address. The easier a customer or lender can verify and learn more about your business, the better.
5. Open a business bank account.
A small business bank account will be your most important tool for managing your company’s finances. This will also allow you to completely separate your personal banking activities from your company’s.
6. Pick up a business plan.
A good business plan guides you through each stage of starting and managing your business. You’ll use it as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business. That is to say, your business plan is the foundation of your business.
Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.
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