How do I start a business


 Define a business idea

The main idea of ​​the commercial project to be opened must be determined before starting to prepare for it, as it is preferable to choose an idea that is in line with the desires and talents that the individual possesses, and it is advisable to inquire about all that pertains to this idea, how to apply it, and the reasons that push it to success, and a market study can also be found. [1]


Determine project operating costs

Determining the financial costs necessary to start the project is an important matter, as many projects fail due to failure to take this step into account, and the inability to secure the necessary costs, and this is called hitting a financial wall. Continuity of commercial activity, and it is worth noting that it is possible to obtain personal financial insurance, or bank financing through loans. [2]


Choose the form of ownership

It is preferable to determine the type of ownership for the commercial project before starting it, as individual ownership is one of the simplest forms of ownership, as it requires only one tax number, and in the event of fear of carrying responsibility, or the presence of more than one owner, then other forms of ownership should be considered. , Such as: multi-ownership; Which means having partners for the project, which is necessary to help distribute taxes, liability, and various commercial activities. [3]


Organize the project plan

Planning for the commercial project is one of the reasons for its success. Therefore, the project plan must be defined and written, as it contains its information. It can be summarized by the following elements: [4]


Cover page: Contains business information, names of managers, and contact information.

Table of Contents: It is preferred to include a table in the list of contents that shows the sections of the project plan.

Executive Summary: A summary can be added to show the main points of the commercial plan at the end of the plan, and it ranges from one to two pages.

The first section: contains an introduction about the company, a description of its business, the company’s outlook, its history, the products and services that will be produced and marketed, in addition to the company's location, and the number of hours needed to work.

The second division: which is the sales and marketing department. That is, industry analysis, listing of clients and partners and their profiles.

Section Three: Management and Operations, meaning a description of the project's methods of functioning, production team, personnel, facilities, equipment, research, and others.

The fourth section: which is the financial statements; That is, determining operating costs, future financial projections, sales and expenditures assumptions, and other financial matters.

Appendix: It is the lists and documents that can be included for viewing by the people who reach this plan, as these documents contain the personal financial data of the owners of the company, tax decisions, biographies of managers, and purchase agreements.

Legal registration of the project

The commercial project must be registered by the competent authorities to ensure its legality, and the legal registration of the project applies to all private and public companies, in addition to online businesses, where registration can be done by inserting a special name for the project, which is known as the trade name, as this registration requires For government and local taxes, registration to obtain the necessary licenses for the project site and type, in addition to government registration to obtain a tax identification number, and taxes can also be paid through the Social Security number. [5]


References

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