How to Start a Company in 2020 - NEW YEAR Business Plan

If you have decided to set up a company of your own the new have already taken the first step towards achieving financial independence. In this post we are going to share how to start a company in 2020.

Step 1) Decide the innovative plan

The first thing you need to do is identifying a new market that has good potential audience and profit margin. You can find suitable market according to age of customers socioeconomic status location education and spending habits.

Start a Company in 2020

Now you need to think about compelling product or concept that you want to sell on the market do not forget to create a working model of your product so series investors can take more attention on your investor pitch then you have to add the long term goals for your company it's like where you are after six month to year or six years.

At last decide the name of your company and write a business plan for it. Your company name should be catchy simple fresh and easy to brand. Business plan is vital for starting any company.

Step 2) Decide the structure of your company

As a beginner you must mean to aware with this second step the citing structure helps you to understand more about your future plans and projections you need to register your name as a limited liability company LLC for maximum flexibility also consider forming a business partnership to run a tighter ship partnership will help you to divide profits responsibilities and other important elements.

If you want to save decent amount of tax then go for a partnership structure you can open a cooperative business model where company is owned and shared by the workers and the customers.

Step 3) Start funding and marketing your company

At the third step you need to calculate the startup costs it will be also calculated in the business plan do not confuse between essential and optional costs first you need to get the essential costs which is vital to get started a new company.

Now the next step is to complete a cash flow analysis how your company will get profit and how much money do you need to invest in inventories and other things if you're looking for funding from bank loan then submit your business plan to respective bank and take benefits of government schemes and gender and age benefits.

Once you get enough fund in your bank account then it is the right time to integrate your business and start working do not forget to market your company brand on social media and other printing media's too.