There are a number of things you need to consider and to do before you can start. Here are some useful tips:
Business plan
First of all, you need to draw up a business plan describing your business idea, potential customers, marketing plans, competitor information, financial position and budget, as well as how you plan to finance the start-up and administer your business.
It is important that you spend sufficient time to draw up this plan. It might be a good idea to ask a friend or acquaintance to read through it and give you honest feedback. However, it is important that this trusted person treats your plan confidentially. At this stage, it is vital that you do not reveal your plans to too many people.
A number of good online business plan templates are available. Check
http://www.bedin.no*.
Type of business
You also have to consider what type of business you wish to establish. There are several different business types, the most common being sole proprietorships and limited companies. A third alternative is general partnerships. In sole proprietorships and general partnerships, you are personally liable for the company’s debt. In a limited company, on the other hand, you are only liable for the paid-up share capital in case of bankruptcy. Many businesses are started as sole proprietorships and are later converted into limited companies.
Registering your business
At
Bedin you will find a lot of useful information about how to register your company.
Start-up capital and equity
Many people who start their own business have been planning to do so for a long time and have saved a good deal of money. If you have not accumulated much capital, you need to consider doing so before you establish your business. You will generally need both a cash holding and money to pay for equipment etc.
Insurance coverage
When starting a business, it is important to make sure that you have adequate insurance coverage. There are some insurance policies you are required to have, and others you ought to have. You are required to have workers' compensation insurance and motor vehicle liability insurance. In addition, a mandatory occupational pension scheme is required. You ought to have disability insurance, term life insurance and fire and theft insurance. There are a number of additional insurance policies which may be wise to have, such as travel insurance and health insurance. Get in touch with DNB to seek advice.
Work smarter
Several banks offer good online banking solutions for newly established businesses. Internet banks give you a full overview over your finances and generally offer good solutions for invoice handling, tax deduction accounts and payment monitoring.
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Bedin is an information service prepared by the Norwegian Ministry of Trade and Industry for entrepreneurs and companies. Innovation Norway aims to promote rural development and business innovation in Norway.
