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How To Start Your Own Company Before Technology Takes Your Job

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A good number of startups and already established companies have shut down in the last couple of years due to poor economy. The ones that survived have started to adopt modern technology to increase productivity and reduce expenses. This is indeed a good sign for all types of businesses to overcome the present volatile market and make profits. But what about its employees! Using accounting software and other types of latest technological solutions has only reduced the need for manpower in organizations. So what next!

Related Post: 8 Technology Trends That Will Change The Way You Do Business

Introduction Of Robots

Many factories can be found to have introduced robots that have replaced employees. It is just one way by which technology is fast replacing humans at the workplace. This is only likely to accelerate in the near future in almost every industry. Technological impact can be noticed around us. The number of staff requirements in retailing is getting reduced significantly with eCommerce. Moreover, checkout kiosks at grocery stores have been eliminating positions. The service sector is now being dominated by computers. Accountants and analysts are being replaced by accounting software and other solutions. The transportation industry is also witnessing using delivery drones and smart cars that only are likely to eliminate jobs in millions.

Steps To Start Your Own Company

If you are worried that you may lose your job very soon to technology, then why not consider starting a business. For this, you just need to follow certain steps some of which are given below:

1. Refine business ideas:

Come up with ideas that you are good at and can be monetized. Have clear purpose and indulge in something that you feel passionate about.

Refine business ideas Technology

2. Know the market and your competitors:

Carry out primary research. Get data from potential customers directly. Conduct interviews, surveys and questionnaires to understand what your targeted customers demand. Also perform SWOT analysis.

Also Read: A Team Leader’s Guide To Conducting An Employee Skills Assessment

3. Business plan:

This dynamic document works like a roadmap to establish new business. It allows the company management, financial institutions and potential investors to understand better your business objectives. It should contain executive summary, company description, market analysis, organizational structure, goals and missions, services or products to render. It should also include marketing plan, background summary and financial plan. Also will be desired an exit strategy, tax planning and scalable business model.

4. Business structure:

Research on each structure and find out how each one impacts tax amount owed, daily operations, risk factors, etc. There are different types like LLC, LLP, Sole Proprietorship and Corporation. Choose one that best fits your needs and you may expand as your business grows.

5. Business registration and paperwork:

Address several legal issues after developing business ideas and selecting a structure. Choose a viable name, file formation paperwork with concerned authorities, apply for permits and licenses. Also apply for EIN. Select appropriate accounting software and open bank account for your business.

6. Finances:

Finances

Prior to funding the business do determine startup costs involved. Prepare list of desired physical supplies. Get to know price of permits or licenses needed for smooth operation. Calculate office space rent. Also include benefits and payroll, if applicable.

Also Read: Why Small Businesses Should Automate Testing

7. Funding:

Your business plan should include funding. There are present two types of funding, namely, external and internal. The latter includes funds from family and friends, credit cards and personal savings. External funding includes Angel investors, small business grants, small business loans, crowdfunding and venture capital.

8. Business insurance:

Be it a retail store, office or home-based business, with or without employees, it does require valid and appropriate insurance. Insurance type to seek depends on the risks faced and business model.

If you want to Start Your Own Company before technology takes your job, then you will have to adhere to the above steps.

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