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When do you really need to register your business?

For most people starting a business means registering the business. That’s what most accountants would like you to believe because now you have to start paying them. But before registering a business you need to go through the concept stage.

What is the concept stage?

There is a big difference between wanting to do something and actually doing it. You might have big dreams about what you’re going to do, but take a step back when you see how hard it is. And even though I advise everyone to have at least a small business to fall back on in case their employment gets cut off for some reason, it’s not for everyone.

So, where do you start? You sit down and sketch up your business plan (not the one you go to investors with, just something that sums up your business). You look for a few hard yeses (As Ramit Sethi likes to say). To do that you will need to test out your idea on some unsuspecting victims… I mean potential clients.

You need to find out what they like about the service they are getting and what they don’t like about it. Is there anything else they need and can’t find someone to provide the service for? Maybe their paying to little and can’t understand why they don’t get better service? Learn as much as you can. This will not only come in handy for the product creation phase but also for the sales pitch.

Once you are done with the concept stage and have a few potential clients you can feel free to register your business. Because now you really do have a business, not just a dream.

I hope you found this post helpful, if so like it and share it with your friends. And while you’re at it, check out my ebook ‘level up your business’ a guide to starting your own business the right way.



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