Sunday, September 28, 2008

What to consider when ready to do business

When you have registered your business, you actually upgraded yourself to an Employer or a Business Owner status. You will start to do things that will benefit your business plan and you will be extremely conscious with your spending ( expenses ).

Whatever you do, your ultimate aim is profitability. It is a long process and it usually takes quite a while for you to break-even or to start making more money.

Your utmost concern is to identify where and how to start the business proper.

The usual considerations are as follows :

Your Workplace

• Choosing and setting up an office can be challenging. You might want it to be situated near your home or perhaps in a presentable and prime area such as the business district. However, Cost usually is the main factor here.

• What kind of office equipments will be required for your operation ? Do you need transportation for the type of your business you are providing ? E.g. Computer System, Printer, Telephone, Fax Machine or a Truck.

• How to keep the place safe from people you are working with you ? E.g. Buying Fire or Home Protection Insurance, Workman Compensation Plan, Safety Goggles or accessories etc

Inventories, Taxes, Payroll and Bonuses

• How are you going to keep track of your documents for the following matters :

Income, Corporate and other business taxes
Employment ( Records of Employee )
Sales and Marketing
Financial Control, operations and transportation
Contractors and Suppliers
IT and e-Commerce
Importing and Exporting
Minutes of Meeting for your business
Trainings or Seminars
and much more……

Most of these new owners or entrepreneurs usually get over-whelmed in the beginning because the Number One concern they have in order to satisfy the above is to have more money.

Very often, when they are new in the market, the trust level of customers may not be high and this affects the profitability of the business. However, as time goes by, they will eventually get more businesses when the customers trust them more and more.

When the going gets tough, these enterprising businessman will usually look at their business plan to make modification where necessary. Some will reach their goal faster than the others.

Meanwhile they always remind themselves the purpose for doing the business as well as the outcome they can derived from doing it. Some of these purposes are :

• The satisfaction of owning their own business!
• The ability to work as much, or as little, as they want!
• The flexibility to set their own work schedule!
• The pride of a job well done!
• The joy of helping others!
• A chance to spend more quality time with family and friends!
• The power to control their financial future!
• The option to take vacations whenever they feel like it!
Plus much, MUCH MORE!

William Siong

Here is Napoleon Hill's take on living our dreams:

” First comes thought; then organization of that thought, into ideas and plans; then transformation of those plans into reality. The beginning, as you will observe, is in your imagination.”

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