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
Insurance
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.”

Steps to forming a business of your own

If you want to be an entrepreneur, welcome to the crowd. Every month there are thousands of people creating new businesses around the country but to start a business can be a complicating, risky effort. Only about 60% of these businessmen survive for 2 years and less than 50% of them survive for at least 4 years, according to a study by the U.S. Small business Association.

A typical business setup will include the following considerations. However, you can always look for a business consultant or an online free advice on how to prepare for it :

1. Am I an entrepreneur or businessman ? or a Wannabe ?

• To have a successful business, you need a certain set of characteristics. You must be willing to take calculated risks, be optimistic, and enthusiasm

• You must be prepared to play many roles i.e. Being a chairman of the company but still willing to fix the toilet when its broke.


2. Which business is suitable for me ?

• There are lots of ways to find a business idea. You can read about it on Newspaper, Magazines, Internet surfing or Forums. But for most people, they begin with their interest first.

• Back in 1989, when I found out that I was really interested in computer servicing while working as a Salesman, I left the company and started a business that provides Computer Servicing for companies that need to outsource their personal computers or monitors for repair.


3. Is the business still viable in the market ?

• Find out if the business is still viable by talking to potential customers, suppiers and distributors. You can even attend Trade-show or Seminar to guage if the cake is still hot. You are merely exploring the opportunity.

• If you have a product at hand, make some tiny sales in fair or local outlets to get feedback, good or bad, so that you can fine tune your business concept or other matters.


4. Write a business plan.

• No business can proceed without a game plan !. It should describe why and how you want the business to be carried out and by when will it be consider successful.

• It address concern such as : What kind of product or service am I providing? Who is my potential customers ? How can I make money out of it ?

• A plan can be fine tune as many times along the way so that it keeps the company growing in the projected direction.


5. How much do I need to start a business ?

• Most entrepreneurs start their business with the savings they have, or they also loan some funds from their family and friends.

• You also can get a loan with a bank provided you have assets e.g. your home and a very sound business proposal plan.

• The best advice is always to start small, and slowing building it up along the way.


6. What choice of business do I have ?

• For detailed business choices, you might want to read my September 24th post.

• The most basic choices are Sole-proprietor, Partnership and Private Limited. Each offers different legal protections, tax savings and ownership requirements.