Putting Your Business Together

Many of us wants to put up a business but doesn’t know where to start. Here are some tips (reference: Guide to Starting a Small Enterprise):
 
Start by defining your purpose for putting up the business and setting the goals and objectives that will lead you to achieve this purpose. Let these questions guide you:
 
ü  Why am I setting up this business? How do I want my business to be five years from now? What should my business achieve on the first year, on the second year, etc.?
 
ü  Will my business be a single proprietorship, will I get partners, or will I incorporate? What are the advantages and disadvantages of each type?
 
ü  What are the laws and regulations that can affect and influence my business?
 
ü  Will I need people at the outset? How many will I need? What qualities will I look out for in them?
 
ü  Where should I go for information and guidance? 
 
Look at your finances. Regardless of the manner that you will start a business (an entirely independent business, an existing one, or a franchise) and type of activity (manufacturing, service, or trading) that you will go into, you will need money to put up a business and keep it going at least until the business starts to generate revenues. Your next move is to find out how much you will need.
 
Give your business a legal personality. After raising the money to get your business going, register your business with the appropriate agencies of government.
Monitor, review and change your business plan if necessary.
 
#Happy Investing Kabayan!
 
 

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