You see guyz and gurls, owning your own business is one of the surest ways to establish financial security for you and your family. Correct? Whether you have been in business for a long time or not, it pays to know your rights as a businessperson, as well as the legal environment of business. And to do that… everything you need to know about starting your own business to managing it effectively is the very first step. In this post, we will explore how to do things right the first time, and help you spot and resolve potential problems before they get big. Most of all, you will not find legal jargon and technicalities here just simple and straightforward discussions of how the law affects businesses everyday.
Okay, so let’s start…
The first thing really is developing business ideas. A sound business idea should be economically sensible. Correct? You really don’t want to start a business and file for bankruptcy in just a few months or so?! So…study the potential success of your business idea. Tap the resources of your local library and the internet or perhaps your data bank at the back of your head. Also, read books and magazines that encompass your business idea. Again, you may want to read the eBooks entitled “Strategic Planning For Dummies” and “Business Start-Up Kit“. Bottom line really is you should have as much working knowledge about the business you plan to put up. 🙂
Secondly, is developing a financial plan. Most small businesses fail because of unwise financing so to speak. Therefore, before anything else, figure out the particular needs of your business, particularly its cash flow situation. Cash, cash, cash. Aha! Check and consult trade associations, organization, government offices that assist entrepreneurs like you, and professional financial planners like accountants, bankers, and business lawyers. Better if professionals come from your family or friends. Aside from helping you figure out the specific needs of your business, they can also give you ideas on how to secure capital for your business. To reiterate, you can check the list of government offices here “Links to Government Agencies’ Websites“.
And last is getting capital. The thing is be creative when looking for capital. Capital (i.e. money) is the lifeblood of any new business. You can get it from your own pockets, from loans, or from investments made by individuals or institutions. You may want to check out my post about “Who’s helping SME’s in the Philippines“. Nevertheless, no matter how and where you get your funding, familiarize yourself with pertinent laws that cover your source of funding, such as loan agreements and securities laws. 🙂