Business

Business Tips & Info



How to Begin

Your success is YOUR responsibility! Before you begin to even think to enter a business on your own, you need to realize that being a small business owner brings with it many responsibilities. It is easy to overlook them in your excitement. But they won't go away if you ignore them and they are, ultimately, your responsibility.

"Every problem is a gift—without problems we would not grow." ~ Anthony Robbins

When the decision has been made to enter a business on your own, and the type of the business has been chosen, it's worthwhile to analyze carefully the form you want it to take and whom you want to involve. You have to determine the ownership and the legal framework of your enterprise. Each has its pluses and minuses.

Basically, you have to consider 3 options:

Sole Proprietorship

Partnership

Incorporation

NOTE: It is very important to weigh the advantages and disadvantages of all three options.


SOLE PROPRIETORSHIP

It is the simplest and most common form of ownership for small business. A sole proprietorship is owned by one person. The owner decides what products to sell or what services to provide, how much to charge, when the business will be open etc. If you choose this option nothing legally separates you and your personal finances from those of your enterprise and your business is taxed through the personal income tax you pay. There is no limit to the amount of profit your business could make and the owner also has unlimited liability. Find out more...

PARTNERSHIP

When two or more people get together to form a business, this business is known as a partnership. They share cost and/or other resources toward the operation of a venture. Partners pay personal income tax on their share of the profits, but the business itself is not subject to income tax. Nothing separates the partners' personal finances from those of the business. Learn more...

INCORPORATION

A corporation is a form of business ownership that has an existence of its own, separate from its owners. For this reason, corporations are considered to be more permanent than other forms of business ownership. Corporations can be identified by the inclusion of the words: LIMITED, INCORPORATED, or CORPORATION (or appropriate abbreviations Ltd, Inc.) after the company name. Because a corporation has a legal existence of its own, it will not stop operating when the people running it quit, retire or die. More about incorporation...

Getting a Financial Picture

If you want run successful business you should have real financial picture of a business. Accurate, up-to date records are very important for every aspects of your business. It's certainly not fun, but without accurate records, you simply cannot run a successful business. It is much easier to deal with various tax departments of government or with your banker if your records are complete & comprehensible. Good records will improve your control of cost, help you keep track of your own operations and they will also tell potential lenders or investors about your managerial capabilities. Find out more...



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Did You Know?

Experience has shown that the more focused you are about your target market, the greater your chances of success. You must identify as precisely as possible WHO will buy from you and WHY.

Any target market is broken down into smaller groups or segments known as market segments. The most common market segments are based on age, income, ethnic background, geographic location and education. Find out more...