Essential Things To Remember When Setting Up A Business
In Forbes Magazine's list of the world's richest people of 2010, you would notice that individuals on this list are business owners - Carlos Slim Helu, Bill Gates, Warren Buffet, etc. These individuals are proof that if you want to become financially independent and rich, setting up your own business is the best way to go. So, if you wish to truly become financially independent, consider putting up and managing your own company. Think about making a ladder for others to climb on rather than you climbing the corporate ladder.
In Robert Kiyosaki's book entitled "Rich Dad, Poor Dad," he encouraged people to put up their own businesses to be free from the rat race. But this is not that easy to do. Establishing and building a business isn't as easy as 1-2-3. Think about your employer and the others you had before him or her. You'll find bosses who are hands-on and spend most of their time in the office. Then, you can there are also those who are rarely at the workplace and entrust their companies' operations to their deputies.
While company owners have dissimilar management styles, hands-on or not, all business owners are always looking out for their businesses. Rarely do they become stress-free as they're pre-occupied with a lot of things even if they do not go to the office regularly. Business owners are always thinking and worrying about their earnings, products, customers, and others more. Indeed, there are just so many concerns to handle and if you plan to become a company owner, you must be ready for these things.
So, after reading the previous statement, are you still ready to take on the challenge? If you are, then begin by making a feasibility study. You have to think about a business concept. What products or services will you offer? What is your target market and who are your target customers? How many rivals do you have? What's the possible market share you can get?
For operations, how many workers will you be hiring? What are their job titles and how much are their wages? How much will you be spending on rent, utilities and other recurring expenses? These are just some of the questions you have to answer.
Make sure you include in your feasibility study not less than a 3-year projection. Don't stop at determining your possible sales and expenses for a year. Professionals say that your planned business has a potential of becoming successful if your return on investment is less than 4 years.
If you did your feasibility study carefully and it shows a positive result, then you should start planning your company. Prepare the required documents and register it with the government. You will be competing with the big boys in no time.
In Robert Kiyosaki's book entitled "Rich Dad, Poor Dad," he encouraged people to put up their own businesses to be free from the rat race. But this is not that easy to do. Establishing and building a business isn't as easy as 1-2-3. Think about your employer and the others you had before him or her. You'll find bosses who are hands-on and spend most of their time in the office. Then, you can there are also those who are rarely at the workplace and entrust their companies' operations to their deputies.
While company owners have dissimilar management styles, hands-on or not, all business owners are always looking out for their businesses. Rarely do they become stress-free as they're pre-occupied with a lot of things even if they do not go to the office regularly. Business owners are always thinking and worrying about their earnings, products, customers, and others more. Indeed, there are just so many concerns to handle and if you plan to become a company owner, you must be ready for these things.
So, after reading the previous statement, are you still ready to take on the challenge? If you are, then begin by making a feasibility study. You have to think about a business concept. What products or services will you offer? What is your target market and who are your target customers? How many rivals do you have? What's the possible market share you can get?
For operations, how many workers will you be hiring? What are their job titles and how much are their wages? How much will you be spending on rent, utilities and other recurring expenses? These are just some of the questions you have to answer.
Make sure you include in your feasibility study not less than a 3-year projection. Don't stop at determining your possible sales and expenses for a year. Professionals say that your planned business has a potential of becoming successful if your return on investment is less than 4 years.
If you did your feasibility study carefully and it shows a positive result, then you should start planning your company. Prepare the required documents and register it with the government. You will be competing with the big boys in no time.
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New Unique Article!
Title: Essential Things To Remember When Setting Up A Business
Author: Ping Conley
Email: Buy1GIVE1@gmail.com
Keywords: company formation,company incorporation,company incorporation singapore,company registration,company registration singapore,company set up,company setup,incorporation of company,set up company,singapore company formation,singapore company incorporation,singapore company registration
Word Count: 471
Category: Business
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