We found this guide in starting up a small business and we want to share it with you. These guidelines were written with a US setting in mind but can also be applicable in the Philippine setting. At Omega BCI, we help businesses grow, starters, small-medium enterprise. Take time to review this guidelines, this will surely help.
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“Setting up a business entails completing certain steps and following particular requirements. Some requirements are mandated by state or federal regulations and others are essential to the formation of a business. There are many resources available for potential business owners attempting to establish a fully operational business, such as websites designed to help new business owners and local government offices.
Industry Research
There are a variety of business opportunities in many industries. A business opportunity begins with a concept, and a potential business owner must study the industry to determine her niche in that market. Researching the industry also gives an aspiring business owner an understanding of how her business concept connects to the market. As technology continues to change, marketing strategies will change and staying abreast of industry changes helps a business owner remain competitive.
Business Structure
Establishing the business structure is an important step when starting a business. Many small businesses begin as a sole proprietorship, some start as a partnership while other business owners may decide to incorporate. A partnership begins when two or more individuals agree to enter into a business for profit. To establish a corporation, a business needs to create a charter and file it with the secretary of state.
Business Plan
The business plan is the overall outline of the business, and it essentially specifies the description of the business, products and services and business strategies. This plan also details the executive summary and the financial analysis. There are many websites that provide helpful tips about how to structure and implement a business plan, such as bplans.com and entrepreneur.com.
Start-up Expenses
Every business requires start-up expenses, which may be low or high depending on the business. For instance, the start-up expenses for a home-based business may require less capital than the expenses for the purchase or lease of a commercial structure. In general, most start-up expenses include utilities, office space, communication systems and office equipment. In addition, some businesses require licenses, permits and business insurance.
Licenses and Permits
Federal or state licenses and permits are required to legally operate some businesses. The Small Business Administration (sba.gov) provides information regarding the prerequisite government licenses and permits for businesses. Other sources for local business regulation information can be found at the state and local level. Additionally, local government offices offer information on zoning laws and other restrictions for certain businesses and their locations.”
About the Author
Luciana Hobdy has been writing since 2002. As a legal and business writer, her articles appear on eHow and Answerbag. She also provides travel-related content for LIVESTRONG.COM. She has a Bachelor of Science in business administration from Wayne State University and a Juris Doctor from Thomas M. Cooley Law School.
References: Entrepreneur: Business Structure Basics. Bplans:A Standard Business Plan Outline, Small Business Administration: Get Licenses and Permits.
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2 comments
As always, you need a good office to start a good business.
rent in Makati
That guide looks really helpful. There are lots of risks in starting a business. Make sure you know them all so you can deal with them.
office space
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