PART7 (How To Establish A Successful Business Empire)
- Post By Grace Alonge
- 10 months ago
After you have written your business plan, you can now proceed to;
Fund Your Business.
This is a very crucial aspect. It is the process of procuring funds necessary for starting, building and growing your business.
For your goals to become a reality, you need funds.
There are various ways to find funding for your business. It can be through;
Grants and government funding programs
Investors or even
Start with a good Product.
Starting with a good product builds your customers' trust and also fuels recommendation. When you start with a good product that helps in solving the problems of your target audience efficiently, the probability of your business flopping is very low because you're now building a great structure on your strong foundation.
Pick a good location.
In choosing a good location for your business, there are some factors you have to consider. Some of which include:
1. Your Budget.
The selected location must be within your budget
2. Market and Demographics
You have to consider the characteristics of the population in that particular location with regards to income, age, gender, spending or purchasing power and occupation.
It is always better for one's business to be situated in a location where similar business does not exist yet. When a business location is situated in a place where similar businesses exist already, it increases competition and creates more challenges im attracting customers.
Choose a business structure
What is a business structure?
A business structure refers to the legal representation of the organization of a business or company.
There are various kinds of business structures, which includes;
Limited liability company
This is the simplest structure.
In sole Proprietorship, a single individual is the sole owner of the business. The individual is responsible for every of the business operations.
This involves more than one person in the ownership of the business. In this case, two or more people own the business. And every of the owners are responsible for the operations and activities in the business.
This is the most complex and most expensive business structure.
A corporation Is an independent legal entity, separate from its owners which requires complying with more regulations and tax requirements.
In this case, a single individual does not bear the risk, expenses or operations of the business.
This business structure has some appealing tax benefits and still provides business owners with the liability protection of a corporation. With an S corporation, income and losses are passed through to shareholders and included on their individual tax returns. S Corporations can have up to 100 shareholders.
Limited liability company
Limited liability company is a business structure that is similar to that of S Corporation but it offers more attractions to business owners than S Corporation.
Factors To Consider In Choosing A Business Structure.
Before choosing a structure for your business, put the following factors into consideration.
Continuity of the business' existence
Nature of the business
Government regulations and control
We are moving to the end of the series. 💃💃