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Considerations When Establishing Your Own Business

A lot of investors have decided to set up their own business due to the plenty of advantages provided within a certain location. For instance, the city where you are eyeing to establish your business may have a lot of free enterprise system along with international infrastructures as well as facilities. Or perhaps you think such place is the perfect business location because of cheap energy supply, competitively priced import duties and freight charges, as well as accessible sea and airports. Investors also would want to establish their businesses in a location where it has additional perks such as the lack of personal income, corporate and capital taxation along with full repatriation of capital and profits.

One of the very first things you must consider is if foreign investors are allowed to be majority shareholders of a business. There are countries which only allow a maximum of 49% share within a business with the majority going to a local. With this, you need to locate a local partner, be it an individual or business, which would help you in getting the needed paper work required for starting your business.

In order for to protect your interests, and to give you local legal advice, it is also advisable that you must employ the services of a lawyer. This is actually very important and beneficial knowing that you have a partner that has majority control over the business, even if without contributing capital.

Another thing to take into consideration when setting up a business abroad is to locate the ideal business model by determining if you must set it up as a general partnership, as joint venture, or as a limited liability company. Your choice of legal structure for your business might be influenced by the fact that the Department of Economic Development has several capital requirements for every business model.

After which, you need to rent a space for your office. You must remember that the DED will not allow “virtual offices” and will require businesses to have an actual physical office.

Indeed, your business’ successful entry into another country depends on locating a trusted and reliable partner. A very efficient partner can certainly assist you breeze past barriers while giving you solutions to company formation as well as introducing you to significant and trusted contacts.

To learn more about how to successfully set up your own business in another country, check out this site.

How Your Business Is Like A Fitness Routine

Thinking about your business the same way you think about your health may seem like a strange analogy, or even illogical, but when you really break it down and think about it, there are a lot of similarities.

When you implement an exercise program, whether you’re just starting out or have been exercising for years, it requires you to be consistent. For example, let’s say you begin an exercise program riding a bike. You begin by riding your bike three or four days per week for 20 to 30 minutes at a time. Over time, you gradually increase the time on your bike, and after a couple of weeks of consistently riding you ride three or four days per week, but increase your time to 30 to 40 minutes at a time. In another couple of weeks you ride for 30 to 40 minutes, but you increase to four to five days per week. You continue this cycle until you’re spending an hour a day riding your bike five to six days per week.

Consistency is the key here. By remaining consistent, you improve your ability to ride for a longer amount of time, or whatever it is you are looking to improve. The added benefits of consistency are that it creates discipline, habit, focus, and it creates a lifestyle.

The same concept applies to your business. Consistency creates discipline and focus for your business. It creates a business style, and being consistent in your business creates commitment on your part, on the part of your team, and on the part of your clients and customers. When you’re consistent and your clients see you doing something over and over again it creates credibility. They know what to expect from you, from your team, and from your business.

Another concept found in both fitness routines and business is developing the ability to stretch yourself. When you exercise you’re consistently stretching yourself. If you ride your bike an extra five minutes, go a little faster, or ride a little farther you’re pushing and stretching to do a little bit more.

Again, the same concept of stretching applies to your business. Take a look at your business now and where you want it to be in a month, six months, or even a year.

There’s always a way to stretch in your business, too. Can you get to the next level? Can you fill the next event? Can you do the next promotion and make a certain dollar amount? There’s always a way to stretch to do a little bit more.

In a fitness routine, you stretch yourself by adding small incremental increases in a consistent manner, over a period of time, to improve your muscles and your health. Use that same lesson in your business. If you change something in your business, maybe two or three small things every week, or even once month, you will see consistent and steady growth in your business as well.

Stop thinking you have to make big, giant leaps in your business to be successful, and instead think about consistency and focus. Think about the small, incremental things you can do to grow your business, and you’ll achieve the growth and success you’re looking for.

Streamline Your Small Business

Being a small business owner is synonymous with being a workaholic. Each morning I grab my hot cup of coffee and dive in, often only getting up to workout and have dinner. Yes, when you love what you do it often doesn’t seem like “work” but I have learned how to work “smarter” and not “harder.”

Not every day needs to be a 12-hour workday. With the right tools and services implemented, you can actually enjoy your evenings (or better yet your life!)

Efficiency can be gained in a variety of places, but as you well know, running a business is complicated and it may be overwhelming just to figure out where to start. Streamlining your small business will keep you from burning the candle at both ends. Evaluate the impact that each of the areas that need improvement will have on the bottom line, your customers, those that you may be working with (i.e. business partners, suppliers and employees) and of course you!

Where to start? Streamline these 5 areas of your business first.

Manage Tasks Effectively

As a small business owner, you may experience the never-ending-to-do list that keeps you working at all hours of the day and night. So it goes without saying that effective task and time management is a critical component to a streamlined business. With planners, highlighted calendars, phone reminders and to-do lists galore we are all over the place trying to get organized!

Don’t get me wrong there is nothing more satisfying than making a to-do list and crossing off each item as they are accomplished, but what if you could manage your daily tasks in one place?

Implementing a free software program such as Producteev will sync with your Google Calendar and allows access to various platforms and allows for multiple workspaces for employees. This is extremely beneficial because not only will you be able to see tasks in order of importance but can delegate in less time and be updated instantaneously with project management. As my great friend and CEO of Women Network, Michelle Patterson says, “Choose 3 things that need to get done and focus on those.”

Avoid Interruptions

Most questions, comments and concerns are generally directed to you from customers or deflected to you by employees. To keep from getting stuck in the time trap of constant interruptions, recognize that not ALL decisions and questions need an immediate response. It is OK to put up an auto-responder on your email for the afternoon or screen your phone calls. This allows both the customer and employees to see that you are currently working on something else and cannot be interrupted. By limiting interruptions you will be amazed at how much more you can accomplish.

*A great tip is to set a timer for certain tasks and avoid all interruptions until the timer is up.

Standardize Business Processes

“If it ain’t broke, don’t fix it.” If you have already implemented successful business operations that are working for you and your business, then why change it? They key is to stay consistent and standardize your processes.Anything from file formats to emailing clients and customers. In the long run this will save you time training and retraining and employees and everything should be much easier to keep organized.

Organize Inventory and Keep Accurate Records

So you think you are organized? Let me guess, if you are a consumer based business owner, you are probably using an Excel spreadsheet to keep track of your inventory stock and sell through. Well I am here to tell you this is a thing of the past and there are multiple reasons why. It is inaccurate and will cost YOU time, money and stress. Instead try one of the many inexpensive automated inventory control system. This will allow you more time to do things that are even more important than tracking down an order that didn’t get logged in Excel.

Leverage your Business

Ultimately growing your small business would be the end goal, but you must first be able to maximize current output. Often, owners concentrate on growing their business first to make more, but then miss out on leveraging their business by being efficient. What it comes down to is outdated software and ineffective business methods will keep you from where you could be.

Starting, running and becoming a successful business is not easy, but by being proactive to streamline your operations you improve information flow, productivity and accuracy. And hey, maybe even have a little more free time for yourself!