fbpx
SME Toolkit Caribbean Logo
No Result
View All Result
  • Contact
  • Starting Up
    • All
    • Business Planning
    • Starting a Business
    business owner surprised at start up business mistake

    A Brave New Entrepreneur for A Brave New World

    business checklist of things to look out for

    Things Entrepreneurs Should Watch Out For

    step by step business plan creation

    A Great Business Plan

    businessman using calculator seated at a table with spreadsheets

    Commingling – The New, ‘Dirty’ Word in Banking

    two young business owners give high five after they set up business

    How to Start a Business in Ghana

    entrepreneurs successfully open their business

    Top 10 Dos and Don’ts for Entrepreneurs

    business owner surprised at start up business mistake

    Start-Up Mistakes

    Building Your Business Series – Part 1

    Building Your Business Series – Part 1

    Building Your Business Series – Part 2

    Building Your Business Series – Part 2

  • Managing Growth
    • All
    • Accounting & Finance
    • Operations & Technology
    • People & Culture
    • Planning for Growth
    • Sales & Marketing
    finding business location on map online

    Business Location and Leasing Rules

    business owner thinking of expanding their business

    Rules for Business Expansion

    business owner holding ipad with cash flow icons floating

    Managing Your Cash Flow to Help Your Business Grow

    A businessman presenting in front a diverse group of professionals

    The Creditworthiness of Your Business

    A businesswoman selecting a Mortgage Approved business concept on a futuristic portable computer screen

    How Bankable is Your Business?

    employees give high five in office

    Ways to Motivate Key Employees: Reward and Recognition

    business owner facing problems

    Common Business Problems and Basic Rules to Handle Them

    business owner making cold calls

    Making Cold Calls

    section of a printed job description

    Creating an Effective Job Description

  • Scaling Up
    • All
    • Growth Finance
    • Operations & Technology
    • People & Culture
    • Planning for Scale
    • Sales
    Get Ready to Sell Online

    Get Ready to Sell Online

    young business woman sitting on sofa planning her insurance

    Top 10 Do’s and Don’ts of Insurance

    Insurance Coverage for Small Businesses

    Insurance Coverage for Small Businesses

    Effective Strategies for Closing the Sale

    Effective Strategies for Closing the Sale

    Guide to Preparing Your Cash Flow Projection

    Guide to Preparing Your Cash Flow Projection

    Creating a Business-Friendly Environment – Part 2

    Leading with Integrity; Leading by Example

    Integrity and the Entrepreneur at Work

    Integrity and the Entrepreneur at Work

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 1

  • COVID-19 Resources
    • All
    • Accounting & Finance
    • Business Planning
    • Managing Growth
    • Starting Up
    Stay Connected

    Staying Connected in the New Normal

    Rediscovering the leader

    Rediscovering the Leader From Within

    Personal Brand Development: What’s Your Story?

    Personal Brand Development: What’s Your Story?

    Customer Focus

    How Customer Focus Can Drive Innovation

    fair leadership

    Fairness in Leadership

    Coping with Covid

    Coping with COVID-19

    Online only

    Can Caribbean Banks Embrace Online Banking Only?

    business checklist of things to look out for

    Things Entrepreneurs Should Watch Out For

    business owner surprised at start up business mistake

    Start-Up Mistakes

  • Webinars
    • Home-Owner’s Guide To Securing A Mortgage
    • Getting Business Credit From Your Bank
    • Succeeding in the Low Touch Economy
    • Get Going With Ecommerce
    • Mindset To Success
  • Sustainable Development
    • Building Resistance to Disruption
    • Creativity and Sustainable Societies
  • Business Videos
SME Toolkit Caribbean Logo
  • Starting Up
    • All
    • Business Planning
    • Starting a Business
    business owner surprised at start up business mistake

    A Brave New Entrepreneur for A Brave New World

    business checklist of things to look out for

    Things Entrepreneurs Should Watch Out For

    step by step business plan creation

    A Great Business Plan

    businessman using calculator seated at a table with spreadsheets

    Commingling – The New, ‘Dirty’ Word in Banking

    two young business owners give high five after they set up business

    How to Start a Business in Ghana

    entrepreneurs successfully open their business

    Top 10 Dos and Don’ts for Entrepreneurs

    business owner surprised at start up business mistake

    Start-Up Mistakes

    Building Your Business Series – Part 1

    Building Your Business Series – Part 1

    Building Your Business Series – Part 2

    Building Your Business Series – Part 2

  • Managing Growth
    • All
    • Accounting & Finance
    • Operations & Technology
    • People & Culture
    • Planning for Growth
    • Sales & Marketing
    finding business location on map online

    Business Location and Leasing Rules

    business owner thinking of expanding their business

    Rules for Business Expansion

    business owner holding ipad with cash flow icons floating

    Managing Your Cash Flow to Help Your Business Grow

    A businessman presenting in front a diverse group of professionals

    The Creditworthiness of Your Business

    A businesswoman selecting a Mortgage Approved business concept on a futuristic portable computer screen

    How Bankable is Your Business?

    employees give high five in office

    Ways to Motivate Key Employees: Reward and Recognition

    business owner facing problems

    Common Business Problems and Basic Rules to Handle Them

    business owner making cold calls

    Making Cold Calls

    section of a printed job description

    Creating an Effective Job Description

  • Scaling Up
    • All
    • Growth Finance
    • Operations & Technology
    • People & Culture
    • Planning for Scale
    • Sales
    Get Ready to Sell Online

    Get Ready to Sell Online

    young business woman sitting on sofa planning her insurance

    Top 10 Do’s and Don’ts of Insurance

    Insurance Coverage for Small Businesses

    Insurance Coverage for Small Businesses

    Effective Strategies for Closing the Sale

    Effective Strategies for Closing the Sale

    Guide to Preparing Your Cash Flow Projection

    Guide to Preparing Your Cash Flow Projection

    Creating a Business-Friendly Environment – Part 2

    Leading with Integrity; Leading by Example

    Integrity and the Entrepreneur at Work

    Integrity and the Entrepreneur at Work

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 2

    Creating a Business-Friendly Environment – Part 1

  • COVID-19 Resources
    • All
    • Accounting & Finance
    • Business Planning
    • Managing Growth
    • Starting Up
    Stay Connected

    Staying Connected in the New Normal

    Rediscovering the leader

    Rediscovering the Leader From Within

    Personal Brand Development: What’s Your Story?

    Personal Brand Development: What’s Your Story?

    Customer Focus

    How Customer Focus Can Drive Innovation

    fair leadership

    Fairness in Leadership

    Coping with Covid

    Coping with COVID-19

    Online only

    Can Caribbean Banks Embrace Online Banking Only?

    business checklist of things to look out for

    Things Entrepreneurs Should Watch Out For

    business owner surprised at start up business mistake

    Start-Up Mistakes

  • Webinars
    • Home-Owner’s Guide To Securing A Mortgage
    • Getting Business Credit From Your Bank
    • Succeeding in the Low Touch Economy
    • Get Going With Ecommerce
    • Mindset To Success
  • Sustainable Development
    • Building Resistance to Disruption
    • Creativity and Sustainable Societies
  • Business Videos
No Result
View All Result
SME Toolkit Caribbean Logo
No Result
View All Result
Building Your Business Series – Part 2

Building Your Business Series – Part 2

Provided by My Own Business, Content Partner for the SME Toolkit

0
SHARES
ShareTweetLinkedinMail

What’s Next?

In part two of our series – Building Your Business, we look at other factors affecting business decision-making in the early stages of a business’ growth and development. Though legislation that controls business practices vary from country to country and across regions, it is necessary to familiarise yourself with the laws governing good business practice. When starting your business, it’s necessary to understand all the legal requirements that must be met in order to begin operations.

Unless you’re a lawyer, you may not be able to comprehend the legal language that’s guiding your business operations. Having a lawyer guide you is probably the safest and most efficient option you can take. Meeting other business requirements in the areas of human resource management and accounting for example, might mean that you rely on additional resources. What professional services you need and how best to use them will be explored below.

Laws That May Affect You

There are many laws that are applicable to owners of small businesses. It is best to consult with professionals to determine which laws will be applicable to you, what permits you will need to commence business and where to go to comply with the various rules. Your attorney should be able to assist you in complying with labour laws such as the employment of minors, illegal aliens and workplace safety rules.

Your attorney may also be able to help with requirements for special business licenses (if required) as well as building codes and permits for remodelling and zoning laws, health and safety requirements and environmental laws.

On the other hand, your accountant should be able to assist you in filing:

  • Income tax returns
  • Franchise tax returns
  • Employment tax returns
  • The time for payment of withheld and employers share of employment taxes
  • Unemployment tax returns and payment

 

Affordable Health Care

If you’re hiring staff, you should check on the legal requirements that companies should meet for their employees. Providing affordable healthcare and insurance coverage might be just two of the most prominent areas for consideration.

Featured Video: What Every Entrepreneur Needs to Know About Intellectual Property

Help from the professionals

Your Attorney

In addition to the above items, your attorney should draw your partnership agreement or form your corporation, including the issuance of stock and appropriate filings with the relevant agencies. He or she will help advise on the best form of ownership, assist in negotiations to buy an existing business and review documents if you are buying a franchise. He or she will also advise on buy-sell agreements and draft appropriate documents.

If your business will require renting an office, store or factory, your attorney should review and approve your lease document. A lease obligation can become your biggest liability, and your attorney can help negotiate fair and protective terms. For example, if you anticipate growth, your lease should include a provision for how expansion requirements will be handled.

Your new business may require specialized legal advice to establish and protect your intellectual property rights. Intellectual property includes your ownership rights to your business name, trademarks, copyrights, and patents. Intellectual property law is a specialized field, and you may need an attorney who specializes in these matters.

Your Accountant

Your accountant can be an important advisor in start-up decisions, such as

  • Deciding the appropriate division of the capital you contribute to a corporation between stock and loans.
  • Determining the best form of ownership.
  • Helping set up the books and records of the business.
  • Advising computer needs for accounting purposes.
  • Filing tax returns, advising on the compensation of owners, preparing financial statements, helping forecast cash needs, including whether to expand, the addition of employees and determining profitability.

He or she will have a continuing role in filing tax returns, advising on the compensation of owners, preparing financial statements, helping forecast cash needs, including whether to expand, the addition of employees, and whether you are really making money in this venture.

You will need to decide with your accountant what kind of financial statements are prepared.

Featured Video: Business Partners

Your Payroll Service Provider

All entrepreneurs face the dreaded question, “How am I ever going to handle my payroll, payroll taxes and comply with ever-changing state and federal laws?”

Thanks to efficiencies achieved through computer technologies, a huge industry has emerged to take over increasingly complex payroll issues. “Payroll Service Providers” now permit small businesses to outsource these functions at very low costs. Now the start-up entrepreneur, even with a payroll of one person, can “outsource” his or her Human Resources department.

There are many payroll service providers listed on the Internet (go to “payroll service providers” on search engines.) In recent years, payroll service providers have expanded their services to handle other personnel issues as well, such as managing retirement plans, workers compensation insurance, and pre-employment verification. Many payroll service providers incorporate services such as

  • Business Tax Protection & Payment
  • Health Insurance
  • Human Resources Help Desk
  • Human Resources Software
  • New Hire Reporting
  • Payroll Tax Calculation, Deposit, and Filing
  • Pre-Employment Screening/Background Checks
  • Reporting Solutions
  • Time and Attendance Solutions

Your Pension Plan Manager

As a business owner, you can participate in the benefits of tax-deferred pension plans for yourself and your employees. Good pension planning will help you attract and keep good employees. Some payroll service providers now handle pension plan management.

Your professionals can also be of significant assistance in helping formulate your business plan by advising on

  • The appropriate form of organization.
  • Roles of each partner, such as the control of each party.
  • The areas in which each will have primary responsibility and the ownership of each party.

In connection with the acquisition of an existing business, they should advise on good and bad terms of the proposed deal and help negotiate with the seller and his or her attorney.

Finally, they should advise on your need for capital, both at the inception of the business and what additional capital will be needed if the business is successful and you decide to expand.

Your Pre-Employment Screening Service

Pre-employment screening is especially important when you are starting because you don’t have ongoing revenues to offset mistakes. Many start-ups skip screening because they’re unfamiliar with it or don’t know how to have it done at a reasonable cost. Unfortunately, this can open them up to resume fraud among other undesirable possibilities. Also, many tips on how to go about the hiring process can be found through search engines by entering “hiring tips.”

Consider Outsourcing

As an entrepreneur, your time should be focused on building up your business. A good way to do this is to outsource all the administrative and specialist tasks to external professionals.

Before you start up, collect referrals to and references about lawyers, accountants, and insurance agents so you can select the most appropriate professional advisors well before the time you will need their services. Perhaps they will provide you with initial free consultations for considering them as members of your professional team.

Building your business – Part 3

How useful was this post?

Click on a star to rate it!

Related Articles

Related Posts

business owner surprised at start up business mistake
Starting a Business

A Brave New Entrepreneur for A Brave New World

September 13, 2019
business checklist of things to look out for
Business Planning

Things Entrepreneurs Should Watch Out For

August 14, 2020
step by step business plan creation
Starting Up

A Great Business Plan

September 10, 2019

Must Read Articles

Episode 8: Get Organised for the Future
Business Bites

Episode 8: Get Organised for the Future

December 10, 2020
Episode 7: Pitfalls to Avoid While Your Business Grows
Business Bites

Episode 7: Pitfalls to Avoid While Your Business Grows

December 10, 2020
Episode 6: Best Advice for Young Businesses
Business Bites

Episode 6: Best Advice for Young Businesses

December 10, 2020
Episode 5: Plan for the Worst Case Scenario
Business Bites

Episode 5: Plan for the Worst Case Scenario

December 10, 2020

Popular

Business Bites

Episode 8: Get Organised for the Future

December 10, 2020
Business Bites

Episode 7: Pitfalls to Avoid While Your Business Grows

December 10, 2020
Business Bites

Episode 6: Best Advice for Young Businesses

December 10, 2020
Business Bites

Episode 5: Plan for the Worst Case Scenario

December 10, 2020
Business Bites

Episode 1: Planning for Risk in the New Environment

December 10, 2020
Next Post
Building Your Business Series – Part 1

Building Your Business Series - Part 1

Business Stage

  • Managing Growth
  • Starting Up
  • Scaling Up
  • COVID-19 Resources
  • Business Bites

Key Topics

  • Accounting & Finance
  • Business Planning
  • Operations & Technology
  • People & Culture
  • Planning for Growth
  • Sales & Marketing
  • Starting a Business

Additional Links

  • Webinars
  • Contact
  • Privacy Policy
  • Terms

© 2021 Republic Bank Limited. All Rights Reserved.

No Result
View All Result
  • Starting Up
  • Managing Growth
  • Scaling Up
  • COVID-19 Resources
  • Webinars
    • Home-Owner’s Guide To Securing A Mortgage
    • Getting Business Credit From Your Bank
    • Succeeding in the Low Touch Economy
    • Get Going With Ecommerce
    • Mindset To Success
  • Sustainable Development
    • Building Resistance to Disruption
    • Creativity and Sustainable Societies
  • Business Videos

© 2021 Republic Bank Limited. All Rights Reserved.

Cookies

We use cookies to improve your browsing experience on our website, to analyse our website traffic, and to understand where our visitors are coming from. By continuing to browse our website, you consent to our use of cookies. Find out more.