How To Start A Family Business

It's easy to start a family business and be your own boss, but in fact, we need to pay attention to the steps and methods. Here are some suggestions.

First, make a general plan for an enterprise. If you want the company to succeed, you need to prepare well, that is, an enterprise plan that includes your goals and the time frame needed to achieve this goal.

The main provisions of enterprise planning include: 1, the industry you run, where the industry has prospects and how it will affect your business.

2, market analysis and research: ensure that there is enough demand for goods and services to enable enterprises to survive.

3, land, buildings and equipment specifications, including local regulations.

4, the number of people to be employed.

5, including the financial plan of balance sheet and sales profit forecast.

6, the company's risk summary, such as the rising cost of raw materials, how to eliminate or reduce the impact of risk.

Before you set up your own company, you should consult accountants and accountants.

Second, calculating the funds needed to realize the dream of setting up a small business requires money. Of course, running a family owned enterprise will have some tangible business interests, including the cancellation of low management fees and income tax (part of the rent or mortgage interest, cost, property tax, equipment cost of the company stock).

However, you still need to prepare funds for running the enterprise.

The quantity depends on the type of enterprise.

In fact, they may have relatively low income in the initial stage of operation.

The cost of internal expenses and rising fixed costs should also be taken into account regardless of income.

The cost should be considered as follows: 1, set up family desk, computer, fax machine and commercial telephone line.

2, professional personnel (nuclear lawyers and accountants) service fees.

3, supply, raw materials, deposit or loan or sample (if the finished product is sold).

4, suitable for family based comprehensive insurance, including personal, product liability to fire, loss, disaster protection, and even automobile, disability insurance.

5, bank's service charge.

This should be taken into account unless you identify more cost-effective service pactions.

6, registration fees.

Do you want to be a successful family business owner? Well, please follow the above advice and make a general rule of business and self test of work to discover your potential.