Setting Up A Business: Essential Do’s & Don’ts
This article takes a look at some important do’s and don’ts when setting up a business.
If you have a fantastic business idea that has passed all tests with flying colours, you will probably be well into creating your business plan and thinking seriously about marketing strategies. In order to assist you with a successful business launch, we have put together essential do’s and don’ts for setting up a business.
Do Create A Business Plan
Some entrepreneurs are under the impression that a business plan is only needed when looking for investors, but nothing could be further from the truth; a business plan is an essential document that guides the business owner to success. A comprehensive business plan contains a general overview, start-up and running costs, marketing strategies, and a detailed diagram that shows the various roles of employees. When you think your business plan is complete, ask a seasoned business coach to take a look and if there are issues, he or she will find them.
Don’t Overlook Digital Marketing
Whether you run a flower shop or a team of direct salespeople, you will need to invest in some form of digital marketing, in order to create and maintain a strong online profile. Strategies including SEO and social media marketing can be combined to create a dynamic digital marketing plan that delivers results.
Do Choose The Correct Type Of Business Registration
Talk to a leading BOI Certificate of Registration attorney about business registration options and there are a few different types of business that you can register. It is possible for a foreigner to own 100% of a business in Thailand and the Thai Board of Investment offers many incentives to attract foreign investment into the country.
Don’t Forget Business Insurance
As the business owner, it is your responsibility to minimise the risks by taking out relevant insurance policies. General liability insurance is one policy you will need, while you should also cover your business premises, inventory and all vehicles. You should also take out insurance that protects you from compensation claims, which could wipe out a small business if there was no cover for this.
Do Some Serious Market Research
You need to be 100% sure that your products or services are in sufficient demand and that you have the ability to successfully bring your product to the market. You will want to engage the services of a professional marketing agency to create a dynamic brand.
Don’t Forget Accounting
Even before you start trading, you should be keeping accounts; all expenses should be logged in the correct column of a spreadsheet and a bookkeeping routine should be set. Most small business owners outsource their bookkeeping and accounts to a local chartered accountant, which costs very little and ensures that you don’t fall behind with your business records.
It has never been easier to set up your own business. Make sure you register the organisation with the government and take some legal advice before doing anything. The business plan should be your guide and therefore, you should spend a lot of time on such an important document.
