Company registration is one of the steps that a serious company owner must undertake. Before starting a business, it is essential to decide on its basic details including the name of the business, a clear plan regarding its operation, the objective for beginning the business, the name of the business managers, owner and if possible, the company secretary. After coming up with this information, you need to choose on a suitable method for company registration, appoint or hire an accountant, register for the VAT and open the bank account for the business.
After making these details clear, company registration will now be possible to be undertaken. It will also be possible to carry on with trade. When deciding on what company name to choose, you may decide to come up with a name that is peculiar for your business or decide to buy an off-the-shelf company which has a name under its incorporation.
By choosing to start a limited liability company, you obtain the legitimacy mark and a professional symbol for all the other businesses. During company registration, anyone can create a business name and call it a business. But, starting a business that will succeed takes effort and dedication. Although there are certain minimal costs, by undergoing company registration, you are putting up a legal instrument that will facilitate the running of your business. A good number of non-devoted entrepreneurs and other scam artists will do very little to go through the process of company registration.
A good company should have one director and shareholders. Besides, there ought to be some rules contained in the Memorandum and the Articles of Association. This is an important requirement needed in starting a business. The new company will be required to have an office where all official notices and other correspondence are channeled. Moreover, starting a business requires you have a new address.
Starting a business in Ireland can be done through several options. The common ones are ones that require one to go directly to the Companies House, utilizing a company formation service online, use of a contractor accountant or through a formation agent.
Before starting a business, it is vital you research on each of these options and choose the most suitable one. There are costs associated with each method. Most business owners find it taxing to use the direct method because of the numerous formalities and duration needed. Consequently, many entrepreneurs would seek the services of a professional to help them carry out the process of starting a business. There are several online agencies that are competent enough to help in setting up a company.
In Ireland, there is the Quick Company Formations which is out to assist solicitors, new business owners and accountants start up their businesses. You only need to visit their website, check out the available services and costs then place an order. They have been in the business for long and thus have the necessary experience and expertise required to enable you register a company. Apart for company registration, they also offer other services including company restoration, tax registration, and change of company name, and filing of the first annual return, among other services.…
The ideal business for people who enjoy helping others. That is what Robert Kiyosaki has to say in his book Business School. The author makes an excellent case for the network marketing industry and refers to MLM as the business with a heart.
Robert Kiyosaki did not make his millions in network marketing. However he has spent a few years investigating it and has even joined a few companies. He then became friends with several leaders to get to the core fundamentals that he lays out in this book. Namely that the education you attain through network marketing is the highest quality business and personal development education available today.
I have often wondered why so many people that have already created great wealth have decided to become network marketers. The people I’m talking about are professional athletes and CEOs of big corporations. I have even heard the names of a few celebrities from the entertainment business that have started their own businesses this way.
I believe that it is our duty to open people’s minds to the possibilities. This book makes it easy for us to share the educational aspect to all of those that are stuck and feel there is no way out of their job or their debt. I know that I am going to purchase a few copies of this book myself to lend out to others. I think it is the perfect, non-invasive approach to get permission to share my opportunity with people that I know.
This book explains all of the benefits that are usually neglected in the business presentations generated by the various network marketing companies. It is written in an easy to understand language that is a joy to read. It is also a quick read at only 123 pages. It is perfect for lending out on a weekly basis with a built in reason for a follow up.…
Don’t Risk Taking a Nosedive – Factors to Consider When Plunging Into the Home Based Business Market
So, you’re ready to join the ranks of the self-employed and start your own business. You’re tired of corporate instability and employment uncertainty, and you’re ready to control your own financial destiny. Terrific. But wait just a minute, have you really considered some of the critical factors before taking the plunge into the home based business market?
Many eager entrepreneurs, especially those unfortunate souls who have recently (or even not so recently) joined the unemployed, drive into the home based business industry without truly considering whether the decision to start up a new business is a wise decision.
As a result, much time, money and eventually heartache is spent trying to launch and build a business that, with a little preparation and research could have been avoided. So, let’s get started with some basic factors to consider when determining whether should start your own home based business.
First, determine whether the home based business you are considering is legitimate. Home based business scams abound and unfortunately in today’s climate, many individuals fall prey to unscrupulous operators looking to make a quick dollar on the unsuspecting potential business owner.
When evaluating work from home opportunities, try a quick Google search by entering the business type and the word “scam” in the search bar. Generally, reviews for that business or product will appear, which will provide you with a good indication of whether your business opportunity is legitimate. Additionally, perusing online forums are a great way to see what others are saying about various home based business offerings.
Second, make sure that you can truly afford any start-up costs associated with launching your new business. It’s important to understand the start up costs associated with launching and maintaining the business for the first year, and to ensure that you have the funding necessary to weather any slow cycles or seasons. Trying to scrimp and squeeze out the funding to launch, especially if you’re taking from other critical expenses such as your household budget, can place a strain on you both financially and emotionally.
And finally, ask yourself whether you have the basic experience, knowledge and passion necessary for that particular business. It’s oftentimes much more difficult to start a business in an area in which you have little or no experience, knowledge or expertise. And, while it can be done, the most successful home based businesses are those where the owner has some level of understanding about the business opportunity or product offering. Thus, it’s best to try and ensure that your skills match the prospective business.
Remember, regardless of the type of business you ultimately choose, any successful operation will require many hours of your time to manage and work the overall business. Initially, there will likely even be a period of hard work for very little results, as is the case with any new business venture. Therefore, the more passion you have for the business, the more willing you will be to put in the long hours required to build and maintain a successful home based business. For more information about home based businesses, visit…
One of the great freedoms of entrepreneurship is creating a job that fits perfectly with your personal work style. If you don’t account for your own preferences before you launch a business, you are likely to lose interest in the project and have difficulty keeping yourself motivated. The most successful entrepreneurs are very self-aware and build their business ideas around their own strengths.
Your first consideration is whether to launch your business full-time, part-time, or in your spare time. Each option means different things as far as what type of business to select, how much time it will take to plan and launch, and whether you can expect significant growth. Spare-time startups are the natural result of an existing hobby or interest. If this is the case, be careful. If you take repeated deductions of business losses over several years, the IRS may re-classify your business as a hobby, leaving you on the hook for underpaid taxes.
Part-time startups are typically intended to supplement income or reduce risk in the hopes of growing the venture to a full-time endeavor. If you are looking to supplement income, then your part-time startup will have to limit growth and be a fairly flexible endeavor. Planning to grow a startup from part-time to full-time can be more difficult. Businesses tend to grow in step-change spurts, when a combination of efforts seems to pay off overnight. In these cases, it is critical to prepare yourself and your business through solid planning.
Another work style factor to consider is where you are happiest working. For some, a home office is ideal. For others, the other distractions of home life make it difficult to be productive. Some entrepreneurs prefer to always be on the move, traveling the area or the country on a regular basis. Also consider the level of interaction with others you are most comfortable with. Do you want to be chatting up strangers much of the time or do you prefer to be behind the scenes?
Develop a vision of what you want your work life to be. Define a typical day — where will you be? What will you do? Once you have a clear idea of how you do your best work, selecting the right business will be much easier, and your ability to turn your idea into success is magnified.…
Whatever the business you plan to start, you will need to line up certain external resources to keep your venture protected and managed. The Big Five professionals every entrepreneur should have on speed dial are an accountant, insurance agent, banker, real estate agent, and lawyer. Of course, any good bootstrapper will handle as many business issues on their own as possible, especially during the early stages, in order to maintain knowledge and control over the venture. But at some point your successful company will require the services of each of these outside professionals.
It is in your best interest to begin building relationships with each of these professionals as early as possible in the life of your business. Whether or not you will use their services right away, you can set yourself up for an easier road when you do need them. Often, the times you realize you need these professionals is when something bad is happening — your business gets sued, you run into a serious cash crunch, or your landlord breaks your lease. These are not the times you want to be searching for the right professional to handle your problems.
Generally, we recommend that you select your Big Five professionals during your planning and startup stages. Don’t rely on your cousin’s girlfriend’s brother-in-law to be the right guy for the job. Take the time to meet and interview several different people in each profession and do your due diligence to ensure they are the best choice for your business and where you want your company to go.
You don’t necessarily need any of these professionals to have 25 years of work experience, but you do need one who is knowledgeable about and specializes in whatever it is your business does. First and foremost, they should understand the issues in small business. Beyond that, every industry has its own particulars that your Big Five professionals should be comfortable with.
In the case of your business attorney, it can be better to go with a full-service firm than an independent boutique lawyer simply because the larger firms have partners that specialize in all different types of issues. Your banker, insurance agent, accountant, and real estate agent should all deal primarily with businesses of similar size and trajectory of yours and have more than a passing familiarity with your specific industry.
One important advantage of securing your big five professionals early in the life of your venture is the additional networking opportunities they can provide. However, if their networking skills are not up to par, they won’t be much help to you. Look for professionals who are reliable and consistent about getting back to you right away, answering your questions honestly and clearly, and are excited about your business idea.
Some bigger law firms have partners who do all the selling but very little of the work. Not only is it difficult to build a strong networking relationship if you don’t even know the guy who actually does your work, but those partners are generally focused on finding new clients, not on keeping you happy. If the professionals you are considering can’t be bothered to meet your expectations in terms of networking with you while you are looking to become their client, don’t expect them to show up when you really need them.
Take the time to find your Big Five professionals, including your business attorney early. Keep them up-to-date about your progress and build the relationship over time. As your startup grows into a thriving company, you will have built-in allies who will be looking out for your venture’s best interests along the way.…
For new entrepreneurs, sometimes it can be difficult to decide what you want to charge for your services, and understand how to bring together your dreams and desires while still making the math work; you have the dream, but where does that break down into cold, hard cash? Here are 5 pitfalls that I see happen time and again with new entrepreneurs:
They don’t begin with the end in mind. New entrepreneurs are often so worried about making a living that they don’t consider being selective with their hours or clients. The set an hourly rate that forces them to reach their income goal through volumes of meetings and work! This is a perfect way to wear yourself out and begin to feel like you’re just punching a clock again.
They only use their gut to decide what they should be charging. Checking in with your internal body compass is a great way to assess if you’re on the right track, however, so many people tell themselves “stories” about their money that sometimes this isn’t the most effective method-most new entrepreneurs get a knot in their stomach just from thinking about charging someone, so you have to get past that story before you can objectively look at pricing.
They are starting part-time and defer the decision. Some new entrepreneurs tell themselves, “I’m transitioning from my existing job and doing this on the side, so I don’t need to start charging what I WANT to charge immediately.” This just defers the inevitable AND causes you to work at the job you want to leave for that much longer!
They don’t use the right math to figure out how to maintain their existing lifestyle. Most new entrepreneurs use their salary from their last job to determine what they need to maintain their life, but being an employee and being a self-employed business owner are so different financially that new entrepreneurs lose time and money because of miscalculated assumptions.
They under value the experience they have. Many new entrepreneurs are paralyzed by the thought that part of their rate is a reflection of experience and mistakenly think “small” when setting their rate. What new entrepreneurs need to realize is experience is subjective, and the actual game changer is the level of confidence they have in their direction! Each one of us was put here to offer something unique to others.
One of the reasons a person decides to become self employed is improving their bottom line, yet sometimes the thinking that caused them to originally be frustrated with their finances will also bring those same issues into their new business.
When new entrepreneurs only look at what they are comfortable charging, and they don’t figure out what they should be charging, there’s bound to be setbacks. Avoiding these pitfalls will ensure that the new entrepreneur does not waste time or money when launching their new venture!…
For some people starting a business in Australia, deciding whether to set up as a sole trader or establish a company can be pretty daunting. How do you really know which option is best for you? It can be confusing. Between the labyrinth of government websites, lawyer’s legalese and accountants Excel spreadsheets… deciding the best structure can be incredibly tough.
Making the right decisions when starting a business can be hard. Hopefully this simple layman’s guide to deciding whether to sole trade or start a company will help.
Business founders who decide to start up business as a Pty Ltd company are often on the right track. The benefits of a Pty Ltd company structure make setting one up the wisest option. This is especially the case if you are:
starting up with business partners, be they Directors or shareholders
seeking fast growth
plan to supply to major corporations
intend to hire staff
seeking to maximise the benefits of a tax effective business structure
considering equity investment
want ‘street cred’ as an Australian company
already considering exiting the business at some stage
If one or more apply to you, you should seriously consider forming a Pty Ltd company. That’s not to say setting up as a ‘sole trader’ is not a suitable option. However, people who set up to ‘sole trader’ usually fall into one of the following categories:
starting up a hobby business to supplement income
starting a part-time businesses
planning to work as a one man/woman band for the foreseeable future
testing the waters in business for the first time
looking to run a business that fits an existing lifestyle
generally not seeking significant growth.
Every person’s circumstance is different so exceptions to the guidelines above do occur. The decision is not always simple or clear cut. Age, industry sector, start up capital, family status, asset base and a range of variables should be taken into consideration.
For this reason, input from a professional, such as a lawyer, accountant or a specialist start up firm is very much worth considering.
What else determines the decision to choose between sole trader and Pty Ltd?
In a word, liability. And it is so important a point it deserves a section of its own. As a sole trader your liability is unlimited. That means if you are sued your personal assets (house, car, money in bank, valuables etc.) are 100% exposed. A Pty Ltd company structure offers a better level of asset protection, as the business is its own legal entity (and therefore separate from you).
Regardless, for all new businesses we highly recommend business insurance. It’s like going out for a walk on a cold Winter’s night with a really warm jacket on. However, for sole traders with 100% liability risk, insurance cover is doubly important.
What about the cost?
Setting up a Pty Ltd company in Australia is a little more expensive that setting up as a sole trader. However, for the sheer value it delivers, we believe that in many cases it is worth the extra few dollars.…Read more