To ensure that your business prospers you have to know something about the legal structures under which you can trade and which suits you best at the outset. You need a business plan to help you both test the viability of your proposition and to share your ideas and aspirations with others, including potential investors, bankers or partners. You also want to review the financing options to make sure that you get both the right amount and type of finance for your business needs. You don’t have to do all this on your own, because the chapters in this part list key organizations that offer advice and help to business starters
Staying in Business
After you get going you’ll almost certainly need to employ staff either full time, part time or on a temporary basis. This involves legal responsibilities that you should be prepared for. A business needs controlling in much the same way as a car or plane does. You need to understand what the key control documents are, and what they tell you about how your business is performing. You also need to have a sound appreciation of your income, expenses and tax liabilities, and how to minimize those liabilities legitimately.
After you have your business up and running you want to see how fast you can make it go without blowing a gasket or running off the road. Part of this process is a bit like fine-tuning a car engine. But part involves substantially changing everything, including the products and services, the markets you serve and perhaps even the very nature of your business operations. The process may even involve adopting a strategy to franchise your business idea, bolt a franchise onto your venture or form some other form of strategic alliance. This part covers the ins and outs of expanding your business safely and smartly
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