Business News

Wed Oct 11

Five Steps to Take When Setting Up a New Business

Written by News Feature Team

Deciding to start a business is very exciting. If you have been thinking about going out on your own for a while then you may already feel like you can jump right in and get started. While your excitement is great, it's important to follow the following five steps to make sure that you are planning ahead and to give your business the best chance at succeeding.

Come Up with a Business Idea

Some people may have been planning their business from the time that they were little, while others aren't really sure what they want to do. It's smart to think about what your strengths are as well as what niche you could fill with your business. While you might bake some amazing cupcakes, if there are a dozen other custom cupcake shops in town you may have trouble competing for business.

Create a Business Plan

This is an important step and one that many people don't do well. A business plan includes your marketing plans, strategies for success, how you will finance your company and when you expect to turn a profit, and benefits that investors can enjoy. This plan will help you see if your business is feasible and will allow others to analyse your business’s profitability before they agree to help you. Every investor and bank will ask to see your business plan before talking with you, so this is a great place to get outside help if you are struggling.

Get Financing

Your business plan is important in guaranteeing financing. As a small business owner, you can go to a bank, private investor, or friends and family members. Each potential financier will want to see your business plan, and there are pros and cons for each. Friends and family members as well as private investors will likely ask for a portion of ownership, while financing through a bank is usually expensive.

Think about the Legalities

Choosing the right legal structure for your business is important. Corporation, partnership, or sole proprietorship are all options, and each have pros and cons. You'll have to file paperwork for your business with the state and make sure you have a TIN for tax purposes.

Open the Doors

This is the exciting part of owning a business, but it can also be expensive. You need to have a place for your business, whether it be in an office building or a spare bedroom in your home. Make sure you are set up for taxes, have bank accounts ready, and have brushed up on your bookkeeping skills. Having a strong online presence will help too, as customers look for companies online and like to interact with them through platforms such as Twitter and Instagram. Hiring an SEO company to help you with this will ensure that you have a great online presence.

Don't rush into opening your new business. You are more likely to succeed if you take time and put effort into planning and making sure that you have the capital and resources. Getting help from experts will add to your costs, but may help you turn a profit more quickly and reach your goals.

Tue Oct 10

What To Know About Doing Business In Europe

Written by News Feature Team

There are plenty of reasons to do business in Europe, but also unique intricacies to make sure you have a handle on before doing so. Some of the benefits of doing business in Europe, particularly if you’re a US or Australian-based business include the fact that language isn’t often an issue, many of the processes are similar in these locations, and the infrastructure is strong.

Of course, there are differences as well, and there are things you should keep in mind to ensure it goes smoothly.

The following are some things to know about doing business in Europe.

Choose the Right Expense Management Software

When you’re expanding your business to Europe, one of the first things you should do is find the right global expense management solutions.

You’ll need an expense management platform that can handle the tax complexities in Europe, language issues, and currency conversions. It’s best to look for a platform that automates all of these processes to make it as simple as possible. Also, when you’re operating across geographic borders you want to ensure everything is centralized and visibility is robust, and also that employees can track expenses from anywhere at any time.

Be Ready for Face-to-Face Interactions

Despite the widespread availability of digital communication tools, in Europe, face-to-face interactions are extremely valued and important. If you’re setting up shop at any scale in Europe, you should be prepared to meet this expectation.

You’ll of course also want to learn about local customers, cultural considerations, and business practices, but you need to go beyond considering the EU as a whole, and instead look at individual regions and countries because it can vary significantly even among countries that are part of the European Union.

Centralized Rules

While there are many localized rules and regulations for doing business in the EU, there are also centralized ones as well.

As an example, there’s a new one that goes into effect on May 25, 2018 called the General Data Protection Regulation or GDPR. This one is an extension of existing data protection regulations, and it’s going to put more stringent rules on how data is handled. It will dictate important rules on how businesses and organizations use and store personal information, and businesses operating in Europe will be required to create the right infrastructure and processes to adhere to what’s outlined by this.

Consider a Partnership

In Europe the concepts of bright new ideas, products, and services are welcome, and sometimes the best thing companies from abroad can do to break into Europe is create a partnership or merge with an existing company. Acquisitions can also be a good route. The European startup scene is currently booming, making it a great time to start exploring these opportunities.

If you’re a corporation that’s looking for international expansion, keep your ear to the ground regarding promising new European startups that could offer you a valuable opportunity. Right now it seems like the sectors to really watch include healthcare and environmental.