Top Tips for Starting your Own Company
If you have a brilliant business idea and you think you have what it takes to get it off the ground, you are to be commended. Many of the billionaires of today suddenly had an idea one day, then with some planning and lots of hard work, their dream became a reality, and if you’d like to live a life of private jets and Lamborghinis, there is an awful lot to consider.
Company Formation
The geographical location where your organisation is located has a great bearing on your business environment; you are under that country’s laws and must follow their taxation guidelines and other administrative aspects – so think carefully about where you base your business. If you’re wise, you’ll take a good look at company formations in Vanuatu, a small Pacific Island nation that encourages businesses to locate there, offering zero corporation tax and a host of other concessions. A Google search will put you in touch with a local law firm, and they can guide you through the company formation process, while also having your best interests at heart.
Why Vanuatu?
The benefits of registering your business here are indeed many; firstly, there is no corporation tax, plus the minimum investment is a mere $300 – and you do not have to announce shareholders’ names when registering the company. There is a long list of benefits that come with registering your business in Vanuatu, which include an English-speaking environment, low or non-existent taxes and a degree of anonymity, which is very attractive.
Intellectual Property Rights
This may or may not come into your picture, but if your idea is protectable by law, then you should make the appropriate legal approaches to patent or copyright your idea. Your idea might involve the Internet; perhaps you have thought of a way to use this digital platform that is unique, if so, you can likely copyright this.
Capital
So many great business ideas remain just that; ideas, as the entrepreneur is unable to find the required funding, yet if you are determined and convinced that your idea will take off, you should be able to finance your planned business. It might mean taking some of the equity out of your home, or using one of the online business startup loan providers, but you must crunch the numbers and make sure that: a) you have ample funding to set everything up, and b) you have enough money set aside to survive for 6 months without making a single sale!
Business Plan
This should very much be your Bible; something that details every aspect of the company – marketing plan, startup costing, projected forecasts, running cost estimates, along with a long-term strategy on how you plan to obtain your market share. When you think your business plan is complete, hand it to a few business gurus, who will no doubt find fault and help you to revise accordingly.
If you choose the right location and approach the project with drive and enthusiasm, there’s no reason why you can’t create a business empire.
