How To Make Your Business Successful

How To Make Your Business Successful

Either you wish to make your own business, planning to make your own business or already have an established business. You need to be prepared to move forward, creating sales, promoting the business and always be on the edge. Here you have some ideas, and suggestions so that you can sail through in some situations and to have your business in good standing or make it successful as you start your own business.

Business Plan: Have Always a Plan B

When we began a business we always have to elaborate an idea to create sales and to obtain an appropriate loan or to present the plan to possible associates or investors.

Many times long terms plans are made and are not followed thru, and short-term plans that have no real analyzes. The most important is to conduct a marketing study, to analyze objectives with possible associates and to have anticipated minor details. A deep study made by professionals is the best to elaborate responsibility, honesty, and punctuality in the business plan. Nowadays, in practice, not everything comes out the way we waited for and we have to make adjustments in some matters. Do not wait to follow in detail the business plan if this is your first business, it may occur that by working on the model plan you may see, what you expected to be sold, is not gaining enough public interest in many of routes or maybe people are changing direction. Today there are more products and you need to confront competitors, the best is to create marketing and sales study on monthly bases to be able to see the changes in people interest and acceptance.

Today there are more products and you need to confront competitors, the best is to create marketing and sales study on monthly bases to be able to see the changes in people interest and acceptance.

What to do if some of your products don’t work after some time? To overcome this problem redirecting the company may be necessary, also to include a marketing, and business plan. Have alternative routes handy in your desired path. Start slowly and don’t forget to make enough promotions in your business having a plan B can save you from a difficult situation, transforming for the best of your company. In conclusion, having a plan A but not obsessing and forgetting, having in mind possible changes that may occur according to the community. And having a plan B to redirect everything if this is the case.

Client

Have in mind that having a product or products are important, the client is more important, you always have to be the anchor of your company.

Make a marketing study or hire professionals that can base the necessities and demand.

There is a certain type of clientele that is more variable and many times don’t know what they want or needs, that which it seems more attractive is what the customer wants.

On the other hand, there is a type of client that knows what they want and don’t want any other product even overtime.

And there is the third category of customers that know what they want and is flexible to listen and to accept ideas and proposals.

If you make a marketing plan based on customer’s needs along with consideration of how to maintain a customer? So hiring people that can elaborate a marketing plan, the result will lead you to be prepare for this three basic customer types and you will be able to guide your customers, when compliance to their needs and offering good promotions that can be supplied when they “exist” that are investing or saving in something worth lasting the objective is to overcome obstacles and that your clients are happy with what you have to offer them, to capture the attention of the potential class of customers. Sooner or later costumers will approach you, promoting your business you need to make a list of important clients and have a plan of specific promotion for them.

After having study their needs following up with emails with innovative offers (tentative offers) to their needs Do not forget the treatment towards them and your associates, via telephone or in person it needs to be excellent always having an open disposition each time to find solutions, having good humor and kindness.

Team

One of the keys to a good business is to have a person that knows how to work in teams maybe now you just began your business and have one partner or two the idea is the same; fix goals and maintain the harmony; but what happens if you can’t afford to pay your workers when starting your business? Consider options in your services, if you provide course training, for example, you may offer one course or more in exchange for hours or months of collaboration digitally The importance is that you and your collaborators may feel good.

Now what to do if your company has lowered the quality? You need to analyze fast three aspects: the quality, the customer service, and competence. For example, there are many restaurants that offer good quality food, but the customer service is poor Will you go to dine out to a restaurant in where the food is good but has poor customer service? No really! And if you dare you will do it only one time.

For instance as another example, if the restaurant has excellent customer service, but the quality of food is bad, in contrast, another restaurant may have a better price, you will refrain from going to that restaurant. For that reason you need to be in the lookout of the competitors, having promotions that offer change Having actual modern tendencies can help you to please better your customers, that is according to the area of work you need to make emphasis in your teamwork, how can I improve? How to deal with customer service? How fast is an efficient to emphasize your work? Have in mind to have explored business courses, and customer service in the area of work you have to offer your customers. Above all how to deal with difficult clients, if you have not participated in a business curse is time to do it or you may have to change the team of workers.

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Loans

At the start of your business, it is normal to request a loan, in which you may have already elaborated a business plan the best is to look for assessment in what is required, but if you already have a company and you are stock, wish to improve it or make it run faster, the idea is to look for a loan in where you can invest in:

  • Furniture or equipment
  • Quality products
  • Training business
  • courses
  • Marketing plan and promotions at a high level: (flyers, advertisement, radio, internet etc.)

Digital Media

Another era has passed we are in a modern digital era. You cannot be left out untouched. Knowing that you want your business working in a short-term and you want to see it growing. Many business people watch their business from outside, finding if they sale or how much they sale, and that spend time traveling to make promotions, or simply they cannot spend one day in their company , the computer programs and applications are making easy all the purchasing transactions, so the business is not hard worked and for last the marketing promotions in internet are helping in the growth of many companies, in which companies are recognized by social media that are contributing in moving to other levels thanks to the potential clients in the red in and out of the internet. Whichever your business is, the best is to look for ways to digitalize with programs in internet websites. If you need an assessor look for one, you will have all in a more fast pace, you will have the answer you need, and have in what you invested in Having a position in the market and to maintaining positivism, many times the tendencies do change, but everything comes to normal when you retain a strong initiative, passion for what you do and perseverance which is another important key to your business to be successful.

Tips for Business Incorporation in the USA

Venturing into the United States market can be rewarding for many foreign-based businesses, and since U.S. citizenship and residency are not requirements, non-U.S. citizens are free to start or expand in the United States without wading through any more red tape than a U.S.-born small business owner.

Choosing a legal business structure

Using the standard incorporation procedures issued by each state, citizens and residents of other countries outside of the United States are free to incorporate their business on U.S. soil. The primary benefit of incorporation is that your personal assets are protected from risks such as losing your house or savings. In deciding which legal structure to set up, many non-U.S. companies operating in the United States consider the following business types:

Limited liability company (LLC)

The LLC is a business structure separate legal entity offering limited liability to the owners, who are called members. You can actually choose how you would like your LLC to be taxed. Flexible taxation, liability protection and you create your own management structure. You can have a partnership style management structure where the members operate the business. You can also have a standard corporation style management structure, which is called manager, managed and appointed managers run the operations of the business. This added flexibility is a great feature of the LLC, it can be run as a partnership or with more robust corporate structure, similar to a board of directors and corporate officers.

Now this raises the question, why would you not choose an LLC over a corporation when you are deciding what business structure to incorporate? To start off, corporations have been rigorously tested in court to provide protection from business liability and debts – for centuries corporations have proven reliability here. Secondly raising capital with a corporation is more traditional. Selling corporate stock to raise equity capital is straight forward. LLC’s are the new kid on the block as far as legal entities are concerned and lack the hundreds of years of durability testing that corporations have proved in court shielding business owner’s assets from corporate obligations.

An LLC is appealing because it has no limit on the number of owners or members or who can be an owner. Also, LLCs allow for pass-through taxation, where no tax is paid on business profits at the entity level. Instead the profits/losses are reported on the owners’ individual tax returns and any tax due is paid at the individual level.

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Corporation

This is the grandfather of all business structures. Featuring incredible liability protection, ease of transferability, simplicity of raising capital and perpetual duration. Once you incorporate, you create a separate and distinct entity, or “person”. This is separate from those who own it or comprise it. The entity could have more than one “home”, traditionally where the business is incorporated is its resident domicile, however if the principle place of business is another state, then this could be called a commercial domicile.

Corporations have long been favored for their liability protection over any other business structure. In the rare cases that the shareholder’s assets were reached to satisfy corporate responsibilities, it is usually the result of either fraudulent activity, poorly managed formalities and alter-ego scenarios. This could be an array of issues, but the focus here is that a corporation that is properly established, organized and maintains its operating formalities is the maximum in liability protection for business owners. Proven.

There are two types of corporations, the standard and default “C” Corporation and the IRS classification “S” Corporation. The S Corp is a tax classification giving the incorporated entity, pass-through taxation. This means that the S Corporation is not a taxable entity, the income and losses are reported on the shareholder’s personal tax return. The S Corporation is also limited in number of shareholders, type of shareholders and classes of stock.

Every corporation is responsible to pay taxes on income. Shareholders of a corporation pay taxes on their income and dividends from the corporation, which is called double taxation.

With LLC’s offering incredible flexibility, liability protection and tax classification options, this leaves at least one question, why wouldn’t you incorporate? This is a fairly significant impact for entrepreneurs. Most states recognize and allow for a single member LLC, which would be the same as a sole proprietor and adding additional members mirrors a traditional partnership. In those states that do not allow single member LLC’s, you could simply bring in a family member or someone else that you trust to hold minimal interest in the company and have the operating agreement empower only the proprietor to make all top down decisions and run the business. Another route is to incorporate in a state that does allow single member LLC incorporation and qualify as a foreign entity in your home state – this should be taken into careful consideration with a legal expert if you feel that this applies to you. Since the limited liability company has so few operating formalities and the protection from business liability, and full service document filing businesses, such as Companies Incorporated, who make it easy to incorporate, it could possibly render some older forms of business obsolete those being the unincorporated structures.

When Should You Incorporate

Generally speaking, most businesses, however, small or big need to be incorporated. Of course, there are a few exclusions that may often be classified as “side-hustles” or extra pocket money activities. However, if you are planning on turning your business into your main or substantial stream of income, you will need to think of incorporation. Often times, this is not a legal requirement, but it provides a certain shelter and is part of smart tax planning.

How Should You Incorporate

You need to find the business structure that is right for your venture. Don’t just form an LLC because it works for most. Incorporate based on your unique business characteristics, market and goals. Something that truly deserves a thought is forming an offshore company and this is particularly good for eCommerce businesses. By incorporating in a country, different than your home country, you make your business compliant to the tax system, laws and regulations in that jurisdiction.

Where Should You Incorporate

  • If you are a U.S. citizen starting a business

There are a few options for you depending on the market you want to serve. For example, if you want to trade in Europe, you should incorporate in Bulgaria or Cyprus. Those countries can open a business bank account for you without requiring your physical presence. You will also receive a VAT number, which is something you must have as a trader in the EU.

Other options could be Switzerland or United Kingdom. If you want to spread outside of the Old Continent, good destinations would be Singapore or Hong Kong.

  • If you are a non-U.S. citizen starting a business

If you come from outside of the United States, your best places to incorporate would be Delaware or Wyoming. Especially if your business is an eCommerce. The main two reasons why you should take this step are asset protection and secrecy.

If you choose Delaware you will benefit from a number of tax incentives:

  • No property tax
  • No sales tax
  • No VAT
  • No capital shares tax
  • No stock transfer tax
  • No inheritance tax

Another great advantage here is that it would be easy to attract big investors and industry experts to help you grow your business. It would be fair to mention at least one downfall and that is the requirement to visit the USA personally in order to open a bank account.

Wyoming, as the other very good option, is perfect for small businesses. The incorporation process is quite fast and convenient. It can all be done online. You also benefit from:

  • No corporate tax
  • No income tax
  • 4% sales tax
  • Up to 5.6% local tax

Readers should note that this article is only intended to convey general information on these issues and that FAS CPA & Consultants (FAS) in no way intends for the contents of this article to be construed as accounting, business, financial, investment, legal, tax, or other professional advice or services. This article cannot serve as a substitute for such professional services or advice. Any decision or action that may affect the reader’s business should not rely solely on the contents of this article, but should rather be consulted on with a qualified professional adviser. FAS shall not be responsible for any loss sustained by any person who relies on this presentation. This article is subject to change at any time and for any reason.

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Fulton Abraham Sánchez, CPA I am Certified Public Accountant, specialized in Tax Planning & Offshore Strategies for Real Estate, Hedge/Equity Funds, Fintech, Crypto, Expats, IRS Debt Resolution. You can email me fa@fascpaconsultants.com and follow us on Facebook : FAS CPA & Consultants.

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