Saturday, March 21, 2009

17. Small business of Legal guide

Owning your own business is one of the surest ways to establish financial security for you and your family. Whether you have been in business for a long time or not, it pays to know your rights as a businessperson, as well as the legal environment of business. This book gives useful, practical, and down-to-earth information on everything you need to know about starting your own business to managing it effectively.

It will teach you how to do things right the first time, and help you spot and resolve potential problems before they get big. Most of all, you will not find legal jargon and technicalities here – just simple and straightforward discussions of how the law affects businesses everyday. A sound business idea should be economically sensible. You really don’t want to start a business and file for bankruptcy in just a few months?! Study the potential success of your business idea.

Tap the resources of your local library and the internet. Also, read books and magazines that encompass your business idea. Bottom line is you should have as much working knowledge about the business you plan to put up.Most small businesses fail because of unwise financing. Figure out the particular needs of your business, particularly its cash flow situation.

Consult trade associations, government offices that assist entrepreneurs like you, and professional financial planners like accountants, bankers, and business lawyers. Aside from helping you figure out the specific needs of your business, they can also give you ideas on how to secure capital for your business.Be creative when looking for capital. Capital (i.e. money) is the lifeblood of any new business. You can get it from your own pockets, from loans, or from investments made by individuals or institutions.

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