Business Advisory 02
DESIGNER / MAX REINERT
Is Entrepreneurship for you?
Being an entrepreneur isn't for everybody. It requires a certain type of personality.
Perhaps you already know you're an entrepreneur and you just want to get started but you're not sure where to begin. We can help with that!
1. A business plan is vital to your overall success! The research that you undertake while working on the plan is verification that your business concept or idea is viable.
Once completed, your business plan will become an overall strategic plan that is a statement of what you want to do, and what you will need to get there. Vivo Masonico can help you develop a detailed business plan.
2. It is important to ensure your business venture operates within the by-laws of your municipality or country. Contact your municipality to determine regulations relating to such things as zoning, signage, parking and to see if you need a permit or license to run your type of business.
Other levels of government may also have rules and regulations for specific businesses. Vivo Masonico can help you researched through the process. Determine which permits and licenses may apply to your business.
3. Decide what type of business you would like to start.
Sole Proprietorship- You are fully responsible for all debts and obligations related to the business
Partnership- 2 or more persons combine resources and share responsiblity.
Corporation- A legal entity seperate from its owners; the shareholders. Consider seeking legal advice when setting up a corporation.
Starting A Business
You've decided to start a business.
If you're not sure where to start, write a Business Plan. Also, a thorough Marketing Plan backed up by Vivo Masonico's Research Team will give you, as well as any potential investors, more confidence in your idea. The Business Advisory Team is here to help you. We are happy to review, discuss, give feedback and suggest more resources.
Do I Need to Register My Business?
Unless you plan to operate your business under your personal name, you are required to either register or incorporate your business. Your bank will require a copy of your business registration in order to open a business bank account. A business registration can be done by Vivo Masonico in Puerto Rico with incentives and laws provided by the Goverment of Puerto Rico. Law for the incentive and financing of young entrepreneurs. There are multiple acts clients can apply for their needs.
Are Any Other Permits & Licenses Required?
Vivo Masonico will help narrow the list of permits and licenses that may pertain to your specific business. You then need to research and either rule out or obtain licenses and permits according to whether or not they are required. It is your responsibility as the owner to familiarize yourself with all that may apply to your business.
Are You Planning to Hire?
There are a number of issues that you will need to investigate when you hire staff. First decide the nature of the relationship. Will they be employees or contract workers? If they are employees, you are responsible for payroll deductions. Payroll deductions can be done online. Depending on the nature of the relationship, you may also be responsible for premiums.
Looking for More Support?
Schedule a consultation with one of our advisors. We can help to direct you to the resources that will best suit your needs.
Are you operating a successful business and feel that you want to take it to a new level? If so, it may be time to start considering a number of areas that Vivo Masonico can can help grow your business with digital marketing. This process will require you to revisit your Business Plan and re-think each element as it relates to the change you wish to implement. A change can affect everything from marketing to financing. It may include anything from franchising and exporting to launching a new product or registering a patent. As always, doing the research before you implement the change will help create stability and a smooth transition that can ensure future success.
Change Starts with Market Research
It is essential that you know your customer. Thats why Vivo Masonico will help you understand their wants and needs and know how to reach them. We use multitude of tools to help you assess and identify details regarding your market. The Business Advisory Team can help! The best quality research includes both primary and secondary data. Relying on industry data without determining how it translates in your local market can be disastrous. It's important to gather your local data as well. We also want to know as much as possible about your local competitors. This information can help us price your product, figure out how you're different from the competition and even decide how to reach your market.
Are you looking for financing to grow?
Updating your business plan and realigning your marketing strategy will also give confidence to your investors. Anyone (bank, family member, angel investor,etc) who is being asked to invest in your company will want to see that you've done the research and that your predictions are realistic and the business has a reasonable chance of success. Investors want a return on their investment.
Should you hire or subcontract?
Hiring or subcontracting may be an effective way to manage growth in your business,but a number of regulations need to be examined first.
Vivo Masonico Business Advisory Team can help you in the following ways:
Free consultations with a qualified business consultant
Business plan development
Marketing plan assistance
Business seminars, workshops, and specific educational activities
Guidance on licenses, permits, registration, regulations, etc. required to start and build a business
Business coaching and networking opportunities