So you are now ready to set up your small business and call yourself an entrepreneur. Now that you have already prepared your initial capital, your staff and your marketing plan, the next step you need to do is to decide the business structure you are going to use.
The type of legal structure you choose for your company is probably the most important of all the decisions you make when starting a business. The structure you use for your business will decide what kind of taxes and how much in taxes you’ll pay, how you will register it. In addition to those, it will also decide how many people will be in business with you up to the nitty-gritty details of your day-to-day operations.
Choosing the right business structure is just as important as choosing the right product to sell, as this will play a huge part in the administrative side of your business.
There are several options you can choose from for your business structure. As each business form comes with different tax consequences, you have to make your choice smartly. You should choose the structure that most closely matches your company’s needs.
When you run a business, one of the major concerns that you need to prioritise aside from the legal and accounting aspects is the marketing strategy to use. When we talk about marketing, the first thing that you need to do is to know where your customers obtain information at a given time.
Before, traditional marketing methods were the most effective when it comes to targeting potential customers. Traditional forms of marketing like TV targeted those that watched TV especially prime hours, while billboards targeted folks held up in traffic.
However, things have changed when people started to impart the internet particularly social media. Facebook marketing is the perfect example as it immerged as Facebook has immerged as the leading social media platform with over 1.25 billion users from all corners of the globe. Hence, it transcends the globe unlike TV or Radio limited by geographical location.
Facebook is the most popular social networking site, with over nearly a billion users log in everyday. Hence, putting your business out there on Facebook is essential if you serve consumers. Today, many large brands are doing an amazing job attracting followers and keeping them coming back for more on Facebook. Sure, they may have big budgets, but money doesn’t buy them fan. We are able to do this through their effective strategies.