Set up a company

 

First Step

Are you ready to take the first step towards setting up your own company? If so, answer the following three questions:

 

1. Do you know what your business will have to do?

Do you have a clear economic purpose for your business which will enable it to make money? Or will it at least serve a clear, altruistic purpose within a group concern?

 

2. Do you have the necessary expertise to run the business?

Do you know what you ought to know, but don't? Do you have advisers or staff who are expert in the areas where your knowledge is deficient? Are you good at the job you are planning to do in your firm? Do you or your advisers have a sound knowledge of the important background areas such as management, legislation, taxation, insurance, personnel matters, social insurance etc.?

 

3. How do you intend to finance your business?

Do you have the necessary capital? Is borrowed capital available to you on acceptable terms? Have you considered all aspects and chosen the most favourable option? Does your projected schedule ensure adequate solvency? Are the next three to five years realistically planned, and financing assured?

 

If you have no difficulty in answering these questions with YES, you have a good chance of making a successful start. But it is always worthwhile having a chat with an expert before embarking on such an important venture.