Do you know the difference between a business plan and a business proposal? These are two very different business documents, each serving a distinct purpose. A business plan documents your vision for your business and how you intend to achieve that vision. It contains financial projections of what the business will cost to develop and [...]
So you have been trying to increase your clientele and one day at a business luncheon someone asks “What do you do?” How do you respond? With your “elevator pitch” of course. As entrepreneurs we need to have our elevator pitch ready at all times. What is an elevator pitch, you ask? It is defined [...]
As discussed earlier this week, here are the 6 steps to change business operations from a sole trader or partnership to a limited liability as follows: Step 1 Obtain a Notice of Cessation of a Business by a Registered Firm or Individual – Form 9 which can be used by Sole Trader or Partnership Write [...]
A client asked me a few days ago, when is the best time to move from a sole trader to a limited liability and what are the advantages and disadvantages of doing this. WHEN With the new V.A.T. threshold increased to Five Hundred Thousand Dollars ($500,000), should wait until your company’s annual income is [...]
Entrepreneurs always ask me can I change my business name after I have registered my business. You will need the following to proceed forward: Step 1 Obtain a Name Approval/Name Reservation: Form 25 fill out numbers 1 to 6 as normal but in number 7, tick Change of Name and complete No 8 Write a [...]
HOW DO YOU ACCOUNT FOR BUSINESS EXPENSES when YOU OPERATE YOUR BUSINESS at HOME? Option 1: Calculate the dimensions of your home office or working space as a percentage of your home. This fraction will be used to calculate the exact value of your expense as home which is used by your business: Telephone Electricity [...]
Many entrepreneurs do not realize the importance of a business plan. Nor why they should update it even after they have registered their business. Or how often they should revise their business plan as they grow in their business. What is a Business Plan? A business plan is a road map taking you on the [...]
