Family Enterprises Let Themselves Be Bosses

First, make a general plan of an enterprise. If you want to succeed, you need to make preparations, that is, an enterprise plan that includes your goals and the time frame you need to reach them. The main terms of enterprise planning include:

1. Details of the industry you operate, where the industry has development prospects and how it will affect your business.

2. Market analysis and research: ensure that there are enough demanders of enterprise goods and services, so that enterprises can survive.

3. Description of land, buildings and required equipment, including local regulations.

4. Number of people to be hired.

5. Financial plan including balance sheet and sales profit forecast.

6. Summary of risks faced by the company, such as the rise of raw material costs, how to eliminate or reduce the impact of risks. Before setting up your own company, you'd better consult the accountant and financial management personnel.

Second, calculate the required funds

To realize the dream of setting up a small enterprise requires funds. Of course, running a family owned enterprise will have some tangible commercial benefits, including the write off of low administrative expenses and income taxes (part of rent or mortgage interest, costs, property taxes, company stock equipment costs). However, you still need the funds to prepare and operate the enterprise. The quantity needed depends on the type of enterprise.

In fact, the income may be relatively low at the beginning of operation.

Internal expenses and rising fixed costs, which must be paid regardless of income, should also be taken into account.

The costs to be considered are as follows:

1. Set up home desk, computer, fax machine and business telephone line.

2. Fees for the services of professionals (such as lawyers or accountants).

3. Supplies, raw materials, inventories or samples (if finished goods are sold).

4. It is suitable for family type comprehensive insurance, including personal, product liability, fire, loss, disaster protection, and even automobile and disability insurance.

5. Bank service fees. This should be taken into account, unless you find more cost-effective service transactions.

6. Registration fee.

Do you want to be the boss of a successful family business? Then, please follow the above suggestions to make a master plan of the enterprise and conduct a self test of your work to explore your potential.