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    How to Manage Your Start up Business
    How to Manage Your Start up Business
    How to Manage Your Start up Business
    Ebook179 pages1 hour

    How to Manage Your Start up Business

    By Dr Jim Porter

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    About this ebook

    Entrepreneurs Brief Guide - Volume 2. How to Manage Your Start up Business.

    This e-book consists of twelve “Entrepreneurs Brief Guides”, addressing all you need to know about managing a new start up business. It contains independent and practical advice for entrepreneurs and small to medium sized businesses (SMEs). Designed to help your business achieve its primary objectives of growth and profitability through acquiring and retaining customers, this guide is invaluable to any start up company and small business owner.

    Learn how to: (1) Manage Legal Issues, (2) Purchase, (3) Negotiate, (4) Price Your Products and services, (5) Prepare Your Budget, (6) Manage Your PR, (7) Write an Advertisement, (8) Manage Direct Mail, (9) Improve your sales, (10) Manage Credit Control, (11) Care for Your Customers and (12) Benchmark Your Business.

    LanguageEnglish
    PublisherDr Jim Porter
    Release dateJan 20, 2012
    ISBN9781466119284
    How to Manage Your Start up Business
    Author

    Dr Jim Porter

    Dr Jim Porter is a chartered engineer, qualified to a PhD level from London University, with more the 25 years business experience. He has worked for several multinational companies in Europe and the USA. His experience stretches from new products development, project management, new business building, profit and loss responsibility, to the creation of several successful joint ventures and acquisitions.Currently, he is a senior executive, responsible for strategy development and growth initiatives, including partnerships and new businesses building. Dr Porter is particularly interested in business incubation, helping entrepreneurs and start up business owners to achieve their personal and business objectives.Dr Porter is the author of several publications, including a book titled “How to bake your business idea and eat it”, and the creator of “Entrepreneurs Brief Guides” series.Dr Porter is a Fellow Member of several professional organizations and institutions in Europe and the USA. He can be contacted on his email TheJimPorter@gmail.com .

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      Book preview

      How to Manage Your Start up Business - Dr Jim Porter

      How to Manage Your Start up Business

      Entrepreneurs Brief Guide – Volume 2

      Dr Jim Porter

      This e-book consists of twelve Entrepreneurs Brief Guides, addressing all you need to know about managing a new start up business. It contains independent and practical advice for entrepreneurs and small to medium sized businesses (SMEs). Designed to help your business achieve its primary objectives of growth and profitability through acquiring and retaining customers, this guide is invaluable to any start up company and small business owner.

      Learn how to:

      Manage Legal Issues

      Purchase

      Negotiate

      Price Your Products and services

      Prepare Your Budget

      Manage Your PR

      Write an Advertisement

      Manage Direct Mail

      Improve your sales

      Manage Credit Control

      Care for Your Customers

      Benchmark Your Business

      Copyright

      How to Manage your Start up Business

      Dr Jim Porter

      .Revision: SW.02.001

      Copyright © 2011 – All Rights Reserved.

      Smashwords Edition

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please purchase your own copy.

      Thank you for respecting the hard work of this author.

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without the written permission of the author.

      ISBN: 978-1-4661-1928-4

      Publisher: Smashwords, Inc.

      Chapter No.1: How to Manage Legal Issues

      When launching your start up business, you should be aware of certain basic business laws governing your commercial activities of purchase, sale, lease etc. This basic understanding of business law will help you to avoid or face any legal difficulties which you may encounter.

      LEARN HOW TO:

      Recognize when to seek help

      Understand contractual requirements and implications

      Seek the help of a solicitor

      When launching your start up business, you should be aware of certain basic business laws governing your commercial activities of purchase, sale, lease etc. This basic understanding of business law will help you to avoid or face any legal difficulties which you may encounter.

      The business laws will usually cover your contracts (with your customers and suppliers), trading (selling the products to the members of the public and the restrictions applied), employment law and VAT etc. Each business is different and laws are complex and dynamic therefore you should contact a solicitor to find out more about the laws applicable to your situation.

      Recognise when you need legal advice

      Business owners need to seek professional legal advice on the following:

      Setting up a company structure. Irrespective of the business structure you choose; whether it’s self-employment, a partnership or a limited company, make sure the proper legal agreements are drafted.

      Seeking a business premises, particularly when negotiating the terms and conditions of your lease agreement.

      Compliance with regulations, as you need to be aware of current and new regulations that apply to you, some of which may be specific to particular industry sector.

      Contract terms and service levels relating to your business, as you should be aware of your legal responsibilities towards customers and suppliers.

      Protecting your business’s intellectual property and confirming your ownership. Make sure that all intellectual property rights relating to your products or services are protected and that you are not infringing the rights of other businesses.

      Financial matters, particularly the legal implications of raising finance from different sources, for example.

      Debt control and management, as you need to protect your business against bad debts and seek advice on debt collection.

      Acquiring a franchise, as you need to check all the small print with a specialist lawyer.

      Employment law matters.

      Statutory rights

      Although these rights are not written, all contracts have the implied terms. If these rights are breached in anyway, then the consumer can return the defected goods and get his/her money back or claim damages.

      Certain conditions to be fulfilled for these are:

      The goods sold must be of good quality and fit for the purpose required by the customer.

      The goods must match their description in terms of quality, labels, claims made by the seller etc.

      The goods must match up to the sample of the goods that had been provided to the customer.

      Buying goods from someone who is not an authorised seller does not guarantee the return of your money in case you want to return it.

      Therefore, ensure the seller you buy from is entitled to sell.

      A customer’s statutory rights cannot be altered. The seller must always add the disclaimer ‘This does not affect your statutory rights’ to notices about the consumer’s terms of trade.

      Terms of trading

      A ‘terms of trading’ document can also be produced by a business for setting out standard conditions in the contracts. It should include the following clauses:

      The details of the price, the payment method and the payment date.

      Details of how the delivery will be made.

      Mention of clauses limiting the seller’s liability (statutory rights of the customers).

      Clause providing the seller the legal ownership of the goods until they have been fully paid for. Also, a clause for the seller’s right to delay the delivery if the circumstances are beyond his / her control.

      Finally, it should also include a clause clarifying that beyond the buyer and the seller, nobody has any rights under the contract.

      The sellers’ contract

      With the help of a solicitor, draw up a standard terms of trade in simple language without any jargons. Ensure the buyer agrees to the terms of the contract before making the deal.

      The contract can be in writing and if so, it must submit to your terms of trade. Invoices come into the scene only after the contract has been made.

      If the buyer buys against your advice, then ensure you ask them to sign a written confirmation for doing so.

      As a seller, you must describe all the details of your product/service truthfully and do not make any exaggerated claims. You must mention the limitations of the products so that you will not be charged with withholding information about the products. Finally ensure that all the instructions have been provided to the customer along with a representative sample and allow the customer to examine the product on their own.

      You should always ensure that the products match the need and interests of the customers. But do not always ask them what they will use it for as you will then be held accountable if the products are unfit for use.

      The buyers’ contract

      As is the case with a seller, the buyer too should take the help of a solicitor to draw up a terms of trade for their purchases. In this case, ensure that your terms are agreed upon over the seller’s.

      Always protect your rights under your terms by asking a lot of detailed questions about the products; ensure the product matches your specifications and is of the quality and standard you expect. Explain to the seller what you need the product for and examine the product thoroughly. Make notes of all the claims made by the seller.

      Ensure the seller informs you of all the technical limitations of the products

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