4 Vital Lessons Startup Businessmen Should Learn

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Credit: Pixabay

By: MJ Gonzales | Executive Chronicles

A smooth sailing entrepreneurship is every startup businessman’s dream. However, you can’t experience it if you don’t act smartly and passionately in your venture.  In the business arena, it’s not all about what will you offer to your customers or how will you counterattack your competitors. It also involves strengthening your know-how to evolve as a thriving entrepreneur, who establish resilient and profitable business. Here are some areas you should learn through self-study or through formal education:

How you’re going to pay your tax?  Tax is one of the dreadful aspects that make or break your longevity in the business. It’s tedious and toiling, but worthy to ease your relationship with the government and finances soon.  Remember there are several types of tax payers and particular categories of businesses.  Some individuals are paying more than what they have because of lack of knowledge, not because of tax collectors asking for kickbacks.  In terms of sales tax in the Philippines, a solopreneur (sole proprietor) can register either for Non-VAT and VAT. What if you pass for Non-VAT category, but filed your enterprise for the VAT Sales tax?  You’re paying 12% tax on your gross sales or receipts, instead of only 3%.   By the way, there also such thing as tax exemptions

How to handle your finances?  You’re may be starting a business to grow your money and that’s the aim.  However if you mishandle your finances, personal and business, that will pull you down. Entrepreneurship and money management are two different aspects, but in close association with each other. Better if you’re equipped to handle the both to boost your wealth creation.

How to manage your employees/payroll?  To make your reliable staff stay loyal and happy in your business, you need to manage their work-related issues so well.  As an employer, it’s good and safe if you comply with mandatory monetary and non-monetary benefits for workers under the Labor Code.

Credit: Pixabay
Credit: Pixabay

How effectively convert your marketing campaigns to actual sales? Perhaps you are now familiar and mastering guerilla, content, digital, and traditional marketing strategies. In addition to your checklist, you should also examine the conversation rates to see which is effective and see if you can deliver to your customers.  What if you’re able to market your product, but fail to serve it to your potential customer right away?