Best Practice Guide

1. Q: If I want to open a micro-enterprise, do I need an accountant? 

A: Yes. A specialist who is up to date with the legislation makes a difference.

2. Q: Is the registered office different from the branch office?

A: The difference between “registered office” and “branch office” lies in their purpose and function within an organization or business: The “registered office” is the principal location of a company or organization, where the official address registered with the authorities is located. It is the place where management decisions are made and where the administrative and legal activities of the organization take place. Administrative offices, as well as management and finance departments, can be established here. It is the address that appears on the legal documents of the company, such as the articles of incorporation, contracts, and invoices. A “branch office” is a subsidiary, branch, or other physical location of a company that operates under the authority of the registered office. This is a place where specific operational or commercial activities, such as production, sales, or service provision, take place. It may be located in a different geographical area than the registered office and may serve to expand a company’s presence into other markets or locations. Generally, branch offices do not have the same legal autonomy as the registered office and may be subordinate to it.

3. Q: How long does it take for a business to become profitable? 

A: The time it takes for a business to become profitable can vary considerably depending on several factors, such as the type of business, the industry it operates in, marketing and sales strategies, initial costs, operational efficiency, as well as general economic conditions. In general, the time until a business starts generating profit can range from a few months to several years or even more.

4. Q: How do I promote my business? 

A: Choosing the right promotion channels for a business depends on several factors, including the target audience, available budget, nature of the product or service offered, and business marketing objectives. However, there are several promotion channels that are often considered effective for many types of businesses:

1. Content marketing: Creating and distributing valuable and relevant content to the audience through blogs, articles, infographics, videos, and other formats can be an excellent way to attract attention and build relationships with potential customers.
2. Social media: Using social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and others to interact with the target audience, distribute content, promote products and services, and generate leads.
3. Online advertising: Using platforms such as Google Ads, Facebook Ads, Instagram Ads, or other online advertising networks to promote the business and attract traffic to the website or physical store.
4. Email marketing: Sending email campaigns to the existing or potential customer list to inform them about special offers, events, or business news.
5. Search engine optimization (SEO): Optimizing the website to appear in the top results of organic searches on search engines such as Google, for keywords relevant to your business.
6. Events and sponsorships: Participating in trade fairs, conferences, exhibitions, or other networking events, as well as sponsoring local or national events to increase visibility and build relationships with customers.
7. Recommendations and reviews: Encouraging satisfied customers to share their positive experiences and leave reviews on the website, social media platforms, or other online review platforms.
8. Influencer marketing: Collaborating with influencers in the relevant field to promote products or services to their audience.

5. Q: What do I do if my business fails? 

A: If your business fails, it is important to stay focused and take effective measures to cope with the situation and move forward. It is necessary that before you launch the business to have a risk analysis to prepare for any scenario.

6. Q: How can my business be better than others on the market? 

A: It is important to approach strategies and tactics that differentiate your business and provide you with a competitive advantage. Here are some ways to achieve this goal:

1. Know your competition: Start by thoroughly understanding those you are competing with. Analyze their products and services, market positioning, strengths, and weaknesses, as well as their marketing and sales strategies.
2. Identify your strengths and weaknesses: Identify what you do better than the competition and how you can improve your services or products. Also, identify areas where the competition is stronger and think about ways to counter these aspects.
3. Focus on value and innovation: Provide added value to customers through superior, innovative, or different products or services compared to those of the competition. Stay up to date with industry trends and think of ways to bring something new or unique to the market.
4. Improve customer experience: Provide a customer experience that fosters loyalty and attracts them back. Be responsive to customer feedback and make adjustments accordingly. A great customer experience can be a significant competitive advantage.
5. Invest in marketing and branding: Build a strong market presence through appropriate marketing strategies and well-defined branding. Take advantage of relevant promotion channels and think of ways to effectively make your business known.
6. Be flexible and adapt: The market and customer needs are constantly changing, and long-term success depends on your ability to adapt to these changes. Be open to innovation and adjusting strategies and tactics based on market evolution.
7. Invest in your personal development and that of your team: Continuously learn and develop your leadership, management, and entrepreneurial skills. Build a strong team and motivate them to contribute to the success of your business.

7. Q: How do I overcome gender stereotypes if I am a woman in business? 

A: Overcoming gender stereotypes in business can be challenging, but it is possible with a strategic approach and commitment. Here are some strategies that can help you overcome these obstacles:

1. Build your self-confidence: Knowing your worth and your skills is essential to overcome your doubts and rise above stereotypes. Work on building self-confidence through positive self-reflection, setting realistic goals, and obtaining feedback and recognition for your work.
2. Become an expert in your field: Provide value through your expertise and deep knowledge of your business area. Stay up to date with the latest trends and developments in the industry and demonstrate your competence and confidence through actions and results.
3. Build relationships and alliances: Collaborate with other professionals and business leaders, regardless of gender, to build strong networks and alliances. Teamwork and mutual support can contribute to building your reputation and overcoming stereotypes.
4. Think strategically and be persistent: Set clear goals and develop a strategy to achieve them. Be determined and persistent in pursuing these goals and do not be discouraged by any obstacles or criticism.
5. Promote gender equality and diversity: Get involved in promoting gender equality and diversity in business and in your community. Be a role model and advocate for inclusion and equal opportunities for all.
6. Support and mentor other women entrepreneurs: Provide support and guidance to other women who are starting or developing their businesses. Mentoring and mutual support can play a crucial role in overcoming stereotypes and increasing the number of successful women entrepreneurs.

8. Q: If I don’t have specialized studies in business, can I become an entrepreneur? 

A: Absolutely! You do not need specialized studies in business to become an entrepreneur. Many of the most successful businesses have been founded by people who did not have formal training in business. What matters most in being an entrepreneur is passion, determination, the ability to learn and adapt, as well as the skills needed to build and manage your own business.

9. Q: What is the difference between profit tax and income tax? 

A: The main difference between profit tax and income tax is that profit tax applies to the income of a company or business, while income tax applies to the income of an individual.