4 vital BF´s for your business

They say that starting a business is easy but running it is a different story. This article will not tell you how to make a business plan, market research, and all the financial forecasts because you probably know all those already. As an entrepreneur, you'll have to carry many administrative tasks and comply with different legislations and policies and focus on making your first break even.

STEP 1: Know the law and policies of your industry

There are many laws in Finland that entrepreneurs have to comply to. Here are some main laws that an entrepreneur should at least know before opening a business: collective agreements, competition act, consumer protection act, employment contract act. There are other laws that are mandatory to know in the specified industry. Know them by heart because paying fines is stressful and more expensive. Joining an entrepreneur association that has lawyers is also beneficial for any entrepreneur. There are many associations that offer legal advice. Enterprise Finland is a good place to start to seek for advice.

STEP 2: Embrace the taxes and hug the tax bear

Taxation is the heaviest for entrepreneurs but it's a bad idea to start your business by evading the taxes. Count the cost of your service instead, then add the taxation, other costs, the profit you want to earn, and finally, the VAT.

The main taxes that you need to understand: value added tax (VAT), prepayment tax, and income tax. Pay the taxes on time, and it's better to pay them on the 12th of every month than quarterly.

STEP 3: Insurances and social perks, it takes but seldom gives