Business Information
We have put together a series of business fact sheets and information on a range of business topics for new and existing entrepreneurs. The fact sheets are specific to the northern part of Cyprus and are available in both English and Turkish.
How To Set Up A Business?
- What are the business types in the Turkish Cypriot community?
- What are the legal requirements for setting up a business?
- If you are an entrepreneur yourself with no employees, what will be your responsibilities in terms of social security, pension fund, etc.?
- What are the financial requirements for setting up a business? How much you need to spend to set up a business?
- What are the advantages/disadvantages of different business types?
- Are there opportunities/incentives for specific sectors/types of businesses (E.g., woman entrepreneurs etc.)?
- How do foreigners set up a business in the Turkish Cypriot community?
Sourcing finance for your business
Many new businesses fail because they do not have enough cash to last them through the critical first few months of trading when their sales revenues are only just starting to build up. Before business owners begin trading, they need to make sure they have enough money to set up the business and cover initial running costs.
This factsheet outlines some of the options available for sourcing external cash to help people start up in business.
setting up a 'google my business' account
Many new businesses fail because they do not have enough cash to last them through the critical first few months of trading when their sales revenues are only just starting to build up. Before business owners begin trading, they need to make sure they have enough money to set up the business and cover initial running costs.
This factsheet outlines some of the options available for sourcing external cash to help people start up in business.
business planning
A business plan is a written description of your business’s future and a document that outlines a plan for your short-term and long-term goals. It details where you are at now, where you want to get to and how you are going to get there.
This factsheet explains what is a Business Plan is and what it can be used for. It also outlines the format of a typical Business Plan.
renting a business property
Depending on the nature of your business you make need to rent a commercial premise to sell your products or services from.
This factsheet looks at what is involved in sourcing and finding a suitable property to rent for your business. It sets out some of the other charges, outside of rent that should be factored in and the overall process for agreeing a deal.
Business Banking
Opening a business bank account is one of the first and most important steps to take when starting a business. There are different types of business bank accounts available, each with different benefits and costs.
This factsheet describes the different types of business bank accounts that are available and some of their initial requirements for opening an account.
Choosing an Accountant
For many small businesses using an Accountant is a vital source of support and advice, especially around complex issues such as taxation. There are several business issues that an accountant can help with.
This factsheet explains the services offered by accountants, what to look for when choosing an accountant and how to find and appoint one.
For many small businesses taking on their first employee is a scary and daunting experience. There are several key considerations that need to be considered before a new employee commences employment.
The factsheet looks at the key aspects involved in taking on an employee for the first time. Employment legislation is a complicated area and this factsheet is intended only as a starting point. Employers should always seek professional advice where necessary.
social media marketing
Social media has now become an important part of everyday life. Not only do people use it to connect with friends and family, but it’s also a way of interacting with brands and businesses. This means there are opportunities for businesses of all sizes to use social media as part of their marketing strategy.
This factsheet looks at the benefit of using social media platforms as a marketing tool. It summarises several of the most popular social media sites that are used by businesses and sets out the Key steps for running your own social media marketing campaign
pricing
Setting the right price for a new product or service can be one of the hardest tasks faced by small business owners. Costing a product or service is relatively straightforward, but pricing is essentially set by the marketplace.
This factsheet looks at the two different methods of setting a price for a product or service.
market research
Market research generally can be divided into two different types of research – primary and secondary.
This factsheet looks at what are the various types of market research and what market research should be carried out not just prior to starting a business but also throughout the lifespan of any business.
innovation
Innovation is a real buzzword in today’s business world, and is often associated with high growth IT businesses and with many of the world’s largest companies such as Apple, Microsoft and Google. However, for many small businesses being innovative is a fundamental part of not just growing a business, but surviving in business.
This factsheet explains what innovation is, the various types of innovation and how it can be promoted within a business.
forecasting sales
Sales forecasting is a crucial part of setting up and running a business and is essential for ongoing business planning. Forecasting future sales is always uncertain, but it is important for business owners to make credible, evidence-based sales projections in order to plan their business strategy.
This factsheet outlines the importance of sales forecasting and the factors to consider when trying to forecast future sales.
entrepreneurial skills
Being a successful entrepreneur is not just about having a good business idea. It takes a special type of person to be successful in business. Research has shown that successful entrepreneurs have common characteristics and are destined for entrepreneurship.
This factsheet looks at the types of characteristics and skills that are key to being a successful entrepreneur.
company structures
For anyone starting a business they need to decide which legal structure it will have. To do this they need to consider several issues including whether they want to be personally liable for any future business debts, and the potential red tape and tax implications of their chosen structure.
This factsheet looks the main legal structures for a business.
business expenses and capital allowances
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit, as long as they are allowable expenses.
This factsheet explains what business expenses and capital allowances are. It also provides examples of how these are used for calculating tax.
Controlling Costs in a business
In order to control costs, the first step is to identify them clearly. Whether a start-up or an established business, it is important to prepare an annual budget showing expected expenditure in three main categories.
This factsheet explains how to identify and monitor business costs and how to carry out cost-benefit analysis to assess which costs are justified by the benefits they bring to the business.
How to avoid cash flow problems
A business can only continue to trade if it has the cash available to pay its bills when they fall due. To ensure this, it is necessary to understand how cash flows into and out of a business.
This factsheet looks at the situations that can lead to cash flow problems and how you can avoid running into trouble. It outlines the practical steps you can take to build and maintain
your cash flow.
Managing Debtors
Like in many other countries, businesses in Northern Cyprus are beset by slow payments of invoices. Most businesses and Government would like to see this change, as it is a barrier for growth and can lead to a business failure.
This factsheet explains what effect debtors have on a business, how you can minimise debtors and how to measure your business on how successful it is with credit control.
