To successfully start a business, it requires skills, resources, and compliance with necessary procedures. Having an innovative and profitable business idea is important, as well as consulting with a lawyer or legal advisor to ensure compliance with all relevant laws and regulations.

During an interview on the morning program of Agape TV, “Nuestra Mañana,” our lawyer Fátima Espinal identified some essential elements that women should consider when starting a business.

Firstly, Espinal recommended identifying a need or a business opportunity. To achieve this, conducting thorough research on the target market, trends, competitors, potential customers, and their needs is fundamental.

Secondly, our lawyer suggested creating a brand and a trade name to develop a visual and verbal identity that allows differentiation and recognition by customers. She also recommended registering trademarks, patents, or copyrights with the National Registry Center to prevent others from using or copying ideas or products.

Thirdly, Espinal explained the need for initial capital, which can come from personal savings, loans, or investors. It’s important to keep proper records of all financial transactions and comply with corresponding tax obligations to avoid legal problems in the future. Fourthly, when hiring employees, it’s crucial to comply with all labor laws, including work schedules, salaries, vacations, allowances, or additional benefits required by law.

Finally, she recommended developing entrepreneurial skills such as leadership, management abilities, decision-making, strategic thinking, and communication skills to make business operations more efficient. Additionally, she suggested registering the company to have tax and legal implications and obtaining licenses to operate in case the business grows significantly.