Smart Guide to Starting a Small Business

This volume in the popular Smart Guides series provides a variety of tips on finding the ideal business to suit your goals. Author Lisa Rogak shows how to design a concise business plan, establish an organizational structure, and secure all the necessary financial backing. Also included is expert advice on finding top-notch employees and suppliers, getting the most out of your advertising budget, and taking advantage of Internet opportunities.

Lisa Rogak is the owner and publisher of Williams Hill Publishers. The author of more than 25 books, Ms. Rogak has been featured on The Oprah Winfrey Show and in USA Today. She lives in Grafton, New Hampshire.

Introduction

xi

Why You and Why Your Own Business?

1

(22)

Do You Have What It Takes?

2

(4)

Self-Assessment Quiz 1

5

(1)

The Skills You'll Need

6

(5)

Stamina

7

(1)

Self-Discipline

8

(1)

Self-Reliance

8

(1)

Flexibility

9

(1)

Drive to Succeed

10

(1)

A People Person

10

(1)

A Sense of Humor

11

(1)

Understanding the Risks...and Rewards

11

(3)

A Matter of Time

12

(2)

Show Me the Money!

14

(2)

Floating Your Bills

16

(1)

Family and Friends

17

(2)

Attitude Adjustment

19

(2)

What Comes Next?

21

(2)

Choosing Your Business

23

(20)

What Do You Want to Do?

24

(1)

What Don't You Want to Do?

25

(3)

Self-Assessment Quiz 2

27

(1)

Service or Product?

28

(4)

Self-Assessment Quiz 3

30

(1)

Service-Oriented Businesses

31

(1)

Product-Oriented Businesses

31

(1)

Some Businesses That Are Both Service- and Product-Oriented

32

(1)

Research Upcoming Trends

32

(4)

Self-Assessment Quiz 4

34

(2)

How to Scope Out the Competition

36

(1)

What Did You Learn?

37

(1)

Will It Fly?

38

(3)

Evaluate Your Resources

39

(1)

Put It In Writing

39

(2)

After Laying the Groundwork

41

(2)

The Best-Laid Plans

43

(24)

Business Structures

44

(1)

Sole Proprietorship

45

(2)

Your Liability

46

(1)

Pros

47

(1)

Cons

47

(1)

Partnership

47

(3)

The Articles

48

(2)

Pros

50

(1)

Cons

50

(1)

Corporation

50

(2)

Pros

51

(1)

Cons

52

(1)

Limited Liability Company

52

(2)

Pros

53

(1)

Cons

53

(1)

The Long Arm of the Law

54

(4)

Claim Your Name

55

(1)

Protect Your Trademarks

55

(1)

Check Your Zoning

55

(1)

Conform to Code

56

(1)

Get an EIN

56

(1)

Register to Collect Sales Tax

57

(1)

See If You Need a License

57

(1)

Getting Professional Advice

58

(5)

Good Counsel

59

(1)

By the Numbers

60

(1)

Consultants

61

(2)

Your Business Plan

63

(2)

Get to Work!

65

(2)

Tools of the Trade

67

(20)

Keeping the Books

68

(2)

Insurance

70

(4)

Liability Insurance

71

(1)

Automobile Insurance

72

(1)

Fire Insurance

72

(1)

Workers' Compensation Insurance

73

(1)

Taxes

74

(2)

Working with Suppliers and Vendors

76

(3)

Finding Them

77

(1)

Joining Forces

78

(1)

Hiring Employees

79

(4)

What Are You Looking For?

80

(1)

What Can You Pay?

80

(1)

Where to Look

81

(1)

Stay the Course

82

(1)

Managing Employees

83

(2)

Empower Your People

83

(2)

Using Independent Contractors

85

(1)

Now That You've Got the Tools

86

(1)

Money, Money, Money

87

(26)

Start-Up Costs

88

(3)

Your Start-Up Expenses

90

(1)

Overhead

90

(1)

Your Operating Budget

91

(5)

Your Operating Expenses

93

(1)

Overhead

93

(1)

Office Expenses

93

(1)

Professional Expenses

93

(1)

Office Equipment

94

(1)

Company Vehicle(s)

94

(1)

Employee Expenses

94

(1)

A Personal Budget

94

(1)

Your Personal Budget

95

(1)

Fixed Monthly Expenses

95

(1)

Money Terms

96

(7)

Sales Forecast

96

(1)

Cash Flow Statement

97

(4)

Balance Sheet

101

(1)

Income Statement

102

(1)

Finding the Funds You Need

103

(7)

Extending Credit to Customers

110

(2)

Now That You Can Show Us the Money

112

(1)

Technologically Speaking

113

(22)

Computers

114

(3)

Which Platform?

115

(1)

Do You Need Portability?

115

(1)

Vendors

116

(1)

Other Hardware

117

(5)

Ink Jet Printers

118

(1)

Laser Printers

119

(1)

Scanners

119

(1)

Multifunction Peripherals

120

(2)

Choosing Software: What You Need to Do

122

(3)

Word Processing

122

(1)

Spreadsheets

123

(1)

Accounting

123

(1)

Database

123

(1)

Desktop Publishing

124

(1)

Graphics

124

(1)

Telecommunications

124

(1)

Voice Recognition

125

(1)

Shopping for Software

125

(2)

Check for Support

126

(1)

Register

126

(1)

Check the Web

127

(1)

To Network, or Not to Network?

127

(3)

Private versus Shared Data

128

(1)

Do You Need a Server?

129

(1)

Telephone Systems

130

(3)

Voice Mail Options

131

(1)

More Power

132

(1)

Fax Machines

133

(1)

What's Next?

134

(1)

Marketing Your Business

135

(18)

The Purpose of Marketing

136

(1)

Two Kinds of Marketing

137

(1)

Sending a Message

138

(1)

Distinguish Yourself from the Competition

139

(1)

Common Ways to Market Your Business

140

(5)

Advertising

141

(1)

Publicity

141

(1)

Direct Mail

142

(2)

The Internet

144

(1)

Making a Plan

145

(2)

Who Is Your Customer?

147

(2)

Self-Assessment Quiz 5

148

(1)

Your Marketing Budget

149

(2)

You're Almost There

151

(2)

Putting It All Together

153

(18)

Tracking Your Progress

154

(3)

Watch the Numbers

155

(1)

Who's Buying?

156

(1)

Networking

157

(3)

Benefits and Costs

158

(1)

Do It Yourself

159

(1)

Managing Your Time

160

(2)

Start Slowly

160

(1)

Control Your Agenda

161

(1)

Keep Track

162

(1)

Managing Meetings

162

(2)

Growing Your Business

164

(3)

More People

166

(1)

More Money

166

(1)

The Taxman

167

(1)

What's Next for You and Your Business?

167

(2)

Ready, Set, Go!

169

(2)

Index

171

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The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

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Smart Guide to Starting a Small Business

Summary

Author Biography

Table of Contents

Supplemental Materials