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| Introduction | 1 | |
| About This Book | 1 | |
| Foolish Assumptions | 2 | |
| How to Use This Book | 3 | |
| For making big decisions | 3 | |
| As a road map | 4 | |
| As a problem solver and a frame of reference | 4 | |
| As a mentor | 5 | |
| Icons Used in This Book | 5 | |
| The One Common Denominator | 6 | |
| Part I | Becoming an Entrepreneur | 7 |
| Chapter 1 | Is Small Business for You? | 9 |
| Getting Clear on the Terminology: What Is a Business? | 10 | |
| Taking the Small-Business Owner's Aptitude Test: Do You Have the Right Stuff? | 16 | |
| Identifying the Pros and Cons of Owning a Small Business | 21 | |
| Watching Out for Monkey Business | 24 | |
| Chapter 2 | Laying Your Personal Financial Foundation | 29 |
| Getting Your Financial Ducks in Order | 30 | |
| Creating Your Personal Financial To-Do List | 33 | |
| Assessing and Replacing Benefits | 39 | |
| Managing Your Personal Finances Post-Launch | 44 | |
| Chapter 3 | Finding Your Niche and Timing Your Start-Up | 45 |
| Why You Don't Need a New Niche or a Great Idea | 45 | |
| How to Choose Your Business | 47 | |
| Determining the Best Time for Your Start-Up | 56 | |
| Recognizing Your Number One Asset--You | 57 | |
| Chapter 4 | Turning Your Ideas into Plans | 59 |
| Your Mission: Impossible If You Fail to Define It | 59 | |
| Your Business Plan: Don't Start Up without It | 62 | |
| Writing Your Business Plan | 64 | |
| Keeping Your Plan Current | 78 | |
| Chapter 5 | Financing, Ownership, and Organizational Options | 79 |
| Determining Your Start-Up Cash Requirements | 79 | |
| Using Your Own Resources: Bootstrapping | 82 | |
| Outsourcing for Your Capital Needs | 86 | |
| Exploring Ownership Options: Going It Alone or Working with Partners and Shareholders | 94 | |
| Figuring Out Whether or Not to Incorporate | 99 | |
| Part II | Buying an Existing Business | 109 |
| Chapter 6 | Exploring Buying a Small Business | 111 |
| Understanding Why to Buy a Business | 111 | |
| Knowing When You Shouldn't Buy | 115 | |
| Recognizing Pre-Purchase Prerequisites | 118 | |
| Considering a Franchise | 126 | |
| Evaluating Multilevel Marketing Companies | 129 | |
| Chapter 7 | Evaluating and Negotiating to Buy | 131 |
| Kicking the Tires | 133 | |
| Making an Offer They Can't Refuse | 146 | |
| Moving into Your Newly Bought Business | 155 | |
| Part III | Running a Successful Small Business | 159 |
| Chapter 8 | Owners Wear Many Hats | 161 |
| Working through the Nitty-Gritty Details of the Start-Up | 161 | |
| Outsourcing to Focus on What You Do Best | 165 | |
| Simplifying Your Accounting | 167 | |
| Controlling Your Expenses | 175 | |
| Managing Vendor Relationships | 178 | |
| Dealing with Bankers, Lawyers, and Other Outsiders | 180 | |
| Chapter 9 | Marketing 101: Product, Promotion, Sales, Distribution, and Pricing | 187 |
| Product and Service Development | 188 | |
| Spreading the Word: Promotion | 190 | |
| Publicity | 199 | |
| Channeling Products to Customers: Distribution | 201 | |
| Pricing: Cost Plus Value | 206 | |
| Sales: Where the Rubber Hits the Road | 210 | |
| Chapter 10 | Keeping Your Customers Loyal | 217 |
| Retaining Your Customer Base | 218 | |
| Dealing with Dissatisfied (And Difficult) Customers | 227 | |
| Chapter 11 | Tracking Cash Flow, Costs, and Profits | 231 |
| Cash Flow: The Fuel That Drives Your Business | 232 | |
| Making Sense of Financial Statements | 234 | |
| Turning the Numbers into Action | 240 | |
| Managing Your Inventory | 245 | |
| Collecting Your Accounts Receivables | 246 | |
| Improving Your Profitability | 249 | |
| Chapter 12 | Learning from Others' Experiences | 255 |
| Find a Mentor | 255 | |
| Network with Peers | 257 | |
| Form a Board of Advisors | 258 | |
| Get a Partner | 260 | |
| Join a Trade Association | 262 | |
| Find a Business Incubator | 263 | |
| Locate Your Local Small Business Development Center | 264 | |
| Give SCORE a Try | 264 | |
| Soak Up Information Like a Sponge | 265 | |
| Part IV | Keeping Your Business in Business | 267 |
| Chapter 13 | Finding and Keeping Superstar Employees | 269 |
| Assembling a Top Team | 270 | |
| Training Your Team: It's an Investment | 275 | |
| Motivating: Pay and Performance Issues | 276 | |
| Working Relationships: Designing a Flexible Organization Chart | 288 | |
| Recognizing the Importance of an Employee Manual | 289 | |
| Describing a Successful Employer | 291 | |
| Looking at Employee Leasing Companies | 294 | |
| Chapter 14 | Providing Employee Benefits | 297 |
| Retirement Plans: The Underappreciated Benefit | 298 | |
| Deciding Whether to Share the Equity | 304 | |
| Including Insurance and Other Benefits | 307 | |
| Chapter 15 | The Long Arm of the Law: Regulatory and Legal Issues | 315 |
| An Abundance of Small-Business Laws | 315 | |
| Suffering through Start-Up Regulations | 317 | |
| Laboring through Employee Costs and Laws | 329 | |
| Chapter 16 | Mastering Small-Business Taxes | 331 |
| Getting Smarter About Taxes | 332 | |
| Keeping Good Financial Records | 336 | |
| Knowing Your Income Tax Bracket | 337 | |
| Staying on Top of Employment Taxes | 339 | |
| Spending Your Money Tax-Wisely | 342 | |
| Selecting an Entity and Tax Implications | 343 | |
| Chapter 17 | Special Considerations for Growing Businesses | 345 |
| Growing in Stages | 346 | |
| Handling Human Resources Issues | 349 | |
| Addressing Time-Management Issues | 351 | |
| Choosing a Management System | 353 | |
| Troubleshooting Your Business | 357 | |
| Finding Your Role in an Evolving Business | 360 | |
| Part V | The Part of Tens | 365 |
| Chapter 18 | Ten Tips for Home-Based Businesses | 367 |
| Recognize That Working from Home Isn't a Free Lunch | 368 | |
| Run Your Business Like a Business | 369 | |
| Keep Things Legal and Do Them Right the First Time | 370 | |
| Put On a Professional Face | 371 | |
| Choose the Right Technology | 372 | |
| Develop a Marketing Strategy | 375 | |
| Manage Your Time Effectively | 376 | |
| Motivate Yourself (If You Don't, Who Will?) | 377 | |
| Include Your Family | 377 | |
| Stay in the Loop | 378 | |
| Chapter 19 | Ten Ways Computers Can Aid Your Small Business | 381 |
| Brainstorming and Researching Business Ideas | 382 | |
| Finding a Mentor | 383 | |
| Buying a Business or Franchise | 383 | |
| Searching for Financing | 384 | |
| Marketing Your Business | 384 | |
| Maintaining and Analyzing Your Financials | 385 | |
| Saving Time and Money | 386 | |
| Getting Organized and Integrated with Suites | 387 | |
| Filing Your Taxes | 387 | |
| Avoiding Attorneys | 387 | |
| Chapter 20 | Ten Tips for Managing Your Growing Business | 389 |
| Focus On What You Do Best | 389 | |
| Bend the Rules When Necessary | 390 | |
| Hold Your Employees Accountable | 390 | |
| Consider the 80-20 Rule | 391 | |
| Think Ahead | 392 | |
| Sleep On It | 393 | |
| Resolve Conflicts | 394 | |
| Walk Your Talk | 394 | |
| Remember: Cash is King | 395 | |
| Follow the Rule of Many Reasons | 396 | |
| Index | 397 |
Cheat Sheet for Small Business For Dummies
By Eric Tyson and Jim Schell
From managing to marketing and everything in between, the world of small business can be both exciting and overwhelming. It's a place where no two workdays are exactly the same and where unpredictable things happen. If you're thinking about starting (or you already run and manage) your own business, check out the following list of tips to improve your chances of success.
Copyright © 2012 Eric Tyson, Jim Schell. All rights reserved.
20 Tips for Small-Business Success
1) Realize that not everyone is cut out to be a small-business owner. Take the time to explore whether you're compatible with running your own business. Some people are happier (and better off financially) on the other end of a paycheck.
2) Get your personal finances in order. Before you jump into the entrepreneurial fray, get your own money matters squared away.
3) Pick your niche. Take stock of your skills, interests, and employment history to select the business best suited to you. Choosing a niche that you can be passionate about will help improve your chances of succeeding. Remember: Many small-business owners succeed in businesses that are hardly unique or innovative.
4) Benefit from your business plan. The exercise of creating your business plan pays dividends. Answer the tough questions now, before the meter is running.
5) Don't think you need bankers and investors at the outset. The vast majority of small-business start-ups are bootstrapped (self-financed). Consider your own savings, investments, and salable assets and then talk to your friends and family before you look to outside sources.
6) Know which hats you wear best. In the early months and years of your business, you'll have to acquire many skills. Gain the background you need to oversee all the facets of your business, but also determine what tasks you should outsource or hire employees to manage.
7) Remember that nothing happens until a sale is made. How many good products go nowhere because they don't reach the shelves? Sales are what drive your business. You need a crackerjack marketing plan that details how you intend to package, promote, distribute, price, and sell your product or service.
8) Pay attention to your customers. After all, you have to see a customer to know one. No matter how busy you are, especially in the early years of your business, be sure to spend at least 25 percent of your time with customers. You can't make the right business decisions without understanding the customer's viewpoint.
9) Solve your customers' problems. The best way to satisfy your customers is not by selling them products or services but by providing solutions to their problems. Understand the difference and market your products and services accordingly.
10) Keep in mind that quality takes only moments to lose and years to regain. Quality isn't a destination but rather a never-ending journey. After you've strayed from quality's path, your journey may be sidetracked forever.
11) Put profitability first and rewards second. Beware of the small business that treats itself to hefty salaries, high-priced consultants, and waterfalls in the lobby. In small business, profitability must come first. To understand profitability, you must first measure your cash flow and understand your key financial ratios.
12) Hire superstars. If you intend to create a growing business, your number one duty is to assemble a team of superstar employees in your game-breaker positions. Game-breaker positions are key positions, such as the president/CEO (that's you), the financial person, the sales manager, the marketing manager, the production manager, the office manager, the purchasing agent, the art director, and so on, that will make or break your company.
13) Don't go it alone. Tap into resources, such as small-business peers, mentors, and trade associations, that can help take some of the energy-draining trial and error out of starting and running your business.
14) Remember that vendors are partners, too. A good vendor is as important to your business as a good customer. Treat your vendors like customers and watch the partnerships grow.
15) Make use of benefits. The most valuable long-term benefit you can offer yourself and your employees is a retirement savings plan. In addition, find out how to provide insurance and other benefits and reduce your tax bill at the same time.
16) Pay attention to all small-business-related regulatory issues. Federal, state, and local government agencies require an array of licenses, registrations, and permits. Obey them or face stiff penalties, including possible closure of your business.
17) Know the tax laws. Invest in understanding tax issues that affect your small business. You can avoid trouble and, at the same time, legally slice thousands of dollars off your tax bill if you know the ins and outs of small-business tax law.
18) Keep your focus on the people. Whatever happens to a small business happens at the hands of the people who work for it.
19) Fast, good, or cheap — pick any two. Serious trouble awaits those business owners who attempt to be all things to the marketplace. Focus on what you do best.
20) Develop a passion for learning. As your business changes and grows, you need to change and grow along with it — particularly as you transition to manager. The one common denominator you find in all successful business owners is a passion for learning.
Anonymous
Posted February 25, 2012
helpful
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Posted July 24, 2001
I really enjoyed this book. It provides good information about a range of small business topics. There is an especially good discussion of buying a business and due diligence. <BR><BR> Peter Hupalo, author of Thinking Like An Entrepreneur
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Posted May 8, 2001
Great book, would recommend it to anyone who wants to make money at a small business.
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Posted May 25, 2000
An excellent book for the newly self-employed! I think it makes a great combination with my own workbook about how entrepreneurs can use simple publicity techniques to distinguish themselves and their services among a very crowded market
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