The Pocket Small Business Owner's Guide to Building Your Business [NOOK Book]

Overview

This comprehensive, step-by-step guide walks the reader through everything an aspiring small business owner needs to know before getting started. It’s not as easy as just hanging up an “Open” sign and letting the money roll in! Planning every step of your business and being aware of all the questions, demands, and challenges you will face will make the difference between just opening up shop and actually running a successful business. 

Coming up with a great idea for a ...

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The Pocket Small Business Owner's Guide to Building Your Business

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Overview

This comprehensive, step-by-step guide walks the reader through everything an aspiring small business owner needs to know before getting started. It’s not as easy as just hanging up an “Open” sign and letting the money roll in! Planning every step of your business and being aware of all the questions, demands, and challenges you will face will make the difference between just opening up shop and actually running a successful business. 

Coming up with a great idea for a business is only the first step. How will you find the start-up funds you need? Have you thought about your market? Do you know how contracts work? How about the difference between an employee and an independent contractor? Are you aware of your competition and the trends in your industry? Do you know how to keep accounts? Do you know what your breakeven point will be? Do you even know what a breakeven point is? If the answer to any of these questions is “no,” then this is the perfect book for you! 

With clear, friendly prose and helpful diagrams and charts, The Pocket Small Business Owner’s Guide to Building Your Business is every prospective entrepreneur’s new best friend.

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Product Details

  • ISBN-13: 9781621532231
  • Publisher: Skyhorse Publishing
  • Publication date: 5/1/2012
  • Series: Pocket Small Business Owner's Guides
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 256
  • File size: 993 KB

Meet the Author

Carol Tice has been a business journalist for more than fifteen years. Her work has appeared in Entrepreneur, the Seattle Times, the Puget Sound Business Journal, and many other print publications, and she is a regular blogger for Entrepreneur and Forbes. Tice is the winner of numerous Society of Professional Journalists (SPJ) awards and a Best in Business award from the Society of American Business Editors & Writers. She lives in Seattle, WA.
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Table of Contents

Introduction ix

How This Book Can Help You

How to Use This Book

Nail It Down!

1 Know Yourself and Your Business 1

Why Be in Business?

How to Improve Your Odds

Your Strengths and Weaknesses

Know Your Business

Can Your Business Stand on Its Own?

Making the Best Decision for You

Nail It Down!

2 Know the Four Steps to Success 14

Step One: The Idea

Step Two: The Plan

Step Three: Take Action

Step Four: Evaluation

Nail It Down!

3 Know Your Legal Entity 19

Impacts of Your Legal Entity

Sole Proprietor

Partnership

Limited Liability Company (LLC)

Corporations

Nail It Down!

Summary Chart

4 Know Who Will Help You 39

Bookkeeping and Accounting

Legal Advice

Insurance

Lenders

How Can I Afford This Help?

Nail It Down!

5 Know Your Rights and Obligations 58

Employees vs. Independent Contractors

Contracts

Intellectual Property

Should You Protect Your Work?

Nail It Down!

6 Know Your Customers 74

Know Your Industry

Who Are Your Customers?

What Do Your Customers Want?

Is There Enough of a Market for Your Business?

Nail It Down!

7 Know Your Competition 91

Learning from Your Competition

Competitors vs. Cooperators

Nail It Down!

8 Know What Sets Your Business Apart 96

Why Will Customers Buy from You?

Product

Price

Place

Packaging

Promotion

Service

Quality

Prestige

Innovation

Nail It Down!

9 Know How to Set Your Prices 105

Finding the Right Price to Charge

Why You Probably Can't Compete on Price

Revenue, Costs, and Expenses

Calculating Profit

Finding Your Product Breakeven

Nail It Down!

10 Know How to Reach Your Market 121

Promotion

Advertising

Personal Selling

Generating Word of Mouth

Other Ways to Promote

Marketing Materials Suggestions

Nail It Down!

11 Know Where the Money Will Come From 133

Lenders

Family and Friends

Your Savings

Other Sources

What Lenders Like

Nail It Down!

12 Know How to Manage Your Business 142

What Management Means

Managing Your Business

Managing Yourself and Your Time

Time Management Tips

Taking on Employees

Nail It Down!

13 Know How to Keep Your Books 153

Bookkeeping vs. Accounting

Bookkeeping Overview

Three Rules for Brilliant Bookkeeping

Elements of Bookkeeping Systems

Paper vs. Computer

The Three Most Important Words

So, How Do I Pay Myself?

Nail It Down!

14 Know Accounting Basics 170

Accounting Mysteries Revealed!

Financial Statements

Cash Flow

Profit and Loss

Balance Sheet

What Lenders Look for in Financials

Nail It Down!

15 Know How to Minimize Your Taxes 193

How to Cut Your Taxes to Zero

Three Key Words (Again!)

Taxpayer Prerequisites

Federal Taxes You Will Owe

Other Taxes

How Your Tax Return Works

Reducing Your Taxes (Legally!)

More Common Business Deductions

Record Keeping

Nail It Down!

16 Know How to Write a Business Plan 227

Making the Best Decision for You

Why Write a Business Plan?

Elements of a Business Plan

Nail It Down!

Index 238

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