Wow! I'm in Business: A Crash Course in Business Basics

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Have the drive, but need the "know how" to start and run a business? This book is for you! Named a "Top 10 Career Book of 2005" by Joyce Lain Kennedy, syndicated careers columnist. If your pastime and passion has started bringing in money, you may be wondering, "Am I in business -- and if so, how do I run it?". Feeling nervous? Don't! Thousands of people who knew absolutely nothing about business are now reaping the benefits of their hard work -- and experiencing the satisfaction of succeeding on their own. You ...
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Overview

Have the drive, but need the "know how" to start and run a business? This book is for you! Named a "Top 10 Career Book of 2005" by Joyce Lain Kennedy, syndicated careers columnist. If your pastime and passion has started bringing in money, you may be wondering, "Am I in business -- and if so, how do I run it?". Feeling nervous? Don't! Thousands of people who knew absolutely nothing about business are now reaping the benefits of their hard work -- and experiencing the satisfaction of succeeding on their own. You can, too -- and Whoops! I'm in Business will show you how. Let it guide you through the entire business lifecycle. You'll find answers to the unknowns that may be holding you back, such as: Is this the right business for me? Should I quit my day job? What do I really need to know about bookkeeping? Do I need licenses and permits? Where do I get them? Can I borrow money? How? What do I need to know about contracts? What should I know about income taxes? and many more... Whoops! I'm in Business is packed with practical tips, resources and the stories of people who made the transition from business newbie to successful entrepreneur. Don't wonder about what to do with your idea any longer -- find answers in this book!
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Editorial Reviews

Accounting Today
Details on all the things new-born entrepreneurs need to know about starting up.
South Florida Sun-Sentinel
Readers who savor life one dream at a time will bury their noses in this guidebook for people who hadn't really planned to go into business for themselves but suddenly find one growing and growing in their garages.
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Product Details

  • ISBN-13: 9781413306545
  • Publisher: NOLO
  • Publication date: 8/25/2008
  • Edition description: Second Edition
  • Edition number: 2
  • Pages: 336
  • Product dimensions: 8.98 (w) x 6.96 (h) x 0.67 (d)

Meet the Author

Guerin, an editor/author specializing in employment law, is author or co-author of several Nolo books, including The Manager's Legal Handbook, Dealing with Problem Employees, Nolo's Essential Guide to Federal Employment Laws, Workplace Investigations, Create Your Own Employee Handbook, and Nolo's Guide to California Law. Guerin has practiced employment law in government, public interest, and private practice where she represented clients at all levels of state and federal courts and in agency proceedings. She is a graduate of Boalt Hall School of Law at the University of California at Berkeley.

Richard Stim specializes in small business, copyright, patents, and trademark issues at Nolo. He practices law in San Francisco and has represented photographers, software developers, crafts people, publishers, musicians, and toy designers. He is the author of many books, including Music Law, and Profit From Your Idea. Stim also produces audiobooks, and performs and records with two bands.

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Table of Contents

Your Business Companion 1

Is This the Right Business for You? 3

Do You Love What You Do? 4

Are You Good at It? 7

Is There a Market Demand? 8

If It's Not the Right Business 10

Managing Your Money 11

Record Keeping and Bookkeeping 12

Accounting Method 14

What Is Cash Flow and Why Is It Essential? 16

What Accounting Principles Do You Need To Know? 19

What Is Forecasting? 22

What Are Ratios and Why Do They Matter? 25

Separate Business and Personal 27

Should You Incorporate or Form an LLC? 29

What Are You? Sole Proprietorship or Partnership? 30

What's the Difference? LLC vs. Corporation 33

How to Convert to an LLC or a Corporation 38

An Interview With LLC and Corporations Expert Anthony Mancuso 41

Insurance 47

Basic Coverage 49

Consider a Package Deal 54

What You Need If You Have Employees 54

Getting Group Insurance Through an Association 56

Tips for Saving Money on Insurance 58

Raising Money for Your Business 65

What's the Difference? Equity vs. Debt Financing 66

Borrowing With Credit Cards 68

Signature Loans 69

Bank Loans 70

What Motivates a Bank to Lend Money? 71

SBA Loans 73

State Lending Assistance 74

Borrowing From Family and Friends 75

Social Lending Networks 75

Angel Investing 76

What People With Money Want to Know About Your Business 80

Venture Capital 82

Selling Stock to the Public 82

Do You Need a Business Plan? 83

How to Create a Business Plan in 24 Hours 84

The Elements of a Business Plan 93

Getting Paid 97

Invoiced Accounts 98

Checks 100

Credit Cards 100

Collections 102

Hiring Help 107

What's the Difference? Employeevs. Independent Contractor 109

Should You Hire an IC or an Employee?113

Finding the Right Person 116

Legal and Paperwork Requirements: ICs 119

Legal and Paperwork Requirements: Employees 120

Working With or Bringing in Family Members 125

What's the Difference? Family Business vs. Nonfamily 126

A Few Pointers for Family Businesses 127

Avoiding Problems If You Ever Divorce 129

Incorporate the Family Business 132

Who's Afraid of Contracts? 135

Check 'Em Out 137

Oral Agreements: Legal But 138

Using Form Agreements 138

Find the Bias 139

Drafting and Formatting Your Agreement 140

Who Signs the Agreement? 142

Common Contract Provisions 142

Boilerplate 145

Dispute Resolution 147

When You Have to Review a Contract 149

Maintaining Paperwork 150

Do You Have a Fear of Negotiating Contracts? 151

Protecting Business Ideas 153

Four Steps to Protect Your Ideas 154

What Ideas Have You Got? 156

Ensuring Rights: Registration and Other Measures 158

Chasing People Who Rip Off Your Ideas 162

Licensing or Selling Your Rights 163

What If You Copy Somebody Else's Ideas? 163

Ideas Your Employees or Contractors Come Up With 165

Two Companies That Made Money From Great Ideas 166

Using Names and Trademarks 167

What's the Difference? Legal Name vs. Trademark 168

Choosing or Changing a Name 168

Perform a Simple "Knockout" Search 170

Federally Registering a Trademark 170

Staying Out of Trouble 174

Licenses, Permits, and Other Paperwork 179

Basic Registration Requirements 180

Register Your Fictitious Business Name 183

If You Sell Goods, Get a Seller's Permit 184

Permits and Licenses for Specialized Fields 186

Marketing Basics 187

What's the Difference? Marketing vs, Advertising 190

Ten Marketing Tips 190

Your Marketing Toolbox 196

Do You Need a Marketing Plan? 204

Shipping and Returns 207

What's the Difference? Drop Shipping vs. Traditional

Shipping 208

Shipping and Delays 209

Returns and Refunds 210

Working From Home 213

Best Businesses to Run From Home 215

Self-Assessment: Should I Keep Working at Home? 216

Tipsf or Maximum Home Office Efficiency 224

Leasing Space 229

What's the Difference? Commercial vs. Residential 230

What to Ask When You Look at the Space 232

When You Talk About the Rent 233

Things to Consider When You Negotiate Your Lease 234

Subleasing 236

Interview with Attorney Janet Portman 237

Taking Your Business Online 243

How to Get a Site Up Tomorrow 244

Driving Traffic to Your Site 249

Should You Quit Your Day Job? 255

Go Part-Time, Flextime, or Telecornmute 256

Three Reasons to Keep Your Day Job 259

How Do You Know When to Quit Your Day Job? 259

Hobby or Business: How It Affects Taxes 263

What's the Difference? Hobby vs. Business 264

How the IRS Judges Your Business 264

Use Depreciation to Show a Profit 265

Proving a Profit Motive 266

If You're Audited 268

Classic Hobby Loss Abuse 269

PayingYour Taxes 271

Audit Flags: Who's More Likely to Get Audited? 272

How Businesses Are Taxed 273

What Taxes Your Business Will Have to Pay 275

Paying Estimated Taxes 276

Preparing Your Taxes 279

Keeping Records for the IRS 282

Tax Deductions 285

What's a Tax Deduction Worth? 286

Tax Deduction Basics 290

Deducting Home Office Expenses 292

Qualifying for the Home Office Deduction 292

What You Can Deduct 295

Deducting Long-Term Assets 297

Section 179 298

Depreciation 299

Deducting Vehicle Expenses 300

Deducting Travel Expenses 301

Deducting Meals and Entertainment 303

An Interview with Attorney Stephen Fishman 304

Index 309

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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted May 16, 2009

    Wow I'm in Business

    In March of 2008, I was called into the human resources department and told that there was reorganization happening within the company that I worked for and that unfortunately my position was eliminated. In addition to my termination and to my complete surprise, the company graciously gifted me the equipment related to my job.

    What to do with the equipment related to my profession? Jump in and go into business for myself. The title of this book "Wow I'm in Business", "A crash course in business basics" was fitting to my situation. This book covers the who, what, where, when and how of getting a business started and off the ground. Throughout the book there are many references to websites, software and other books to help you along the way. It is short, to the point and you can actually sit down, read it and have a hard time putting it down. Have a notebook ready and take in all of it and you will find as I did that going into business for yourself is not as scary as you may think.

    It has been two months since my termination from my job and I am well on my way to being a successful business owner. I have gained confidence to utilize my skills and put them to work for myself and my family. This book is the best investment you will ever make for your business.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted October 10, 2010

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