Small Business For Dummies PDF
Preview Small Business For Dummies
® Small Business For Dummies , 4th Edition Table of Contents Introduction About This Book Conventions Used in This Book What You’re Not to Read Foolish Assumptions How This Book Is Organized Part I: Becoming an Entrepreneur Part II: Buying an Existing Business Part III: Running a Successful Small Business Part IV: Keeping Your Business in Business Part V: The Part of Tens Icons Used in This Book Where to Go from Here Part I: Becoming an Entrepreneur Chapter 1: Is Small Business for You? Defining Small Business Small (and large) business basics Financial basics: The same whether you’re big or small Small business: Role model for big business Different people and businesses, similar issues Our definition of a small-business owner Do You Have the Right Stuff? Getting started with the instructions Answering the questions Scoring the test Analyzing your results Identifying the Pros and Cons of Owning a Small Business The reasons to own The reasons not to own Exploring Alternatives to Starting a Business Chapter 2: Laying Your Personal Financial Foundation Getting Your Financial Ducks in a Row Cutting the umbilical cord Improving your business survival odds Maintaining harmony on the home front Creating Your Money To-Do List Assess your financial position and goals Shrink your spending Build up your cash reserves Stabilize income with part-time work Assessing and Replacing Benefits Retirement savings plans and pensions Health insurance Disability insurance Life insurance Dental, vision, and other insurance Social Security taxes Time off Managing Your Personal Finances Post-Launch Chapter 3: Finding Your Niche Why You Don’t Need a New Idea to Be Successful Inventing Something New Say yes to useful invention resources Run away from invention promotion firms Choosing Your Business Consider your category Take advantage of accidental opportunities Inventory your skills, interests, and job history Narrow your choices Go in search of fast growth Take advantage of government resources Recognizing Your Number One Asset — You Chapter 4: First Things First: Crafting Your Business Plan Your Mission: Impossible If You Fail to Define It Writing your mission statement Keeping your mission in people’s minds Your Business Plan: Don’t Start Up without It Using your business plan as a road map Finding financing with your business plan Writing Your Business Plan Part 1: Business description Part 2: Management Part 3: Marketing plan Part 4: Operations Part 5: Risks Part 6: Financial management plan Keeping Your Plan Current Chapter 5: Making Financing, Ownership, and Organizational Decisions Determining Your Start-Up Cash Needs Using Your Own Money: Bootstrapping Profiling bootstrappers Tapping into bootstrapping sources Outsourcing for Your Capital Needs Banking on banks Getting money from nonbanks Exploring Ownership Options You as the sole owner Sharing ownership with partners or minority shareholders Deciding between sole and shared ownership Going public: Cashing in Deciding Whether to Incorporate Weighing unincorporated options Considering incorporated business entities Part II: Buying an Existing Business Chapter 6: Exploring Buying a Business Understanding Why to Buy a Business To reduce start-up hassles and headaches To lessen your risk To increase profits by adding value To establish cash flow To capitalize on someone else’s good idea To open locked doors To inherit an established customer base Knowing When You Shouldn’t Buy You dislike inherited baggage You’re going to skimp on inspections You lack capital You think you’ll miss out on the satisfaction of creating a business Recognizing Prepurchase Prerequisites Business experience and training Down-payment money Chapter 7: Finding the Right Business to Buy Defining Your Business-Buying Appetite Generating Leads Perusing publications Networking with advisors Knocking on doors Enlisting business brokers Considering a Franchise Franchise advantages Franchise disadvantages Evaluating Multilevel Marketing (MLM) Firms Being wary of pyramid schemes Finding the better MLMs Checking Out Work-from-Home Opportunities Chapter 8: Evaluating a Business to Buy Kicking the Tires: Doing Your Due Diligence Examining owners’ and key employees’ backgrounds Finding out why the owner is selling Surveying the company culture Inspecting the financial statements Uncovering lease contract terms Evaluating Special Franchise Issues Thoroughly review regulatory filings Evaluate the franchiser’s motives Interview plenty of franchisees Understand what you’re buying and examine comparables Check with federal and state regulators Investigate the company’s credit history Analyze and negotiate the franchise contract Chapter 9: Negotiating Terms and Sealing the Deal Valuing the Business Exploring valuing methods: Multiple of earnings and book value Getting a professional appraisal Tracking businesses you’ve explored that have sold Tapping the knowledge of advisors who work with similar companies Consulting research firms and publications Turning to trade publications Enlisting the services of a business broker Developing Purchase Offer Contingencies Allocating the Purchase Price Doing Due Diligence Think about income statement issues Consider legal and tax concerns Moving Into Your Business Part III: Running a Successful Small Business Chapter 10: The Owner’s Responsibilities in the Start-Up and Beyond Dotting Your i’s and Crossing Your t’s: Start-Up Details Buying insurance Paying federal, state, and local taxes Negotiating leases Maintaining employee records Getting licenses and permits Signing the checks Outsourcing: Focus on What You Do Best Surveying the most commonly outsourced tasks Figuring out what to outsource Simplifying Your Accounting Introducing some common systems Choosing the system that’s right for you Controlling Your Expenses Looking at fixed and variable expenses Understanding zero-based budgeting Managing Vendor Relationships Dealing with Bankers, Lawyers, and Other Outsiders Bankers Lawyers Tax advisors Consultants Governments
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