The Unofficial Guide to Starting a Small Business

by Turner, Marcia Layton

• ISBN13: 9780764572852
• ISBN10: 0764572857
• Edition: 2nd
• Format: Paperback
• Copyright: 2004-10-22
• Publisher: WILEY

Summary

The inside scoop . . .for when you want more than the official line Want to be your own boss but aren't quite sure how to make it happen? This savvy guide will show you the way. Now revised and updated to cover the latest regulations, techniques, and trends, it walks you step by step through the entire start-up process, from coming up with a business plan and lining up financing to setting up shop, marketing to your customer base, and dealing with accounting, taxes, insurance, and licenses. Packed with real-world tips and tricks that you won't find anywhere else, it delivers all the know-how you need to declare independence from the 9-to-5 world, launch your business--and watch the profits grow! * Vital Information on real-world entrepreneurship that other sources don't reveal. * Insider Secrets on how to secure financing and choose a winning location. * Money-Saving Techniques, including low-cost ways to market your business. * Time-Saving Tips for creating a business plan and handling legal and accounting basics. * The Latest Trends, including how to launch a profitable home- or Web-based business. * Handy Checklists and Charts to help you plan your start-up and succeed in the marketplace.

Author Biography

MARCIA LAYTON TURNER received an MBA from the University of Michigan and worked at the Eastman Kodak Company before founding her own marketing consulting firm, Layton & Co. She has been featured in such publications as Money, Entrepreneur, and USA Weekend, and she is the author of several books, including Kmart's Ten Deadly Sins and, most recently, Emeril!: Inside the Amazing Success of Today's Most Popular Chef, both from Wiley.

Table of Contents

About the Author	xi
Introduction	xiii
Entrepreneur versus business owner	xiv
Special Features	xix
I Do Your Homework First	1	(32)
1 Starting from Scratch	3	(16)
Startup checklist-a to-do list for budding business owners	4	(1)
Time Lines	5	(1)
Figuring our the finances	6	(2)
Doing your homework	8	(2)
First steps for starting a business	10	(6)
Turn to available resources for help and feedback	16	(1)
Just the facts	17	(2)
2 What Kind of Business Makes Sense for You?	19	(16)
Selecting a business	20	(4)
What best fits your financial resources	24	(1)
What meets your lifestyle needs	24	(1)
Researching your market	25	(3)
Tools and references	28	(3)
Just the facts	31	(2)
II Planning for Success	33	(38)
3 Your Business Plan	35	(24)
Setting achievable goals	36	(3)
The business plan myth	39	(1)
The only outline you'll ever need	40	(1)
Your first draft	41	(7)
Your final draft	48	(1)
Need for a non-disclosure?	48	(1)
Should you buy the software?	49	(1)
Financial projections	50	(1)
Three critical financial statements	50	(3)
Tried-and-true templates	53	(1)
Your book will be judged by its cover	54	(1)
First impressions count	54	(2)
Layout tips	56	(1)
Measure your progress with your plan	57	(1)
Just the facts	58	(1)
4 Financing Techniques	59	(14)
What financiers and bankers want to see	60	(1)
Financing options	61	(6)
What they require	67	(1)
Pros and cons	68	(1)
Just the facts	69	(2)
III Taking the Plunge	71	(46)
5 Getting Up and Running	73	(16)
Mission statement	74	(1)
Patents, copyrights, and trademarks	75	(3)
Name search	78	(1)
Corporate structure	79	(4)
Reporting and paying taxes	83	(2)
Insurance	85	(1)
Licenses and permits	86	(1)
Just the facts	87	(2)
6 Setting Up Shop	89	(16)
Finding a location	90	(4)
Starting out at home	94	(1)
Equipping your enterprise	95	(2)
Checklist	97	(6)
Just the facts	103	(2)
7 Internal Management	105	(14)
Accounting	106	(2)
Personnel management	108	(4)
Processes and systems	112	(4)
Just the facts	116	(1)
IV A Marketing Mindset	117	(38)
8 Pricing Strategies for Profitability	119	(14)
Know your costs first	121	(6)
How image and positioning play a role in pricing	127	(2)
Collecting what's due	129	(3)
Just the facts	132	(1)
9 Getting Business	133	(22)
Marketing versus sales	134	(1)
The power of marketing planning	135	(3)
Low-cost marketing methods	138	(12)
Success at selling	150	(4)
Just the facts	154	(1)
V Beyond Start-Up: Managing for Growth	155	(58)
10 Customer Service	157	(16)
Keep existing customers	159	(10)
Learning to say "no" to customers	169	(3)
Just the facts	172	(1)
11 Pursuing Big Business	173	(14)
Corporate clients	174	(6)
Government work	180	(5)
Just the facts	185	(2)
12 Adding Staff	187	(12)
When?	188	(4)
Who do you need?	192	(1)
Where can you find talent?	193	(1)
How to keep them once you have them	194	(3)
Just the facts	197	(2)
13 Advisers and Partners	199	(14)
How external advisers can help	200	(1)
Who you can turn to	201	(5)
Alliances may be the answer	206	(2)
Who to partner with	208	(1)
Identifying potential partners	209	(1)
Just the facts	210	(3)
VI Other Types of Businesses	213	(58)
14 Home-Based Business Basics	215	(16)
Zoning issues	216	(2)
Establishing a professional image	218	(2)
Equipment	220	(5)
Home life issues	225	(3)
Pros and cons	228	(2)
Just the facts	230	(1)
15 Setting Up a Web-Based Business	231	(16)
Why the Web?	233	(1)
A business unto itself	234	(7)
Adding on to an existing business	241	(5)
Just the facts	246	(1)
16 Investing in a Business Opportunity	247	(12)
Franchising	247	(6)
Self-Directed Income	253	(4)
Just the facts	257	(2)
17 Buying an Existing Business	259	(12)
Pros and cons	259	(2)
Where to find businesses for sale	261	(2)
Negotiating a deal	263	(5)
The trouble with turnarounds	268	(1)
Just the facts	269	(2)
VII There's More to Life Than Work	271	(14)
18 Balancing Your Life	273	(12)
Keeping a personal Life	274	(2)
Involving your family	276	(2)
Learning to say no	278	(2)
Delegating	280	(4)
Just the facts	284	(1)
A Glossary	285	(10)
B List of Businesses to Start	295	(12)
C Important Documents	307	(62)
D Recommended Reading	369	(4)
E Resources	373	(6)
F Business Contacts	379	(20)
Index	399