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HOW TO START A BUSINESS
Starting a business properly is
important.
To get help in starting your
BUSINESS, you can check out your LOCAL LIBRARY or go a LOCAL BANK for information.
Typically, the information you
will need is a handbook for SMALL BUSINESS OWNERS. This may come from the Library, or a
Local Bank.
In preparation for this page, I
got a copy of a Small Business Owners Handbook from a local bank. It was FREE and FULL of
good information. The Small Business Owners Handbook the bank passed out had the following
topic in the Table of Contents.
BUSINESS PLAN. The first item
is how to go about setting up a business plan. This is a good idea even though you know
you plan to make money.
FINANCING. This is the next
item they list. While a large number of people going into the Mobile Gold Plating business
started with a small investment and or are running Gold Plating as a part of an existing
business, having a plan already in mind for growth and expansion will help you.
MARKETING. Their third item
helps to FOCUS into where and how to sell.
CHOOSING YOUR BUSINESS
STRUCTURE. This section give you a definition of Sole Proprietorship, General Partnership,
Limited Partnership, "C" Corporation and Subchapter "S" Corporation.
REGISTERING YOUR NAME. This is
basically tied in with whatever business structure you select.
LICENSES, PERMITS AND OTHER
REGULATIONS. This explains information on Licenses and Permits of local units of
government (City, County and State) plus it goes into Zoning, Building Codes and
Ordinances. A separate section addresses BARRIER FREE DESIGN. Clearly, a lot of this will
not have an impact on you if you are a MOBILE OPERATOR, although some may.
EMPLOYEES. This section covers
Unemployment Insurance, Income Tax Withholding, Social Security Taxes, Workers'
Compensation Insurance, Alien Employees and Employees vs. Contract Labor.
TAXES. This section addresses
the issue of a Federal Employer Identification Number, Income Taxes, Payroll Taxes and
Sales Tax. In Michigan they also have a tax they call a SINGLE BUSINESS TAX. Each state
probably has other items you need to check into.
INSURANCE. This section covers
Liability Insurance, Property Insurance, Workers' Compensation Insurance, Business
Interruption Insurance, "KEY MAN" Insurance, Automobile Insurance, Officer &
Director Insurance, and Home Office Insurance.
BOOKKEEPING. This section
explains what records you should keep as well as the description of the BALANCE SHEET and
the PROFIT & LOSS STATEMENT.
WHO CAN HELP. This section
lists the Michigan Small Business Development Center as the first place to look for help.
In Michigan, there are 40 counseling and service centers throughout the state for the
purpose of providing NO CHARGE management and technical assistance to Michigan's present
and future small business owners. Every state should have a similar set up. This is an
excellent, and NO CHARGE place to start. They also list several other sources. Some may be
FREE and others may be FEE BASED. That means they will charge you. The sources they listed
were the Chamber Of Commerce, Public and University Libraries, Professionals, Trade
Associations and Banks.
The Small Business Owners
Handbook I used for this page included three Appendix pages.
Whatever Small Business Owners
Handbook you find should give you similar information.
While we want to help you make
money in your business, we can not provide direct information on starting a business.
Finding a Small Business Owners Handbook in your local area is the best help we can give
you.
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