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.

• Appendix 1 gave a "Sample Business Plan Outline." It explains what you need to know and how to set up your own business plan.

• Appendix 2 described "Legal Business Structure." It explains the different types of business structures.

• Appendix 3 describes "Steps to Starting a Business." This is literally a STEP BY STEP information tree.

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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Last modified: June 15, 2010