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Business Guide

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CONTROL IS THE BASIS OF EVERY EFFECTIVE MANAGEMENT!
 

How to Begin

Your success is YOUR responsibility! Before you begin to even think to enter a business on your own, you need to realize that being a small business owner brings with it many responsibilities. It is easy to overlook them in your excitement. But they won’t go away if you ignore them and they are, ultimately, your responsibility.

When the decision has been made to enter a business on your own, and the type of the business has been chosen, it's worthwhile to analyze carefully the form you want it to take and whom you want to involve. You have to determine the ownership and the legal framework of your enterprise. Each has its pluses and minuses.

Basically, you have to consider 3 options:

Sole Proprietorship
Partnership
Incorporation

NOTE: It is very important to weigh the advantages and disadvantages of all three options.

SOLE PROPRIETORSHIP

It is the simplest and most common form of ownership for small business. A sole proprietorship is owned by one person. The owner decides what products to sell or what services to provide, how much to charge, when the business will be open etc. If you choose this option nothing legally separates you and your personal finances from those of your enterprise and your business is taxed through the personal income tax you pay. There is no limit to the amount of profit your business could make and the owner also has unlimited liability.

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PARTNERSHIP

When two or more people get together to form a business, this business is known as a partnership. They share cost and/or other resources toward the operation of a venture. Partners pay personal income tax on their share of the profits, but the business itself is not subject to income tax. Nothing separates the partners' personal finances from those of the business.

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INCORPORATION

A corporation is a form of business ownership that has an existence of its own, separate from its owners. For this reason, corporations are considered to be more permanent than other forms of business ownership. Corporations can be identified by the inclusion of the words: LIMITED, INCORPORATED, or CORPORATION (or appropriate abbreviations Ltd, Inc.) after the company name. Because a corporation has a legal existence of its own, it will not stop operating when the people running it quit, retire or die.

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RELATED INFO

Market Research
Your Product Or Service
Your Customers
Your Competition
Getting A Financial Picture
Business Guide

RECOMMENDED  LITERATURE

A Basic Guide for Buying and Selling a Company - This outstanding guide contains all the essentials with regard to the interaction of people transacting for small businesses and how to maximize your chances to obtain fair deals. Explains how to effectively use a business broker, methods of payment available to the buyer, deal with an attorney, how the seller prices the company, and much more.

Women In Small Business - Setting Up Your Business Right The First Time - This book provides a road map of suggestions, insights and techniques for business women. It covers the entire business process step-by-step. It shows you how you can plan your way to business success. Learn how to create a wildly successful business regardless of what type of business you are in. There are 8 components to the entire system, all compiled and divided into individual chapters with wall-to-wall information. Each chapter contains highly detailed information broken down for you.

Project Management Basics - Project Management Basics is training that: Delivers the basics of all projects (quality, cost and delivery) to speed your management skills. Shows you how to manage and BALANCE your QCD deliverables to deliver first time on time. Trains you to RUN a project team meeting with precision that delivers RESULTS. Instructs you in the right DECISION MAKING PROCESS to move your project forward. This is not some pie in the sky course that takes 10 weeks to learn and costs you thousand of dollars. Is is not written by some guy who never ran a project in his life. This course is no nonsense and used daily by myself and others.

 
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