Starting a Business

The first step in starting a business should be to find something you love to do. Its not work if you are passionate about your job.

The next step is to define your industry's problem. What is your business going to provide to help people and fix the problem?

Starting a Business

Now choose what type of management style you will employ.Sole Proprietorship

Partnership

Corporation

LLC

Starting a Business

Calculate all operating costs.

It is a good idea to budget around twice as much as you think you will need.

Always plan for the unexpected.

Starting a Business

Come up with a sound business plan and strategy.

Find the best ways to implement this strategy.

Having a plan is always a recipe for success.

Starting a Business

Things to consider about your business.Your target market

Your competition

Marketing your new company

Perform a SWOT analysis for your businessStrengths, Weaknesses, Opportunities, and Threats to your new company.

Important Financial Statements

These help keep track of your business finances. They are a snapshot at your operations and allow you to stay on top of your income and expenses. Income Statement

Balance Sheet

Cash Flow Statement

Income Statement

RevenuesReceipts of sales

Returns on investments

Franchising fees collected

Rental property income

ExpensesCost of Goods Sold

Operation Expenses

Financing Expenses

Balance Sheet

There are three sections:AssetsCurrentLong termOther (tangible,intangible)LiabilitiesCurrentLong term

EquityStock

Retained Earnings

Cash Flow Statement

It is the summary of the actual or anticipated incomings and outgoings of cash in a firm over an accounting period (month, quarter, year).

Finances

Keeping track of your new business' finances to the letter is the best way to stay on top of everything. Being more responsible with your money will allow you to see any pitfalls coming and adjust your strategy.

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