Wow! I'm in Business: A Crash Course in Business Basics
Format: PDF / Kindle (mobi) / ePub
Have the drive, but need the "know how" to start and run a business? This book is for you! Named a "Top 10 Career Book of 2005" by Joyce Lain Kennedy, syndicated careers columnist. If your pastime and passion has started bringing in money, you may be wondering, "Am I in business -- and if so, how do I run it?". Feeling nervous? Don't! Thousands of people who knew absolutely nothing about business are now reaping the benefits of their hard work -- and experiencing the satisfaction of succeeding on their own. You can, too -- and Whoops! I'm in Business will show you how. Let it guide you through the entire business lifecycle. You'll find answers to the unknowns that may be holding you back, such as: Is this the right business for me? Should I quit my day job? What do I really need to know about bookkeeping? Do I need licenses and permits? Where do I get them? Can I borrow money? How? What do I need to know about contracts? What should I know about income taxes? and many more... Whoops! I'm in Business is packed with practical tips, resources and the stories of people who made the transition from business newbie to successful entrepreneur. Don't wonder about what to do with your idea any longer -- find answers in this book!
for-profit corporation taxed under normal corporate income tax rules. (When we use the term “corporation” in this book, we always mean a C corporation.) In contrast, S corporations are taxed like partnerships— their income is passed on to the owners. 34 | wow! I’m in business Running a corporation is more time-consuming and requires more formality than other entities. State laws usually require that, at the least, a president (CEO) and a secretary be appointed and, in many states, a treasurer
With Money Want to Know About Your Business Just as you wouldn’t buy a house without an inspection, investors and lenders will not open their checkbooks without performing “due diligence”—an investigation of the risks and potential value of your business. This includes: • Verifying facts. Lenders and investors will want to see all supporting information and may conduct their own investigations and prepare their own financials. • Interviewing your managers, friends, and associates. They may want
service as part of the rent. 3. Profit Before Taxes Total Expenses f. Travel/ Entertainment e. Interest d. Supplies/Postage c. Telephone b. Advertising a. Rent 2. Fixed Expenses 1. Placement Revenue Apr 4,000 — 515 300 30 10 150 50 1,055 2,945 Mar 4,000 — 515 300 30 10 150 50 1,055 2,945 3,945 1,055 50 150 10 30 300 515 — 5,000 May 3,945 1,055 50 150 10 30 300 515 — 5,000 Jun 3,945 1,055 50 150 10 30 300 515 — 5,000 Jul 3,945 1,055 50
degree from Greenlaw University in Chicago. Prior to working for HP, Doris was an accountant for a chain of laundries. Doris brings much-needed business knowledge to the business and allows me the freedom to concentrate on creating new recordings. Your Financials Ah, the guts of your plan! Here you provide your best estimates of startup costs, revenues and expenses, and your estimate of profitability. These financial projections will tell you the cost of your products or services, the amount of
the attic,” as one popular book on business ideas puts it. “What Ideas Have You Got?,” below, points you toward the things that qualify as proprietary and protectible. Step 3. Ensure Your Rights Register your valuable ideas with the agencies that oversee copyrights, patents, and trademarks. If you have trade secrets, take steps to maintain the confidentiality of the information. We explain the basics later in this chapter. Step 4. Enforce Your Rights Perhaps an ex-employee has taken your