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Small Business for Dummies

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Easy-to-follow advice on launching, managing, and growing your business, and making it pay off

Small Business For Dummies is the essential guide you need to owning and operating a small business. You’re ready to add your name to the roster of business owners, and this book is here to give you the advice you’ll need at all stages of the game. Start off with insight on preparing to launch a small business, including picking the right business to pursue and getting all the paperwork in order. If you want to purchase an existing business, this book also has you covered. Plus, you’ll learn how to wear all the hats a small business owner must wear, including being your own HR manager, accountant, and marketer—and to make it all work.

  • Create a business plan and learn how to fund your business idea
  • Tackle the basics of small business bookkeeping so you can budget for success
  • Explore the idea of purchasing a business, and hire excellent employees
  • Avoid the most common mistakes that first-time business owners make

This jargon-free book meets small business owners wherever they are on the road to business success. Small Business For Dummies is great for those just toying with the idea of opening a business, and for those who already call themselves “boss” but need a few extra pointers on making things run smoothly.

ISBN-13: 9781394242764

Media Type: Paperback

Publisher: For Dummies

Publication Date: 04-09-2024

Pages: 464

Eric Tyson, MBA, has been a personal financial writer, lecturer, and counselor for 25 years. He is the author of the award-winning Personal Finance For Dummies and several otherFor Dummies bestsellers. Jim Schell has successfully launched and operated several small businesses. He has written other books and numerous columns on entrepreneurship.

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From the Publisher

This comprehensive and practical guide addresses how to find your business niche and time a start-up, figure out approximate costs, identify legal and tax issues, market products or services, and learn bookkeeping basics. Also recommended: Steven D. Peterson and others' Business Plans Kit for Dummies (3d ed. Wiley, May 2010.) (Library Journal, May 1, 2010)

Table of Contents

Introduction 1
About This Book 1
Foolish Assumptions 2
How to Use This Book 3
For making big decisions 3
As a road map 4
As a problem solver and a frame of reference 4
As a mentor 5
Icons Used in This Book 5
The One Common Denominator 6
Part I Becoming an Entrepreneur 7
Chapter 1 Is Small Business for You? 9
Getting Clear on the Terminology: What Is a Business? 10
Taking the Small-Business Owner's Aptitude Test: Do You Have the Right Stuff? 16
Identifying the Pros and Cons of Owning a Small Business 21
Watching Out for Monkey Business 24
Chapter 2 Laying Your Personal Financial Foundation 29
Getting Your Financial Ducks in Order 30
Creating Your Personal Financial To-Do List 33
Assessing and Replacing Benefits 39
Managing Your Personal Finances Post-Launch 44
Chapter 3 Finding Your Niche and Timing Your Start-Up 45
Why You Don't Need a New Niche or a Great Idea 45
How to Choose Your Business 47
Determining the Best Time for Your Start-Up 56
Recognizing Your Number One Asset--You 57
Chapter 4 Turning Your Ideas into Plans 59
Your Mission: Impossible If You Fail to Define It 59
Your Business Plan: Don't Start Up without It 62
Writing Your Business Plan 64
Keeping Your Plan Current 78
Chapter 5 Financing, Ownership, and Organizational Options 79
Determining Your Start-Up Cash Requirements 79
Using Your Own Resources: Bootstrapping 82
Outsourcing for Your Capital Needs 86
Exploring Ownership Options: Going It Alone or Working with Partners and Shareholders 94
Figuring Out Whether or Not to Incorporate 99
Part II Buying an Existing Business 109
Chapter 6 Exploring Buying a Small Business 111
Understanding Why to Buy a Business 111
Knowing When You Shouldn't Buy 115
Recognizing Pre-Purchase Prerequisites 118
Considering a Franchise 126
Evaluating Multilevel Marketing Companies 129
Chapter 7 Evaluating and Negotiating to Buy 131
Kicking the Tires 133
Making an Offer They Can't Refuse 146
Moving into Your Newly Bought Business 155
Part III Running a Successful Small Business 159
Chapter 8 Owners Wear Many Hats 161
Working through the Nitty-Gritty Details of the Start-Up 161
Outsourcing to Focus on What You Do Best 165
Simplifying Your Accounting 167
Controlling Your Expenses 175
Managing Vendor Relationships 178
Dealing with Bankers, Lawyers, and Other Outsiders 180
Chapter 9 Marketing 101: Product, Promotion, Sales, Distribution, and Pricing 187
Product and Service Development 188
Spreading the Word: Promotion 190
Publicity 199
Channeling Products to Customers: Distribution 201
Pricing: Cost Plus Value 206
Sales: Where the Rubber Hits the Road 210
Chapter 10 Keeping Your Customers Loyal 217
Retaining Your Customer Base 218
Dealing with Dissatisfied (And Difficult) Customers 227
Chapter 11 Tracking Cash Flow, Costs, and Profits 231
Cash Flow: The Fuel That Drives Your Business 232
Making Sense of Financial Statements 234
Turning the Numbers into Action 240
Managing Your Inventory 245
Collecting Your Accounts Receivables 246
Improving Your Profitability 249
Chapter 12 Learning from Others' Experiences 255
Find a Mentor 255
Network with Peers 257
Form a Board of Advisors 258
Get a Partner 260
Join a Trade Association 262
Find a Business Incubator 263
Locate Your Local Small Business Development Center 264
Give SCORE a Try 264
Soak Up Information Like a Sponge 265
Part IV Keeping Your Business in Business 267
Chapter 13 Finding and Keeping Superstar Employees 269
Assembling a Top Team 270
Training Your Team: It's an Investment 275
Motivating: Pay and Performance Issues 276
Working Relationships: Designing a Flexible Organization Chart 288
Recognizing the Importance of an Employee Manual 289
Describing a Successful Employer 291
Looking at Employee Leasing Companies 294
Chapter 14 Providing Employee Benefits 297
Retirement Plans: The Underappreciated Benefit 298
Deciding Whether to Share the Equity 304
Including Insurance and Other Benefits 307
Chapter 15 The Long Arm of the Law: Regulatory and Legal Issues 315
An Abundance of Small-Business Laws 315
Suffering through Start-Up Regulations 317
Laboring through Employee Costs and Laws 329
Chapter 16 Mastering Small-Business Taxes 331
Getting Smarter About Taxes 332
Keeping Good Financial Records 336
Knowing Your Income Tax Bracket 337
Staying on Top of Employment Taxes 339
Spending Your Money Tax-Wisely 342
Selecting an Entity and Tax Implications 343
Chapter 17 Special Considerations for Growing Businesses 345
Growing in Stages 346
Handling Human Resources Issues 349
Addressing Time-Management Issues 351
Choosing a Management System 353
Troubleshooting Your Business 357
Finding Your Role in an Evolving Business 360
Part V The Part of Tens 365
Chapter 18 Ten Tips for Home-Based Businesses 367
Recognize That Working from Home Isn't a Free Lunch 368
Run Your Business Like a Business 369
Keep Things Legal and Do Them Right the First Time 370
Put On a Professional Face 371
Choose the Right Technology 372
Develop a Marketing Strategy 375
Manage Your Time Effectively 376
Motivate Yourself (If You Don't, Who Will?) 377
Include Your Family 377
Stay in the Loop 378
Chapter 19 Ten Ways Computers Can Aid Your Small Business 381
Brainstorming and Researching Business Ideas 382
Finding a Mentor 383
Buying a Business or Franchise 383
Searching for Financing 384
Marketing Your Business 384
Maintaining and Analyzing Your Financials 385
Saving Time and Money 386
Getting Organized and Integrated with Suites 387
Filing Your Taxes 387
Avoiding Attorneys 387
Chapter 20 Ten Tips for Managing Your Growing Business 389
Focus On What You Do Best 389
Bend the Rules When Necessary 390
Hold Your Employees Accountable 390
Consider the 80-20 Rule 391
Think Ahead 392
Sleep On It 393
Resolve Conflicts 394
Walk Your Talk 394
Remember: Cash is King 395
Follow the Rule of Many Reasons 396
Index 397