Small Business
and Self-Employed Business Owners Help Center
A 10 Step Guide to Successful Small Business Management
Print out the Step-by-step Checklist
Make your business run better and more profitably
Table of Contents
Ten Building Blocks
to Success:
1. Starting a Business
2. Financing a business
3. Company Name
4. Office Equipment
5. Hiring
6. Business Insurance
7. Advertising
8. Efficiency
9. Pension Plans
10. Succession Plans
Checklist for Success
More Useful Advice:
Resources
Business
Opportunities:
Home-Based
Business
Opportunities
Virtual Call Center
Job Opportunities
Dental Practices:
Buy, Sell, Valuation
Medical
Practices:
Buy, Sell, Valuation
Step 1: Getting Started - Buying or Building a New Business
(I) Buying a business
So you want to want to be an entrepreneur and strike out on your own. You want
to be your own boss and you have experience in a particular field or a
skill but feel more comfortable running an existing operation.
You see
an opportunity to make more money. What do
you do next?
(1) Find a business to buy. Places to look:
●
People you know who want to sell or retire.
●
Local newspapers. Check to papers that serve your town and surrounding
towns, too.
●
Go online. Check sites that have businesses for sale like
www.bizbuysell.com or
www.businessbroker.net.
●
Ask your accountant, attorney or friends. Tell them to keep you in mind.
(2) Ask to see their books and client list
●
Have your accountant check the books for the past three years.
●
Call at least ten clients to see if they're still current clients and
what the reputation of the business is.
(3) Evaluate the business
For all businesses there is a formula
to use in determining a business value. Example:
● Take the Net income to the owner
and multiply by three.
● Purchase the client list and pay
the owner a fixed price for each client who signs up with you.
● Include or exclude business
equipment. Make it clear what you want to buy. Don't assume.
(4) Make an offer
Use one of
the proven methods to evaluate a business and make the owner an offer,
which should
include the following:
● Total amount you're willing to
pay.
● Down payment.
● Timing of payments (monthly,
quarterly, at the end of the year).
● Financing, if necessary. You may
have to pay the owner interest on the unpaid balance.
● No compete clause. Make sure he's
selling you all of the business and won't try to take back
clients once you sign the agreement.
(5) Write up a contract Have an attorney do it. Have it witnessed and notarized.
(II) Building a Business From Scratch
You've looked and can't find a business to purchase or you would rather
start a new business without the hassle of negotiating over someone
else's business and/or financing a purchase.
Are you ready to run a business? Do you have the knowledge to run the
daily operations of a business as
well and perform the skills that
people will hire you to do? This web site will help.
You need clients! How will you get them?
Section Seven of this website covers advertising but there are several
things you can do right away. Don't wait until you've opened the new
business to get the phone
ringing.
● See if any clients who work with
you at your current job are willing to go with you.
● Tell business owners who you would
like to work with to call you at your new phone number.
(III) Make a Business Plan
(Highly Recommended)
You'll need it, in conjunction with this website, to successfully start
a new business venture. If you want financing you will need it. Sit down
at your computer, fire up the word processor, and use the
Checklist for Success
to map out
how you envision the company. Itemize the business services you want to
offer.
Move on to Step 2: Financing the business
New
This week:
Virtual Call
Center Jobs
Dental Practices:
Buy, Sell, Valuation
Medical Practices:
Buy, Sell, Valuation
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