User:Vtaylor/SCORE/Home business/march2022

= intro =

So you think you want to start a home business?

You are not alone. Millions of new businesses are started every year. With the pandemic and changes to everyone's 'normal', many more people have had time to consider their options.

We are talking about really small small businesses - just you and maybe a family member, a dream and an idea.

There are 31.7 million small businesses in the U.S. • 81 percent, or 25.7 million, have no employees (termed “nonemployers”)

Small Business FAQs 2020 https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

-- move to structure -- 86.6 percent of nonemployers are sole proprietorships while only 14 percent of small employer firms are sole proprietorships. More than half of small employer firms are S-corporations

In 2017, 1 million business establishments opened, and 898,000 establishments closed. About 13 percent of business establishments are startups.

About a quarter of employer firms (24%), were home-based in 2016. By industry, almost half of construction firms (47%), and business services (45%) were home-based. The share of home- based employer firms decreases as the firm age increases (for example, 32% for firms 2 years or younger vs. 17% for firms 16 and over). According to older data, when including businesses without employees, about half of all businesses are home-based.

--

In this introduction to home based business we will focus on some basic questions about you and your business.
 * What is it? Is it for me? What’s involved? Where do I start?

And the answer is - it depends... We will look at the short version - cover a little bit about all these questions.

SCORE has been in the business of helping small and start-up businesses. They have put together on demand courses, in-person workshops as well as offering mentoring from professionals and experienced business people.

Depending on your current situation, experience and place on the journey, we will also look at the extensive SCORE resources so you can continue on your own or with the help of your SCORE mentor.

poll
Where are you on your home business journey? What is your current status?
 * Just looking
 * Thinking about it
 * Have an idea
 * Have a plan
 * Ready to go
 * More to learn

show rsults

SCORE has something for everyone. We will provide links to resources throughout the presentation. The slides with the links will be available to all participants.

SCORE Simple Steps for Starting Your Business series https://www.score.org/getstarted

help clients reach a “go or no-go” decision for a start-up. The content is designed to work in conjunction with mentoring and includes homework for the client to complete.


 * The concepts involved with assessing a business idea
 * Marketing your product or service,
 * Understanding business financials and how they work
 * How to fund and finance your business

This would be covered in 5 3-hour workshops or with several sessions with your SCORE mentor.

We are just going to do a speed-dating style run through in 45 minutes with time for questions. We will highlight some of the important items in the workbook and give you a general overview of startup basics, you and your business ideas, and some thinking about how to proceed from here.

In this session we will take a look at what's available with a specific focus on home businesses.

Let's assume that it is just you in your own home - no other location, no employees. There are still lots of things to consider but we will get into that shortly.

There are all kinds of podcasts about business that are entertaining and very informative. One of my favorites though is How I Built This with Guy Raz https://podcasts.apple.com/us/podcast/how-i-built-this-with-guy-raz/id1150510297?i=1000551533898

On one of his recent episodes was the story of the couple who made their fortune (literally) selling kernel corn. He was a schoolteacher, she was a nurse and their intent was to make some money on the weekends to put their kids through college. It took 17 years to be an overnight success but in the end they sold their business for a quarter of $1 billion - that’s billion with a B.

It could happen...

basics of testing your business idea and identifying the key factors that influence start-up success.

an overview of the skills and tools you need when deciding to start a busines: the advantages and disadvantages of owning a business, the most profitable form for your business, and the fundamentals of formation, organization, marketing, cash flow and funding sources.

First of all It's about you. We'll start with you. What do you want? Why? What are you prepared to do tho make it happen? What do you know? Who can help you? How?

Business types - There are hundreds of businesses waiting to happen. There are web sites with ideas. We will go over some more thinking things - location, delivery and Examples

Startup - These next steps are about the process. You may need to iterate a number of rounds to fine tune your business. Here's where templates and checklists can be helpful.

Reality check - Do you really want to do this now? It's ok to say no. Better now than have your new business fail in the future because you missed the reality check step.

The two principal resources are
 * SCORE Simple Steps for Starting Your Business series - a series of 5 modules that goes into depth on each of the startup business planning including marketing, financial projections and funding. We are looking forward to resuming the five-part, 3-hour workshops. https://www.score.org/getstarted
 * SCORE Startup Roadmap - 15 on-demand webinars that cover the complete process from coming up with a business idea through opening for business. https://www.score.org/startup-roadmap

SCORE Simple Steps for Starting Your Business series https://www.score.org/getstarted Module 1: Startup Basics Module 2: Business Concept Module 3: Marketing Plan Module 4: Financial Projections Module 5: Funding Sources and Next Steps

''Simple Steps for Starting Your Business is a five-part series of pre-business workshops to help clients reach a “go or no-go” decision for a start-up. The content is designed to work in conjunction with mentoring and includes homework for the client to complete. The program is not designed to provide all of the information needed to start a business, but rather to help the client decide whether he or she is ready to take the next step towards becoming an entrepreneur.'' https://help.score.org/hc/en-us/articles/360036307213-Simple-Steps-for-Starting-Your-Business

SCORE Startup Roadmap https://www.score.org/startup-roadmap Chapter 1: Starting Your Journey Chapter 2: Are You Ready to Start a Business? Chapter 3: Defining and Validating Your Idea Chapter 4: Business Plan or Business Model Canvas? Chapter 5: Finding Funding Chapter 6: Setting Up Your Business Chapter 7: Accounting, Insurance, and Legal Considerations Chapter 8: Marketing Your Business Chapter 9: Pricing, Sales, and Distribution Chapter 10: Setting Up Your Physical Location Chapter 11: Staffing Your Business Chapter 12: Open for Business

= ASK =

https://www.thebalancesmb.com/how-to-start-a-home-based-business-that-will-succeed-2948192

The best home-based business is the one you start because you are passionate about the work and interested in the process involved

Starting a home-based business can create flexibility in how you spend your time and make your money. But it isn't a quick process or a guarantee of financial success. It requires a long-term commitment and a clear understanding of the work involved.

Critical success factors - Startup businesses that are successful share a number of common critical success factors

https://www.youtube.com/watch?v=06WwH9D_ZCw

Well thought-out idea Realistic expectations Demonstrated customer need Comprehensive overview of entire business operation Money enough to start, emergency fund Record keeping, cash flow, taxes, withholding, sales tax

To create a home-based business with a solid foundation and earning potential, you'll need to invest time and resources into identifying the right business for you and creating a plan.

Assess Your Talents - Are you: .  Creative? .  Detail-oriented? .  A strong communicator? .  Persistent? .  A quick learner?

Are you suited for self-employment. Common traits for successful business owners are: . Openness to experience .  Self-reliance .  Motivation toward achievement .  Self-efficacy .  Comfort with risk2

Be honest as you assess your talents and personality to determine whether a home-based business is the right path for you.

Examine Your Skills - Running a successful business often requires learning new skills, such as marketing or cold-calling. But when it comes to developing a business idea, start with the skills you already have. They will often indicate where you are best suited to use your natural talents.

Generate Business Ideas - As you brainstorm, you get a sense for which business ideas are a good fit for your personality, skill set, and interests. This will allow you to narrow down your options to businesses that you are genuinely interested in pursuing.

Home-Based Business - Starting a business out of your home requires considering a variety of factors, including your location, zoning, legal restrictions, licensing, work style, personality, and your family's needs.

Determine the Likely Profit - .  How much are people willing to pay me for this product or service? .   Can I make a sufficient income from that?

Determine what your minimum income requirements are per month and only consider business ideas that have a real chance of generating that level of profit. Most businesses need time to start generating a profit. Take this into consideration

These are some of the important questions to ASK.

ASK . yourself . your family and friends . people who would be your ideal customers . trade organization . competition for your product or services . your SCORE mentor

First of all It's about you. We'll start with you. What do you want? Why? What are you prepared to do to make it happen? What do you know? Who can help you? How?

What business are you starting? How is it different from your competitors? Who’s your ideal customer? What problems are you trying to solve? How are you going to get the message out?

ASK passion interests requirements skills time place family support experience expectations financial

thebalancesmb.com/how-to-start-a-home-based-business-that-will-succeed-2948192.

More than just the money. Time - 2 full time jobs - 3 if you are the primary caregiver too Life - Family commitments, vacations

Why? Why do you want to start a business? Why do you think now is the time to do it? Why do you want to pursue your specific idea?

inforgraphic 40.2%: Passionate for the product/service I provide

16%: Wanted the flexibility of self-employment 15.1%: Saw a gap in the marketplace that I wanted to fill 14.6%: Unemployment or underemployment at my previous job 13.9%: Wanted to be my own boss

https://www.score.org/resource/infographic/megaphone-main-street-startups-finding-customers

slides . 13 Do You Have What it Takes? Critical Success Factors . 14 Do You Have the Financial Resources? . 17 new business . 18 buying and existing business . 19 buying s franchise . 20 home based / remote business . 22 online business . 24 How Many Hats Will You Wear? . 28 Do You Have the Skills?

Not Home Business

Your company idea might not be suitable to be a home business for many reasons - zoning, location, equipment, products, volumes. One more thing to think about. Perhaps you can start at your home and once you get the business launched and growing, you can transition to a more appropriate space or location.


 * Ed has and industrial quality machine shop at home on several acres in a semi-rural area. As his business grew, he hired employees, needed space for works in progress, and benefited from the visibility from being small industrial park by a major road.

https://podcasts.apple.com/us/podcast/live-episode-walker-company-tristan-walker/id1150510297?i=1000451714484
 * Tristan Walker's goal initially was to be wealth (not same as rich). So he need to have a business that would be scale to a major company. This was not going to be a home business from the outset. Along the way he found that he had plenty of money and his goal became to build a company that would still be in business in 100 years. His name is on the company because he felt that that like other family name companies, this was a connection and a responsibility to customers.

NEXT : IMAGINE what your home business will be like in more detail.


 * Solve a problem - preferably a really big annoying problem. Tristan Walker is a black guy with a shaving problem. All the new fangled multi-blade razors made his face breakout in bumps. This problem is shared by billions of black men worldwide and ? black men in the US alone. Selling specialty razors may not seem like a terrific business idea but the problem was very real and nobody else seemed interested in solving it. And it was... The company was bought by the 150+ year old Proctor & Gamble company. https://podcasts.apple.com/us/podcast/live-episode-walker-company-tristan-walker/id1150510297?i=1000451714484

Create a Business Plan - Find out if your idea has a chance of becoming successful.

Once you've chosen a home-based business idea you're passionate about, write a business plan, including: . summary of your business idea .   Research into your target market and competition5 .   A description of your ideal customer .   Your marketing strategy .  Financial planning .  Your operating plan

The research and thinking that you do as you work through the business plan will help you refine your business idea and plan for how you will successfully launch yourself into your market without costly real-world trial and error. If your business plan shows you that your idea isn't viable, don't be afraid to shelve it, choose another home-based business idea, and go through the process again.

= imagine =

IMAGINE what your home business will be like in more detail.

In this section we are going to look at business ideas and envision how your business would develop. What would it be like to run this business? Perhaps there is even an opportunity to prototype how this business will work.

There are hundreds of businesses waiting to happen.

As we are focusing on your home business, the types of businesses are narrowed down somewhat.

For the purposes of this discussion, we are talking about you with your home ase your base of operations. Are you going to do all your work from your home? From an office space in your home? Or is this just your home address?

Consider location, zoning, legal restrictions, licensing, work style, personality, and your family's needs. A lot of clients coming and going may not be practical from a home office. comply with organization and licensing requirements (State, County, City).

Service businesses - electricians, handy men plumbers, sub contractors in trades: They have a home office and conduct their business administration from their home - often storing materials they use at their residence - their service is not performed from their home.


 * Grant does boat maintenance services from his truck. most of the boats he services are in the water at a marina. He takes parts home to his workshop if they need something that he can't do on site. His wife answers emails and does the bookkeeping and billing.

Internet businesses - all of their sales are generated from the home office including but not limited to Web marketing and sales, emails, social media promotions, customer support. Maybe even product inventory, shipping and receiving.


 * A college student runs a business that sells trendy printed shirts. He creates the designs and has the manufacturing done in India. He does all the online marketing, sales and fulfillment from his home.


 * Mike decided to sell off his collection of science fiction paperback books. Amazon maintains lists of books that people are looking to buy. Several of this books sold to people on the list. Others he listed and sold. Everything shipped USPS for a fixed rate, and he was paid when the shipment was received.

Consultants - your business records are at your home. Meetings and working with clients would normally take places at the clients' location (or remotely since COVID). Additional billable work could be done anywhere including at home.


 * A professional personal organizer joined her trade association and is listed on their web site. Her clients contact her and they meet at the client's home or office. The organizer prepares some of plans, checklists, etc. at home and works with the client on-site to set-up the changes.

Some "manufacturing" - Crafts, Cottage foods can be made at home for sale. There are farmers' markets, craft shows, and street fairs where local producers are encouraged to come and sell their wares. With the rise of web sales marketplaces, these opportunities have expanded beyond a limited travel radius.


 * a New Orleans baker only makes "King Cakes" for Mardi Gras. He only works 2 weeks a year. He makes enough in that time to see him through the rest of the year.


 * While they watched TV at home, a couple of school teachers made attractive glass lamps and similar small hand crafted items. They made enough money selling these at spring and fall fairs to finance nice summer vacations.


 * And the example from How I Built this podcast - a couple hauling their kettle corn equipment around to local sporting events to make and sell their product.

In-person sales - For some specialty products, selling is limited to several major conventions and shows per year. There can be follow-on sales after these events but the bulk of the sales take place at the events.


 * There is a company that only sells specialty boat coatings. The owner has his unique formulation manufactured for him. He goes to all the major boat shows and sells directly to boat owners at these events.

In-home services - Bed & Breakfast, Airbnb, VRBO (Vacation Rental By Owner). Not permitted everywhere. These have been the most enduring of home businesses. They are more popular than ever. Online booking has extended the whole business sector to a new level.


 * The kids are gone. There are plenty of spare rooms. There aren't any hotels for miles. The owners love to meet new people. Airbnb has been a terrific opportunity to fulfill a long held dream of having a successful home business. They are ok with the occasional cancellation - an opportunity for one of the few days off in their short busy summer season.

Opportunities - There are still plenty of opportunities within this range of options. If you have experiences with specific products or services, you may identify customer needs that your business can address. Nobody makes strawberry jam like your mom. There are no bookkeepers available on Saturdays. A reliable handyperson could do well in this neighborhood. There is a big demand for customer service reps who work online from anywhere.

Aspirations, expectations - What is it that you want to get from the business? Different lifestyle?

Financial goals - Do you have specific financial goals that you want to achieve? How long are you prepared to work for little or no "pay" until your business can start to show real profits? Adequate funding is essential to get a business up and running. Some can be in business for less than $1000 while others require a significant amount of expensive equipment and startup expenses in the $100,000s or more to bring in the early revenues.

Need some ideas? There are web sites with ideas. We will go over some more thinking things - location, delivery and Examples

You may need to iterate a number of rounds to fine tune your business concept. Here's where templates and checklists can be helpful.

For now we will limit the business ideas for Home - you, your home, your base of your operation

Product business - . make - needs work . buy - ready to sell, from supplier or wholesalers . stock - have on hand, maintain inventory, order fullfillment

. dropship - your product is stocked elsewhere and you pay them to keep your inventory and ship your orders - you handle all the orders, billing, returns and customer service as well as marketing and advertising

. affiliate program - you promote products and get a percentage when your referral makes a purchase from your partner. Amazon is one of the major providers of affiliates programs. Others

Service . f2f . your place . their place . remote . provider . manager

customers - Who do you want for customers? Where are they? How do you reach them? https://www.score.org/blog/11-ways-find-your-first-customers We will discuss this in more detail in the planning and building sections

Learn more Research DuckDuckGo Library Industry groups, associations Call a friend Work in the business Volunteer Courses, certification, credential, training

Examples

home / office cleaning personal organizer answering service coffee importer / roasting bookkeeper ecommerce reseller toy designer / seller shelf stable food products glass decorations tutor, life coach caregiver, companion, assistant notary, officiant farm, garden

Specialty foods is another popular business. https://score.app.box.com/s/gvrne49q9tuhnapcchz3l7n1ds9qaylm

These can be distribution of products purchased in bulk or in quantity and sold locally in small er quantities to consumers. These can be as exotic as import resell like Dang Thai coconut chips. Another option is to provide value add - importing raw coffee and roasting for consumers sales. Homemade - jam, candy, local honey and baked good are also possibilities. There can be some requirements and regulations - must be shelf-stable, cooking facility must be inspected and meet health standards.

Personal / professional services

personal organizer, life coach cleaning handyman trades - plumber, electrician hauling, yardwork, tree removal accountant, attorney, insurance, notary social media, SEO, web developer resume, freelance writer

certification insurance license zoning

starting point hobby friends, family certification, licensing franchise, purchase experience - work, volunteer

Existing business - business for sale listings broker assets


 * bizbuysell.com The Internet's Largest Business for Sale Marketplace . The Most Buyers 100,000+ successful sales . The Most Sellers 65,000+ businesses listed annually . The Most Traffic 15m monthly page views

BizBuySell.com has over two thousand home-based business opportunities listed for sale. The most popular types of home businesses are: .   Home Based Business Services – Over 400 .   Home Based Personal Services – Over 200 .   Other Home Based Services – Over 450 .   Home Based Consumer Services – Over 150

To find the right home-based business for you, visit www.bizbuysell.com/buy/, select the business location and industry that you have the most interest in, and then select the button that says "Only Show Home-Based Businesses". You can search from home businesses by industry, state, and even county to find the ideal fit for your interests and needs.

Once you've reviewed the various opportunities, you can view specific business opportunities (both established businesses and start-up opportunities), and even contact the seller of the business.

We suggest you conduct a rigorous analysis of the business, making sure the business's income and stability are as advertised, and that you're entering into a business arrangement where you have confidence in your ability to succeed. Then, negotiate a deal and you're on your way.

Franchise https://smallbiztrends.com/2020/10/home-based-franchises.html - When deciding on the best home-based franchise, consider if a franchise is right for you. Make sure to understand the pros and cons of franchising. Also consider the track record of the franchisor and the level of franchisee satisfaction.

franchise factors uniquely affecting those who work at home or part-time:


 * right for me?
 * pros and cons
 * under $10,000
 * most profitable
 * Franchise Disclosure Documents (FDD) provide hundreds of pages of information on franchise systems. This federally mandated document helps the reader identify systemic strengths and weaknesses while also outlining the legal relationship between the Franchisee and the Franchisor. Required by law, the Franchise Disclosure Document, or FDD (formerly known as the UFOC, or Uniform Franchise Offering Circular), informs prospective franchisees of their rights and obligations before they sign a franchise agreement.

Critical Success Factors

Before we go any further, let's do our first reality check.

One big consideration will be - Can you make enough money? How much to you need? Are you planning for this to be your ownly source of income? Is this just a side hustle to make some money doing something you enjoy - selling your photographs at local craft fairs?

Basic math


 * cost $20 per unit to have made. You sell them for $50 each. You expect to sell 100 per month in the 3 month farmers market season. You have fixed cost of $50 / month to rent a table. You need to be there ? hours per day - setuo, selling, packing up plus driving to and from the site. You are making ? or x/ hr.


 * affiliate program. You spend ? hours per week writing and promoting your advice column on social media. For every purchase that you generate by someone linking from your site to the seller get you ? percent. In a good month there are ? in sales, so you get ?. Some months there are few if any prurchases so your revenue is zero.


 * you develop business web sites. Your usual fee is $5000 - $10,000 for a new site. You can create 3-5 per month. Most clients continue with monthly hosting and update agreements of $1000 per month. You usually have about 30 monthly clients.

Myths, misconceptions - common myths about having your own business and being your own boss.

Critical success factors - Startup businesses that are successful share a number of common critical success factors

https://www.youtube.com/watch?v=06WwH9D_ZCw

Well thought-out idea Realistic expectations Demonstrated customer need Comprehensive overview of entire business operation Money enough to start, emergency fund Record keeping, cash flow, taxes, withholding, sales tax

= plan =

These next steps are about the process. You may need to iterate a number of rounds to fine tune your business. Here's where templates and checklists can be helpful.

plan . The concepts involved with assessing a business idea . Marketing your product or service,

create . Understanding business financials and how they work . How to fund and finance your business .  Your operating plan

PLAN

Create a Business Plan - Find out if your idea has a chance of becoming successful.

business plan

a business plan is essential, because it forces you to think through your ideas and options. As you work through the plan, all sorts of things will become clearer to you. For example:. The market research you need to establish if there's a demand for your products or services. The resources you need to produce your goods and services (including financial resources). How long it's likely to take before you break even and start producing a profit, and so on.

In other words, writing a business plan forces you to think logically and methodically about your business model and assess its chances of survival. It's much better to do this before you begin business than to find out afterward your business idea was unrealistic!

slides https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

38 Business Plan Importance . Encourages an objective view . Becomes foundation for planning . Powerful management tool . Communicates owner’s ideas

Once you've chosen a home-based business idea you're passionate about, write a business plan, including: . summary of your business idea .   Research into your target market and competition5 .   A description of your ideal customer .   Your marketing strategy .  Financial planning .  Your operating plan

The research and thinking that you do as you work through the business plan will help you refine your business idea and plan for how you will successfully launch yourself into your market without costly real-world trial and error. If your business plan shows you that your idea isn't viable, don't be afraid to shelve it, choose another home-based business idea, and go through the process again.

Business Canvas Model https://creately.com/blog/diagrams/business-model-canvas-explained/

I like the one-page business plans. There are several. They cover all the basics and serve as a handy reference and record of your thinking.

1.   Customer Segments 2.   Customer Relationships 3.   Channels 4.   Revenue Streams 5.   Key Activities 6.   Key Resources 7.   Key Partners 8.   Cost Structure 9.   Value Proposition

If you have several business ideas, create a business plan for each one. Then compare them. It is a good way to come up with more great ideas - things that apply to one may work for the other. The process can also highlight problems and barriers that you wouldn't have thought of it you had only created one.

. summary of your business idea .   Research into your target market and competition5 .   A description of your ideal customer

Your marketing strategy

marketing . Branding . Marketing Strategy . Crafting your marketing message . Target markets and channels . Products/Services•Channels strategies . Marketing Methods . Social Media . Sales

customers - Who do you want for customers? Where are they? How do you reach them? https://www.score.org/blog/11-ways-find-your-first-customers

marketing communication methods and tools to maximize your customer reach, pricing strategies, positioning, the difference between features and benefits, and different marketing strategies. outline your marketing strategy, test your marketing message, choose the right sales channel, and exercise your marketing strategy.

1.   Customer Segments

2.   Customer Relationships

3.   Channels

4.   Revenue Streams

5.   Key Activities

6.   Key Resources

7.   Key Partners

8.   Cost Structure

9.   Value Proposition

Demonstrated customer need

10 strategies you can use to help accelerate business growth. . Do Your Research. Build a Sales Funnel. Increase Customer Retention. Participate in Networking Events. Practice Corporate Social Responsibility. Form Strategic Partnerships.

Critical success factors - Startup businesses that are successful share a number of common critical success factors

https://www.youtube.com/watch?v=06WwH9D_ZCw

Well thought-out idea Realistic expectations Demonstrated customer need Comprehensive overview of entire business operation Money enough to start, emergency fund Record keeping, cash flow, taxes, withholding, sales tax

next - create

. funding .  Your operating plan

= CREATE =

Get real

Operations . running your business

Financial planning

better understand financial concepts - sales and prices, financial risks and rewards, true start-up costs, ongoing operating expenses, setting benchmarks for tracking progress and the organization of all your financial information. financial model to forecast sales revenue and build solid pro-forma financial forecasts.

money Price cost overhead profit Personal credit card savings 401K Loans bank credit union SBA - guarantee family, friends home equity Veteran seller financing Grants Consignment Referrals, partners

Consider what would be your “MVP” or “Minimally Viable Product.” It means getting your product or service to the real marketplace as quickly and cheaply as possible. You create the absolute most simple, bare bones version of your product or service and test it in the real market.

slides https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

40 Every Business Owner Needs a... team . Banker . Lawyer . Accountant . Insurance Agent . Business Mentor

operation goals measurement

Return on Advertising Spend	Measures how much your business earns in revenue for every dollar spent on marketing or advertising. BigCommerce suggests a common ROAS benchmark is a 4:1 ratio — $4 revenue to $1 in ad spend. https://digivizer.com/blog/social-media-advertising-costs-guide/

Legal issues

slides https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

. 34 keep it simple Keep It Simple . Sole proprietorship or partnership . If liability and/or taxation is a concern, an LLC or S-corporation

Small Business FAQs 2020 https://cdn.advocacy.sba.gov/wp-content/uploads/2020/11/05122043/Small-Business-FAQ-2020.pdf

86.6 percent of nonemployers are sole proprietorships

. 35 government regulations . Business Licenses and Approvals . Labor Laws . Immigration Laws . IRS and Social Security Withholding & Payments

Taxes must make estimated quarterly payments if: You're a sole proprietor, partner or S-corporation shareholder, and you expect to owe at least $1000 (after subtracting deductions) when you file your return; https://www.score.org/blog/self-employed-quarterly-taxes-what-you-need-know

https://score.app.box.com/s/azqa2sbr5k24hdb3rzaxussk11xaokcw

36 insurance considerations . Property . Liability . Motor Vehicles . Umbrella Liability . Worker’s Compensation . Health . Life . Business Interruption

Critical success factors - Startup businesses that are successful share a number of common critical success factors

https://www.youtube.com/watch?v=06WwH9D_ZCw

Well thought-out idea Realistic expectations Demonstrated customer need Comprehensive overview of entire business operation Money enough to start, emergency fund Record keeping, cash flow, taxes, withholding, sales tax

= IMPROVE =

Reality check - Do you really want to do this now? It's ok to say no. Better now than have your new business fail in the future because you missed the reality check step.

slides . 42 Small Business Readiness Self-Assessment

You may need to iterate a number of rounds to fine tune your business. Here's where templates and checklists can be helpful.

what is working cbb - could be better

people support organizations chamber of commerce industry organizations social media groups resources google that books blogs sba score. inspiration podcasts how I built this https://www.npr.org/podcasts/510313/how-i-built-this

The good news is that with attention to detail, some time and perhaps some money, you can improve your processes and grow your business.

= next =

Summary

To succeed in business today, you need to be flexible and have good planning and organizational skills. Many people start a business thinking that they’ll turn on their computers or open their doors and start making money, only to find that making money in a business is much more difficult than they thought.

You can avoid this in your business ventures by taking your time and planning out all the necessary steps you need to achieve success. Whatever type of business you want to start, using the following nine tips can help you be successful in your venture.

1. Get Organized

To achieve business success you need to be organized. It will help you complete tasks and stay on top of things to be done. A good way to be organized is to create a to-do list each day. As you complete each item, check it off your list. This will ensure that you’re not forgetting anything and completing all the tasks that are essential to the survival of your business.

2. Keep Detailed Records

All successful businesses keep detailed records. By doing so, you’ll know where the business stands financially and what potential challenges you could be facing. Just knowing this gives you time to create strategies to overcome those challenges.

3. Analyze Your Competition

Competition breeds the best results. To be successful, you can’t be afraid to study and learn from your competitors. After all, they may be doing something right that you can implement in your business to make more money.

4. Understand the Risks and Rewards

The key to being successful is taking calculated risks to help your business grow. A good question to ask is “What’s the downside?” If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can generate tremendous rewards.

Understanding risks and rewards includes being smart about the timing of starting your business. For example, did the severe economic dislocation of 2020 provide you with an opportunity (say, manufacturing and selling face masks) or an impediment (opening a new restaurant during a time of social distancing and limited seating allowed)?

5. Be Creative

Always be looking for ways to improve your business and make it stand out from the competition. Recognize that you don’t know everything and be open to new ideas and different approaches to your business.

6. Stay Focused

The old saying “Rome wasn’t built in a day” applies here. Just because you open a business doesn’t mean you’re going to immediately start making money. It takes time to let people know who you are, so stay focused on achieving your short-term goals.

7. Prepare to Make Sacrifices

The lead-up to starting a business is hard work, but after you open your doors, your work has just begun. In many cases you have to put in more time than you would if you were working for someone else, which may mean spending less time with family and friends to be successful.

8. Provide Great Service

There are many successful businesses that forget that providing great customer service is important. If you provide better service for your customers, they’ll be more inclined to come to you the next time they need something instead of going to your competition.

9. Be Consistent

Consistency is a key component to making money in business. You have to keep doing what is necessary to be successful day in and day out. This will create long-term positive habits that will help you make money in the long run.

https://www.investopedia.com/articles/pf/08/make-money-in-business.asp

The Bottom Line

According to 2019 data from the U.S. Bureau of Labor Statistics, approximately 80% of new businesses survive the first two years of being open. Rigorous attention to these nine tips is the smart way to get there.

https://www.score.org/blog/starting-business-2022-what-know
 * Build your enterprise on a business idea with purpose
 * Meet your legal and tax obligations from day one
 * Use digital marketing services and strong social media management to grow your customer base
 * Protect your business with a contingency plan

Regardless of where you are coming into the process, there are plenty of opportunities to get onboard. This is a continuous process. Assess where you are now and prepare for the next step on the journey.

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