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INTD 55 business practices starting a business

INTD 55 business practices starting a business. starting a business—initial considerations before starting your own business,consider: job tenure regular paycheck paid holidays & vacation sick leave insurance plans leave behind work at end of day

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INTD 55 business practices starting a business

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  1. INTD 55 business practices starting a business

  2. starting a business—initial considerations • before starting your own business,consider: • job tenure • regular paycheck • paid holidays & vacation • sick leave • insurance plans • leave behind work at end of day • these benefits are not a part of a new business

  3. starting a business—personality traits • Do you have the right personality to start a business? • Are you in good health? • Do you really have all the energy it takes to make this project succeed? • Are you a self-starter? • Do you enjoy other people? • Are you a leader? • Are you ready for the responsibilities of a business? • Are you a good worker? • Are you well-organized?

  4. starting a business—personality traits • Do you have the right personality to start a business? • Are you a capable decision maker? • Do people have confidence in you? • How committed are you to running your own business? • Do you have the excitement it takes to carry this through? • Are you a good communicator? • Do you know what you are doing? • Have you had any business training?

  5. starting a business—planning ahead • a successful business starts with a good plan—components of your plan should include: • written action plan • clients • staff • market • production • resources • finances • timeline

  6. starting a business—planning ahead • written action plan should include: • when you expect to start • where your business will be located • your plan for earning profits • what your area of specialty, and potentially highest profit, will be. • how you will charge—fees, markup, or hourly rates • clients—make sure you have clients lined up; which current clients will come with you? takes several years to develop good client base

  7. starting a business—planning ahead • staff—qualified, capable staff are your biggest asset • market—make sure there is really a market out there; just because no one else is offering the service, doesn’t mean there is a market • production—do you have the ability to produce? plan in advance where your materials will come from • resources—make a list—manufacturers, showrooms, dealers, contractors—and take time to develop good rapport

  8. starting a business—planning ahead • finances—all business ventures require money • how much money have you saved? • how much of your own funds are you willing to invest? • do you have any equity in a residence or other properties that you could potentially use for borrowing collateral? • do you have the ability to obtain a line of credit? • do you have other sources of income?

  9. starting a business—planning ahead • timeline— • how long will it take to make the venture work? • can you afford to take that time from your other endeavors? • all business takes time—usually 3-5 times more than you would estimate

  10. starting a business—advantages • you have complete control • you have freedom to be as creative as you want • you determine how great the profits will be • you have the ultimate job security • there is great satisfaction in running a successful business

  11. starting a business—disadvantages • running the business demands long hours • risk you will lose your investment • income fluctuates with success of business • responsibility of business is all yours • all of the pressures are yours to bear • many federal, state, & local laws you must abide by as well as insurance company stipulations

  12. starting a business—getting feedback • accountant • bankers or other lending institutions • business consultant • designer • financial advisor • insurance advisor • lawyer

  13. taxes, licenses, name registration & domain name • taxes—payroll (federal, state & local), mercantile (local), real estate (local), sales (collected from customer) • licenses—many states now require licensing, may require CEUs, may also require zoning, building codes & safety standard licensing • to use any other name than your own for your business, you must file a fictitious name registration request • if you are going to have a website, important to register your domain name

  14. selecting the right form of ownership for you • weigh the advantages & disadvantages of each: • buying an existing business • sole proprietorship • partnership • corporation • dealerships • joint ventures & associations

  15. participation activity: • form of ownership research/discussion • buying an existing business (1) • sole proprietorship (2) • partnership (3) • corporation (4) • dealerships (5) • joint ventures & associations (6) • …using your textbook & other sources, read about and research your assigned business type • …come to class ready to discuss your findings

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