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DO's and DONT's of Starting Up Business
Do's and Don'ts of Becoming a Business Owner
Do Have a Business Plan
Now is the time to get focused by creating a business plan. This will be the single most important thing to do in my opinion. This way you know how much money it will cost you start you business and you can start raising the money. The bank want even considered loaning you money to start up a business if you don't show them that you have a great plan on how you plan on spending the money you are asking for.
DON'T Use Your Own Money
Try not to use you own money to start up you business. In some cases this can be a good thing to do but you might not be able to pay yourself because all of your money is going to the bills to try to maintain the restaurant. Think outside the box if you use your own money to try and maintain your restaurant then maybe just maybe you personal bills will go to the waste side. Using your own money should not stop you from creating you business plan. You need this to stay focused.
Start up to Success
Do Choose a Good Business Location
Location, location, location. I can't stress that enough. For instance I had a restaurant in the heart of main street right by the hospital right downtown. Now that sounds like a good location right. Well it wasn't I good location. Reason 1: Zoning laws. Reason 2: Old part of town with not a lot traffic. Reason 3: Little visibility to the street (it was to the back of the building). I could even do what I wanted to the most which was fry some of the foods I was preparing. Even thought the baked fried chicken was great, I could do better owning a soul food restaurant.
Don't Forget to File Your State and Local Taxes
Employment taxes in states require payment of state workers' compensation insurance and unemployment insurance taxes. State taxes can be taking out either quarterly or bi-yearly . Limited Liability Company (LLC), the LLC gets taxed separately from the owners, while sole proprietors report their personal and business income taxes using the same form. Consult the General Tax Information link under your state for specific requirements. For further details on taxes you can visit www.sba.gov .
Do your research on the type of customer you are targeting.
No one can run your business quite like you can. Its important to stay focused. Come up with a business name and get your tax id number. Make sure you have a fan base for the product you want sale. If at all possible there is nothing wrong with conducting a survey. Make sure that you aren't introducing something new that will not sale. Yes it may sound unique, but will it sell. For instance tablet were first developed and created by Microsoft but they were to expensive and the world was not quite ready for them so the idea flopped then years later Apple came out with same idea...more affordable.... and well do I need to say anymore.
No.1 Most Important Thing You Can Do For You Business
Do Account For Your Money
Make sure that you are taking care of the finances. Hire an accountant to show you how to set up you business financially. There are some things that you can continue to do on you own. For instance print out your own checks, log in all of purchases and keep track of what you spending. Try and use a recommended database from your accountant so that way you can download you information and take it to the accountant quarterly for assistance if needed.
Family Own Business Do or Don't?
Family own business can be exactly what is needed for the family because no matter what, family seems to stand together and pull together when needed. But on the other hand they can also steal from you. When those economic times come and they will, that will hurt your bottom line. Also family might feel like they are entitled to something because they helped you. You will have to decide if that is the right thing for you. Family own businesses can work and you could possibly leave a legacy for your children like the Hiltons or Wal-marts. Mom an Pop places have been able to stand the test of time when the going got tough, the tough got going.
Do your homework on what type of business you want to do
Are you shooting to own a business where you want to conduct your business around your hobbies. What are you good at doing? What type of personality do you have. Do you like to take responsibility for the whole business? Are you the type of person that like to work alone in private? Are you the type of person that like to cater to people? Do you like to perform in front of others. What do you like to do?
Do order your goods from a reputable company.
You don't want to be that business that orders merchandise from a company that cannot produce good quality items. Find a company that can be dependable and that will go out of way to hold on to your business. If the company don't have it they can find it for you. That way you want find yourself ordering from too many different companies. That can be confusing, so try to stick with one or two companies. It will pay off in the long run. Make sure you keep your business location looking good as your merchandise. There is nothing that turns a customer off more that a dirty store. Try to keep it clean and orderly.