starting a new business
TRANSCRIPT
Starting a Business
The first step in starting a business should be to find something you love to do. Its not work if you are passionate about your job.
The next step is to define your industry's problem. What is your business going to provide to help people and fix the problem?
Starting a Business
Now choose what type of management style you will employ.Sole Proprietorship
Partnership
Corporation
LLC
Starting a Business
Calculate all operating costs.
It is a good idea to budget around twice as much as you think you will need.
Always plan for the unexpected.
Starting a Business
Come up with a sound business plan and strategy.
Find the best ways to implement this strategy.
Having a plan is always a recipe for success.
Starting a Business
Things to consider about your business.Your target market
Your competition
Marketing your new company
Perform a SWOT analysis for your businessStrengths, Weaknesses, Opportunities, and Threats to your new company.
Important Financial Statements
These help keep track of your business finances. They are a snapshot at your operations and allow you to stay on top of your income and expenses. Income Statement
Balance Sheet
Cash Flow Statement
Income Statement
RevenuesReceipts of sales
Returns on investments
Franchising fees collected
Rental property income
ExpensesCost of Goods Sold
Operation Expenses
Financing Expenses
Balance Sheet
There are three sections:AssetsCurrentLong termOther (tangible,intangible)LiabilitiesCurrentLong term
EquityStock
Retained Earnings
Cash Flow Statement
It is the summary of the actual or anticipated incomings and outgoings of cash in a firm over an accounting period (month, quarter, year).
Finances
Keeping track of your new business' finances to the letter is the best way to stay on top of everything. Being more responsible with your money will allow you to see any pitfalls coming and adjust your strategy.
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