ten need to know items before opening a business- applicable to many- targeted to laundromat / coin...
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Ten Need To Know Items Before Opening A Business http://www.laundromathowto.com/blog/ten-need-to-know-items-before-opening-a-business Watch The Video On YouTube http://youtu.be/AKdirU_KTZ8 Everybody likes a Top 10 list and these may not be the Top 10 but they are certainly the big ones. This information is targeted to a Laundromat / Coin Laundry but most will apply to any small business. The percentage of small businesses that fail during the first few years is actually a very sad number. Thousands of people have a dream and open a small business. They have the dream but not all of the information. This list has been developed from my own experience. I currently operate 3 successful Laundromats and was fortunate enough to have some guidance at the start and learned the rest very quickly. Unfortunately some of the items came as a surprise. More Information is available at: http://www.laundromathowto.com/ Watch The Video On YouTube http://youtu.be/AKdirU_KTZ8TRANSCRIPT
These items are targeted to Laundromats but
Ken Barrett
800-792-1941 LaundromatHowTo.com
These items are targeted to Laundromats but apply to most Brick And Mortar Businesses
What Is Your Why?� This is the most important part.
� Ask Yourself “Why Do I Want To Do This?”
� Before you start any business you need to have a dream and a vision.
� Once you know your Why, then you can start.
Certified Public Accountant
�CPA
�You are going to run a business, not a hobby.hobby.
�Make sure you get the right advice up front and your business is set up right.
�Tax ID – EIN
Attorney
On-line
Local
OWNER
LocalINC
Business #3
LLC
Business #2
LLC
Business #1
LLC
Business License
�City
�County�County
�State
Commercial Bank Account� Setup a Business Bank Account
� Debit Card
Confirm bank has no fees to accept large amounts of � Confirm bank has no fees to accept large amounts of cash and quarters.
� Choose a business friendly bank
Insurance� Variables:
� Hours of Operation
� Inventory
� Income� Income
� Equipment Replacement Costs
� Previous Claims
� Credit Score
Taxes� City
� County
� State
Federal� Federal
� Sales Tax
� Business Privilege Tax
� Equipment Tax
� Employee Withholding Tax
Demographics
�Location
�LocationLocation
�Location
Planning, Zoning and Building� Electrical
� Structural
� Gas Piping
Signs� Signs
� Restrooms
� Accessibility
� Zoning Restrictions
Mentor
�Where do you go for advice
and support?and support?
Laundromat How To
� Information on Laundromat Renovations, Operation and
Management.
� LaundromatHowTo.com
� 800-792-1941 Ext 2