The most common serious mistake made in business is not picking the right one to begin with. This session will provide you with important evaluation techniques.
Characteristics of a Successful Entrepreneur Step-by-Step Approach Decide if you really want to be in business Decide what business and where Decide whether to start full-time or moonlight Selection Strategy Things to Watch Out For Required Activities Comparative Evaluation How to Evaluate a Specific Business you have in Mind "For" and "Against" List Get Completely Qualified

This key ingredient for a successful business is too often skipped. This session will show you how to create your own individualized business plan and provide the tools to make it easy.

What is a Business Plan? Why Prepare a Business Plan? What to avoid in your business plan Business Plan Format Vision statement The people Business profile Economic assessment Six Steps to a Great Business Plan Basic business concept Feasibility and specifics Focus and refine concept Outline the specifics of your business Put your plan into a compelling form Review sample plans Business Plan's Necessary Factors Understanding your market Healthy, growing and stable industry Capable management Able financial control Consistent business focus Mindset to anticipate change

Communication is key to any business success! Here we will review basic communication and equipment aspects of business

Types of Communication External Internal Basic Communication Tools Landline telephones Cell phones Smartphones Video and web conferencing Social networking sites Online chat tools Fax Computers Desktop Laptop Notebooks/Netbooks Tablet Handheld Software Auxiliary Products Internet Browsers Feasibility and specifics Internet service provider E-mail Technology Planning Top Ten Do's and Don'ts Sound Byte Transcriptions Session 3 Business Plan

This session will clearly spell out your options for deciding the form of business that is right for you.

Decisions that every entrepreneur must make: Whether to go into business alone or with a partner. What type of business organization to use for the business: proprietorship, partnership, corporation or limited liability company. What professional advisors to select. Should You Have a Partner Arguments For Arguments Against What Type Of Business Organization Is Best For You? Sole proprietorship General partnership Limited partnership Corporation "S" Corporation Limited liability company Laws That May Affect You Income tax returns Franchise tax returns Employment tax returns The time for payment of withheld and employers share of employment taxes Unemployment tax returns and payment Sales tax reports and payments How Can Your Professionals Help You? Attorney Accountant Payroll service providers Other Professionals Suggested Activities

Choose a suitable name for your business and find out what licenses and permits you may require, and how to get them.

First Things First Licenses & Permits Local Licenses and Permits State Licenses and Permits Federal Licenses and Permits Where do I go to get a licenese? How about if I am working from home? Business Name or DBA (Doing Business As) Do I need to have a DBA? What are the benefits to establishing a DBA? What is the process of getting a DBA? Banking Under Your Business Name Should I Trademark My Business Name? Seller's Permit What is a seller's permit? Where do I get a seller's permit? Employer Identification Number (EIN) What is the importance of EIN? Do I need an EIN? An EIN is required if: How do I apply for an EIN? Useful Links Business License and Permits Checklist Suggested Activities

This session will explain in simple terms the various forms of insurance you will need and explain the importance of each of them.
Insurance Coverage For Small Businesses Business Property Insurance Liability Insurance Worker's Compensation Insurance Other Insurance Coverage Excess Liability Coverage Employment Practices Liability Coverage Life Insurance Suggested Activities

A wonderful business can be crippled by a poor location or a poorly negotiated lease. You will learn how to create your own site model and the important aspects of a lease agreement.
Location, Location, Location Zoning Categories Criteria for Home Based Business Criteria for a Manufacturing, Warehousing or Industrial Business Criteria for a Retail Business Leasing Do's and Don'ts Do's and Don'ts Points to Consider Before Signing a Lease or Purchasing Property Lease Check-Off List To Rent or to Buy Considerations Do Your Homework Site Location Criteria Evaluation Table

Before you start your business, you will need to learn how to keep score (basic accounting) and how to maintain cash in your bank account (cash flow control). This session explains both in simple terms.

Step One: Gain the knowledge Step Two: Select an accountant Methods of Accounting Cash Basis Method Accrual Method Tax Liability Issues Income taxes Payroll taxes Financial and Technical Assistance Internal Controls Quarterly Returns Bank Account Reconciliation Employee Benefits Policy Step Three: Do your own bookkeeping! The Three Major Financial Statements The Balance Sheet The Income Statement Cash Flow Control Accounting and Cash Flow Punch List

You will learn how to locate, negotiate and maintain sources of money to get you started and help you expand your business.
First Things First How Much Money Do You Need? What do you need it for? Unsecured Loans Secured Loans Collateral Loans vs. Investment Where to Get the Money Types of Funding Sources Lender Comparison Table The Art of Getting the Money Business Loans Repayment Plan Other Quick Tips After You Get the Money Activities

E-Commerce is the fastest growing segment of our economy. It allows even the smallest business to reach a global audience with its product or message with minimal cost.

E-Commerce Overview What is E-Commerce? Is an E-Commerce website right for your business? Money transactions Setting Up a Website Registering your domain name Hosting your website Building your website Hiring a professional website developer Designing your own website Tips For Developing a Successful Site Make your site easy to use Provide useful content Encourage customer feedback Develop a mailing list Online Marketing and Promotion Search engines - your primary marketing tool How does your website rank? What are people searching for? How to manage search engine placement Key components to successful search engine marketing for a website Search Engines and Resources Targeted E-Mail eBay How to get started Listing basics Fees Get the most from your eBay experience Don'ts of eBay

You will learn how to make objective decisions when considering the purchase of a business or a franchise--and how to evaluate how much you should pay.

How Should I Go About Buying A Business? Opportunities Financial ability Evaluating a Business Verify revenue information Buying an existing or new business Pro's and Con's of Buying a Franchise Pro's and con's of buying a franchise What I should know about a prospective franchiser Becoming a franchiser Suggested Activities Visit different operations Attend trade shows Understand your intended business Analyze any appropriate existing business Analyze a franchised operation

You are furnished with check-off lists to maximize your marketing results and avoid the most common mistakes made in opening a business.
Opening for Business Before you start checklist Marketing Pinpoint your customers Recruit the "good" employees Train your employees thoroughly in marketing skills Check list for hiring and training of your marketing team What and how to buy How to buy checklist Marketing tools E-commerce Promotion and advertising Mailing lists Most Common Mistakes Checklist to avoid pitfalls Suggested Activities

A growing business needs to have appropriate expansion policies in place, plans to motivate key employees and know-how in handling common business problems. Here's the advice from been-there-done-that experts.

Rules to Follow Before Expanding Starting with a Pilot Operation First Problems in Expanded Business not Present in a Start-up Delegation of responsibility and authority Monetary incentive plans Ways to Motivate Key Employees Leveraged profit sharing plan Unleveraged profit sharing plan Commission plan Key Elements for Profit Centers Overall considerations Long-range financial planning Common Business Problems Uncontrolled cash flow Drop in sales or insufficient sales Higher costs New competition Business recessions Incompetent managers or employees Dishonesty, theft Basic rules for handling serious business problems Suggested Activities

Finding overseas markets or suppliers and dealing with shipping complexities are only two of the challenges facing small firms seeking to participate in international trade. Entrepreneurs should be cautioned that international trade involves many complexities above and beyond the basic disciplines necessary for operating a domestic business.
Warning Label What is International Trade? Exporting Importing Hollow corporations Is International Trade Appropriate for Small Business? Advantages and Disadvantages of International Trade Online Resources Common Mistakes Made in International Trade Importance of a Business Plan Suggested Activites

IT IS NOT POSSIBLE IN THIS SESSION TO INCLUDE ALL THE COMPLEXITIES AND LEGAL RULES PERTAINING TO EMPLOYEES. SINCE EMPLOYEES PLAY SUCH A LARGE ROLE IN ACHIEVING SUCCESS, WE RECOMMEND YOU MAINTAIN ONGOING ACCESS TO A LABOR LAWYER TO KEEP YOU CURRENT ON LABOR MATTERS INCLUDING HIRING AND FIRING EMPLOYEES. IT IS FAR BETTER TO AVOID MISTAKES BY SECURING LEGAL ADVICE BEFORE LABOR ISSUES OR CLAIMS ARE RAISED THAN TO DEAL WITH EXPENSIVE CONSEQUENCES LATER.

Step One: Before You Start Are you hiring an employee or independent contractor? Retain a payroll service provider or a professional employer organization Have job descriptions in place Have a benefits package in place Determine overall costs of new employees Create an employee handbook Step Two: Hiring Employees Attracting applicants Interviewing practices Drug screening Americans with Disabilities Act Understanding workplace harassment Prevention of workplace violence Employment eligibility verification Selecting outstanding employees Legal considerations Step Three: Create Training Disciplines Indoctrination Growing employee skills Keeping Good Employees Importance of retention How to retain good employees Discharging an Employee Top Ten Do's and Don'ts Session 15 Business Plan

This session will review the do's and don'ts of operating a home based business and will also state the case for not quitting your job at all. But keep in mind that operating at home will still require business skills just like any other business. And it will be important to gain understanding in all the other sessions contained in the My Own Business course as well.

What have you got to Lose Gain? What are the Special Benefits of a Home Based Business? Minimum investment Maximize communication technologies Start small and grow by compounding A built-in organizational structure: all in the family Open to all ages and walks of life A productive activity for the out-of-work Approaches to a Home Based Business Moonlight business (part-time) Full-time home business Picking the Right Business is Crucial Specialization works best One that will not conflict with your employment Appropriate for "all in the family" participation? Common Pitfalls Failure to compartmentalize Failure to limit financial risks Disregard for zoning requirements Physical limitations Work at home schemes Disregard for allowable business deductions Additional Resources Top Ten Do's and Don'ts Session 16 Quiz Session 16 Business Plan