Small Business For Dummies - Eric Tyson & Jim Schell

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Small Business For Dummies

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Title
More Bestselling For Dummies Titles by Eric Tyson
Small Business For Dummies®, 3rd Edition
About the Authors
Dedication
Authors’ Acknowledgments
Publisher’s Acknowledgments
Contents
Introduction
About This Book
Conventions Used in This Book
Foolish Assumptions
How to Use This Book
For making big decisions
As a road map
As a problem solver and a frame of reference
As a mentor
Icons Used in This Book
Where to Go from Here
Part I : Becoming an Entrepreneur
Becoming an Entrepreneur
Chapter 1: Is Small Business for You?
Is Small Business for You?
Defining What Is a Business
Small (and large) business basics
The formula for Business 101
Small business: Role model for big business
Different people and businesses, similar issues
Our definition of a small-business owner
Do You Have the Right Stuff?
Instructions
The questions
Scoring the test
Analyzing your results
Identifying the Pros and Cons of Owning a Small Business
The reasons to own
The reasons not to own
Exploring Alternatives to Starting a Business
Chapter 2: Laying Your Personal Financial Foundation
Laying Your Personal Financial Foundation
Getting Your Financial Ducks in Order
Cutting the umbilical cord
Improving your business survival odds
Maintaining harmony on the home front
Creating Your Money To-Do List
Assess your financial position and goals
Shrink your spending
Build up your cash reserves
Stabilize income with part-time work
Assessing and Replacing Benefits
Retirement savings plans and pensions
Health insurance
Disability insurance
Life insurance
Dental, vision, and other insurance
Social Security taxes
Time off
Managing Your Personal Finances Post-Launch
Chapter 3: Finding Your Niche
Finding Your Niche
Why You Don’t Need a New Idea
Inventing Something New
Say yes to useful invention resources
Run away from invention promotion firms
Choosing Your Business
Consider your category
Take advantage of “accidental opportunities”
Inventory your skills, interests, and job history
Narrow your choices
Go in search of fast growth
Take advantage of government resources
Recognizing Your Number One Asset — You
Chapter 4: Crafting Your Plans
Crafting Your Plans
Your Mission: Impossible If You Fail to Define It
Writing your mission statement
Keeping your mission in people’s minds
Your Business Plan: Don’t Start Up without It
Using your business plan as a road map
Finding financing with business plans
Writing Your Business Plan
Part 1: Business description
Part 2: Management
Part 3: Marketing plan
Part 4: Operations
Part 5: Risks
Part 6: Financial management plan
Keeping Your Plan Current
Chapter 5: Financing, Ownership, and Organizational Decisions
Financing, Ownership, and Organizational Decisions
Determining Your Start-Up Cash Needs
Using Your Own Money: Bootstrapping
Profiling bootstrappers
Tapping into bootstrapping sources
Outsourcing for Your Capital Needs
Banking on banks
Getting money from nonbanks
Exploring Ownership Options
You as the sole owner
Sharing ownership with partners or minority shareholders
Going public: Cashing in
Deciding Whether to Incorporate
Unincorporated options
Incorporated business entities
Part II : Buying an Existing Business
Buying an Existing Business
Chapter 6: Exploring Buying a Business
Exploring Buying a Business
Understanding Why to Buy a Business
Reducing start-up hassles and headaches
Lessening your risk
Increasing profits by adding value
Establishing cash flow
Capitalizing on someone else’s good idea
Opening locked doors
Inheriting an established customer base
Knowing When You Shouldn’t Buy
You dislike inherited baggage
You’re going to skimp on inspections
You lack capital
You can’t handle lower potential returns
You think you’ll miss out on the satisfaction of creating a business
Recognizing Pre-purchase Prerequisites
Business experience and training
Down-payment money
Chapter 7: Finding the Right Business to Buy
Finding the Right Business to Buy
Defining Your Appetite
Generating Leads
Peruse publications
Network with advisors
Knock on doors
Enlist business brokers
Considering a Franchise
Franchise advantages
Franchise disadvantages
Evaluating Multilevel Marketing (MLM) Firms
Being wary of pyramid schemes
Finding the better MLMs
Checking Out Work-from-Home Opportunities
Chapter 8: Evaluating a Business to Buy
Evaluating a Business to Buy
Kicking the Tires
Examining Owners’ and Key Employees’ Backgrounds
Finding Out Why the Owner Is Selling
Surveying the Company Culture
Inspecting the Financial Statements
Interpreting the income statement
Reviewing the balance sheet
Uncovering Lease Contract Terms
Evaluating Special Franchise Issues
Thoroughly review regulatory filings
Evaluate the franchiser’s motives
Interview plenty of franchisees
Understand what you’re buying and examine comparables
Check with federal and state regulators
Investigate the company’s credit history
Analyze and negotiate the franchise contract
Chapter 9: Negotiating Terms and Sealing the Deal
Negotiating Terms and Sealing the Deal
Valuing the Business
Exploring valuing methods: Multiple of earnings and book value
Getting a professional appraisal
Tracking businesses you’ve explored that have sold
Tapping the knowledge of advisors who work with comparable companies
Consulting research firms and publications
Turning to trade publications
Enlisting the services of a business broker
Developing Purchase Offer Contingencies
Allocating the Purchase Price
Doing Due Diligence
Think about income statement issues
Consider legal and tax concerns
Moving Into Your Business
Part III : Running a Successful Small Business
Running a Successful Small Business
Chapter 10: Owners as Jack-of-All-Trades
Owners as Jack-of-All-Trades
Dotting Your i’s and Crossing Your t’s: Start-Up Details
Buying insurance
Paying federal, state, and local taxes
Negotiating leases
Maintaining employee records
Getting licenses and permits
Signing the checks
Outsourcing: Focus on What You Do Best
Knowing which tasks get outsourced
Figuring out what to outsource
Simplifying Your Accounting
Introducing some common systems
Choosing the system that’s right for you
Controlling Your Expenses
Looking at fixed and variable expenses
Understanding zero-based budgeting
Managing Vendor Relationships
Dealing with Bankers, Lawyers, and Other Outsiders
Bankers
Lawyers
Tax advisors
Consultants
Governments
Chapter 11: Marketing: Product, Pricing, Distribution, Promotion, and Sales
Marketing: Product, Pricing, Distribution, Promotion, and Sales
Marketing in a Nutshell
Tackling Product and Service Development
Pricing: Cost and Value
Developing your pricing strategy
Deciding on price
Channeling to Customers: Distribution
Direct distribution of products
Indirect distribution of products
Deciding on distribution
Spreading the Word: Promotion
Networking (It’s not what you know . . .)
Recognizing the power of referrals
Marketing with permission via e-mail
Media advertising
Publicity
Sales: Where the Rubber Hits the Road
Pitting in-house versus outsourcing
Becoming a sales-driven company
Chapter 12: Keeping Your Customers Loyal
Keeping Your Customers Loyal
Retaining Your Customer Base
Getting it right the first time
Continuing to offer more value
Remembering that company policy is meant to be bent
Learning from customer defections
Recognizing customer service
Dealing with Dissatisfied Customers
Listen, listen, listen
Develop a solution
Chapter 13: Managing Profitability and Cash
Managing Profitability and Cash
Cash Flow: The Fuel That Drives Your Business
Making Sense of Financial Statements
The profit and loss statement
The balance sheet
Turning the Numbers into Action
Understanding Key Ratios and Percentages
Return on sales (R.O.S.)
Return on equity (R.O.E.)
Gross margin
Quick ratio
Debt-to-equity ratio
Inventory turn
Number of days in receivables
Managing Your Inventory
Collecting Your Accounts Receivable
Finding paying customers
Managing your accounts receivable
Using Three Ways to Improve Profits
#1: Decreasing (or controlling) expenses
#2: Increasing margins
#3: Increasing sales
Chapter 14: Learning from Others’ Experiences
Learning from Others’ Experiences
Utilize Mentors
Finding your mentor
Building the mentor-business owner relationship
Network with Peers
Form a Board of Advisors
Reaping the benefits of a board
Forming your advisory board
Get a Partner
Join a Trade Association
Find a Business Incubator
Locate a Small Business Development Center
Give SCORE a Try
Tap Into Small-Business Information
Part IV : Keeping Your Business in Business
Keeping Your Business in Business
Chapter 15: Finding and Keeping Superstar Employees
Finding and Keeping Superstar Employees
Assembling a Top Team
Taking hints for hiring
Mastering the interview process
Training: An Investment, Not an Expense
Motivating: Pay and Performance Issues
Designing a compensation plan
Get SMART: Goal-setting that works
Writing performance expectations
Reviewing employees’ performance
Parting Company: Firing an Employee
Designing Flexible Organization Charts
Valuing Employee Manuals
Turning the Tables: Characterizing Successful Employers
Flexibility: The bending of rules
Accountability: So the buck doesn’t get passed
Follow-up: The more you do it, the less you need it
Chapter 16: Providing Employee Benefits
Providing Employee Benefits
Underappreciating Retirement Plans
Getting the most value from your plan
Persuading employees that retirement plans matter
Deciding Whether to Share Equity
Stock and stock options
Employee Stock Ownership Plans (ESOPs)
Buy-sell agreements
Including Insurance and Other Benefits
Health insurance
Disability insurance
Life insurance
Dependent care plans
Vacation
Flexible hours
Flexible benefit plans
Chapter 17: Handling Regulatory and Legal Issues
Handling Regulatory and Legal Issues
Navigating Small-Business Laws
Suffering through Start-Up Regulations
Complying through licensing, registrations, and permits
Protecting ideas and plans: Trademarks, patents, nondisclosures, and copyrights
A business prenup: Contracts with customers and suppliers
Laboring over Employee Costs and Laws
Chapter 18: Mastering Small-Business Taxes
Mastering Small-Business Taxes
Getting Smarter about Taxes
Reading income tax guides
Using tax-preparation software
Hiring help
Keeping Good Financial Records
Knowing (And Managing) Your Tax Bracket
Staying on Top of Employment Taxes
Be aware of your benefits options
Stay current on taxes
Be careful with “independent contractors”
Hire your kids!
Spending Your Money Tax-Wisely
Take equipment write-offs sensibly
Don’t waste extra money on a business car
Minimize fun and travel expenditures
Grasping the Tax Implications of Your Entity Selection
Chapter 19: Cultivating a Growing Business
Cultivating a Growing Business
Recognizing Growth Stages
The start-up years
The growth years
The transition period
Handling Human Resources Issues
Cutting the red tape of human resources concerns
Thriving in the three stages of human resources development
Addressing Time-Management Issues
Choosing Your Management Tools
Management by objective
Participatory management
Employee ownership
Quality circles
Total Quality Management
Reengineering
Open-book management
Troubleshooting Your Business
Filling out a troubleshooting checklist
Taking the five-minute appearance test
Redefining Your Role in an Evolving Business
Making the transition to manager
Implementing strategic changes
Part V : The Part of Tens
The Part of Tens
Chapter 20: Ten Tips for Home- Based Businesses
Ten Tips for Home- Based Businesses
Decide if Home-Based Is Right for You
Run Your Business like a Business
Keep Things Legal (And Safe)
Put On a Professional Face
Choose the Right Technology
Develop a Marketing Strategy
Manage Your Time Effectively
Get Motivated!
Include Your Family
Stay in the Loop
Chapter 21: Ten Smart Ways to Harness Technology
Ten Smart Ways to Harness Technology
To Manage Your Time
To Brainstorm and Research Business Ideas
To Provide Supplemental Web Site Services
To Aid in Administration
To Buy a Business or Franchise
To Scan Inventory
To Network Online
To Manage Finances
To Market over E-mail
To Educate with E-Newsletters
Chapter 22: Ten Tips for Managing Your Growing Business
Ten Tips for Managing Your Growing Business
Focus On What You Do Best
Bend the Rules when Necessary
Hold Your Employees Accountable
Consider the 80-20 Rule
Think Ahead
Sleep On Important Decisions
Resolve Conflicts
Accept that Perception Is Reality
Remember that Cash Is King
Follow the Rule of Many Reasons

Small Business For Dummies - Eric Tyson & Jim Schell

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