Learn2succeed.com Incorporated - Business Start-Up for Beginners: How to Become Your Own Boss

ISBN: 978-1-55270-468-4

Written by:

Learn2succeed.com Incorporated

Published in Canada by:

Productive Publications, P.O. Box 7200

Station A, Toronto, ON. M5W 1X8

Phone: (416) 483-0634 Fax: (416) 322-7434

Canadian Web Site: www.ProductivePublications.ca

American Web Site: www.ProductivePublications.com

Front Cover Art:

Spider web adapted from copyright free clip art from Corel Gallery 200,000

Corel Corporation, 1600 Carling Ave.

Ottawa, Ont. K1Z 8R7

Copyright 2012 by Learn2succeed.com Incorporated

Library and Archives Canada Cataloguing in Publication

Business start-up for beginners [electronic resource] : how to become your own boss / Learn2succeed.com Incorporated.

Electronic monograph in multiple formats.

Issued also in print format.

ISBN 978-1-55270-468-4 (EPUB)

1. New business enterprises. 2. Small business--Management.

I. Learn2succeed.com Inc

HD62.5.B876 2012 658.1'1 C2012-903489-4

All rights reserved. No part of this publication may be reproduced, stored in retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without written permission of the author.

Business Start-Up for Beginners

How to Become Your Own Boss

If you have ever dreamed of starting your own business and becoming your own boss, youve taken the first important step by selecting this book. It will show you what it takes to become an entrepreneur and how to find ideas to start your own business.

Once you have selected an idea, youll have to find out if you can use it to create a viable business. This book will help you find ways to conduct your market research.

Next, youll have to find out how much money you really need to start your business and whether you can self-finance it or if you will need to seek love money from friends or relatives.

New businesses can gobble up your capital very quickly and its important for you to exercise controls over your costs and to manage your cash wisely. A whole chapter will help you do this.

You may be able to operate your business out of your home or apartment. Find out some of the advantages and some of the disadvantages.

Next, take a look at some of the legal and tax aspects of running your own business. Should you operate as a proprietorship, a partnership or incorporate? Learn how to protect your ideas or inventions. Find out whats involved in registering for sales taxes.

If you are going to hire employees, youll be shown ways to encourage them to do their best for you and get them to help you grow your business.

Advertising is crucial to the success of your business and youll find a lot of advice on how to advertise both online and offline, plus ways to evaluate what is working best for you.

Every business needs a business plan. If you havent figured out where you are heading and how to get there, you will be in trouble right from the get-go. A business plan will provide you with a map to success.

You can obtain a lot of self-satisfaction from being your own boss and running your own business but you will have to acquire a lot of skills very quickly in order to succeed. Hopefully, this book will alert you to some of the things you will need to know and provide you with a lot of insight, based on first-hand experience, of how to handle the challenges which you will certainly have to face.

You will find that this book is a great introduction to getting started as a successful entrepreneur.

No representation is made with respect to the accuracy or completeness of the contents of this book and both the author and the publisher specifically disclaim any implied warranties of merchantability or fitness for any particular purpose and in no event shall either be liable for any loss of profit or any other commercial damage, including but not limiting to special, incidental, consequential or other damages.

CONTENTS

Having run my own businesses for many years, I can tell you first-hand that running your own business takes work....a lot of work. There is no such thing as a 9 - 5 day; certainly not when you are just starting out. So, youll have to be prepared to make sacrifices. To miss that movie you wanted to see because an important customers order has to be packed and shipped. To miss that hiking vacation you promised yourself because youve got to get your new catalogues mailed out in time for the buying season before Christmas. To miss....?

You can no longer look forward to a regular pay cheque or bank deposit. If you make money at your own business, you can pay yourself; if not you may be eating discount macaroni and cheese dinners for a long time!

Ive yet to meet a successful entrepreneur who wasnt determined to succeed and make things happen. Sure, there can be many frustrations, government forms, orders that fall through, employees who quit and any number of other roadblocks to success but, you can overcome all of these if you are determined enough.

Youve also got to be enthusiastic about what you are doing. The glass has to be viewed as being half full; not half empty! Sure there will be days when you are fed up, but if you drown yourself in a sea of misery, customers, employees, suppliers will be saying to themselves: I dont think this person is going to make it and sure enough they are on a slippery slope to disaster.

It doesnt matter whether you are supplying a product or providing a service, you need to be as close to a perfectionist as you can. Would you buy a car if one of the wheels hasnt been put on properly? Would you pay someone to paint the inside of your house if they leave big spots of paint over your beautiful wooden floors?

You have to build up as much goodwill as possible between yourself and your customer. This is the basis for referrals for more business.

I know, if Ive had a bad experience with a supplier, I may give them one more chance if it was a genuine slip-up, but if it involves shoddy work and nobody cares, Ill never do business with them again and I will tell my friends or business acquaintances to avoid that company.

If you are starting out on a tight budget, you may not have the money to pay a bookkeeper; pay for the services of an accountant or a lawyer. So, youll have to be prepared to learn new skills such as some basic bookkeeping, how to use a computer accounting program and learn some of the basics of business law e.g., how to sue a customer if they dont pay you. In the US, UK and Canada, there are Small Claims Courts or Magistrates Courts where disputes over small amounts can be settled usually without having to go to the expense of hiring a lawyer.

Not all of these activities are enjoyable, but they are necessary and I had to learn some basic skills. For example, I hate bookkeeping but fortunately someone now helps me and that makes it more enjoyable!

The Internet plays such an important role in gathering information, in advertising, marketing and e-commerce that I would advise you to try to take some courses in creating your Web site. It could pay off handsomely.

As you may have noticed; not everybody is perfect! I also have to admit to not being perfect and to making mistakes! As some wag said: experience is knowing that you made that mistake before!