how to open and operate a business
how to draw up a business plan
find a niche
decide what kind of business I want to open
get with several different banks to explore my options
look up commercial listings to get an idea of what type of space I would need
get a rough financial plan together
pros and cons of renting a space
cost of rent is more expensive in a site built space
if I buy, the space would be exclusively mine
if the business didn't survive, I could get out of a lease easier than selling the space
if I bought the property, it could be whatever I envision for my business
when renting there is a landlord to fix issues with the building. lower cost of maintenance
pros and cons of buying a mobile food/coffee truck
mobile to park in different places for better business
having to get permission to park certain places
cheaper alternative to a site built space
smaller space means fewer employees
what is needed from the irs to make this business legal?
get a business structure together
figure up business taxed
apply for EIN
accounting for business
decide to offer employee healthcare or not
how to deduce how many employees I would need and what to pay them
if I rent or buy a site built space, I would likely need more employees
if I decide on a food truck, I wouldn't need as many employees
depending on the hours of operation will be a factor in determining how many shifts I would need
after speaking with the bank and determining a business plan and loan, I can estimate how much I can afford to pay employees initially
would it be better to hire a manager up front to train and such or easier to do it myself initially?
hiring a manager up front would cost more
hiring a manager up front would give me more time to focus on the business as an entirety
doing it myself would ensure everyone was trained the way I wanted them to be
manager can take the scheduling and training off my plate completely
how to go about getting a business loan to open said business
figure out what each lender I am interested in is looking for
decide what kind of financing I would need
figure up approval odds before meeting
gather documentation
narrow down the right lender for my needs
fill out and submit application
follow up and stay on top of paperwork
how to determine a good location for said business
ensure the potential spaces are within budget
think about venders and suppliers
find a safe location
go where the demand for your business is
think about advertising and recruiting efforts
consider parking and/or drive through options
how to file taxes for said business
meet with a financial advisor
ensure all documentation is correct and accessible
keep up with deadlines
be sure to file the correct tax return
would an LLC, partnership, or sole proprietorship be more effective?
pros and cons of hiring a logo designer vs designing it myself
designers know what is popular
they specialize in designs that grab attention if you pick the right one