The American Dream

Discovering Your Entrepreneurial Spirit
What is The Entrepreneurial Spirit?
Improving Your Odds
Why Small Businesses Fail — and How Not To
STEP ONE – Naming Your Business
Get It Right the First Time
Things to Look Out for:
Legal Restrictions/Requirements on Business Names:
Check Name Availability
STEP TWO – Developing Your Business Plan
Description
Marketing Plan
Organization
Start-up Costs and Expenses
STEP THREE – Organizing Your Business
Sole Proprietorship
Partnership
Corporation
S-Corporation (Subchapter S Corporation)
Limited Liability Company
STEP FOUR – Financing Your Business Start-up
Finding the Money
Equity Financing
Venture Capital
Angel Investors
Debt Financing
Banks
Small Business Administration (SBA)
Trade Credit
Other Credit Sources
Caveats
How to Write a Loan Proposal
The Six “C’s”
STEP FIVE – Selecting the Perfect Site
Site Selection Criteria
The “Science” of Site Selection
STEP SIX – Setting Up Your Facility
Start with Plan – a Floor Plan
Design Style
Image
Visual Presentation
Using Scent and Sound to Create Value
Utilities and Services
Electrical
Water and Sewer
Telephone & Internet
Telephone Equipment:
Internet:
Heating & Cooling
Loading Dock
Noise in the Workplace
Shipping
Uniforms
Customer Parking
Handicapped Access
How to Find Suppliers on the Internet
STEP SEVEN – Putting Out the Company Sign
What’s in a Sign?
Sign Essentials
Sign Suppliers
Sign Design
Permitting
Manufacturing
Installation
Legal Considerations
ADA Considerations
Sign Pricing
Closing Thoughts
STEP EIGHT – Setting Up Your Bank Accounts
Choosing Your Bank
Getting Started
What Accounts Do You Need?
FDIC Insurance Coverage
STEP NINE – Insuring Your Business
Business Insurance Basics
What Coverages Do You Need?
Property & General Liability
Workers’ Compensation
General Medical
Directors and Officers (“D & O”)
Employment Practices Liability/ Fiduciary Liability
Errors and Omissions Liability
Product Liability
Operations in Progress/Completed Operations Liability
Business Interruption Insurance
Short and Long Term Disability Coverage
Key-Man Insurance
Insurance Disputes
STEP TEN – Dealing with Government Regulations
Federal Laws and Regulations
Fair Labor Standards Act (FLSA):
Labels and Material Safety Data Sheets
Noise
State and Local Requirements and Regulations
Business Licenses
Certificate of Occupancy
Fictitious Business Name Registration
Protecting Your Idea
STEP ELEVEN – Taking Care of the Tax Man
EIN – Employer Identification Number
Sales Tax Number
Sales and Use Taxes
Paying Your Sales Taxes
Federal Income Taxes
What Happens if You Don’t Pay?
Income Taxes – Business and Personal
Online Tax Payments
EFTPS
When to pay
Paying Late
Minimizing business income taxes
Rule One: Know what you owe
Rule Two: It’s NOT your money
Rule Three: Deduct all you can
Trade or business expenses
What can you deduct?
Salaries or other compensation: taxable wages
W-2 Employees
Self-Employed/Independent Contractors (1099:)
Guidelines for Independent Contractors
Business Use of Home Office
Travel and Entertainment Expenses (T&E)
Automobile Expense and Mileage
Getting it all done on time – and right
Accountant or CPA?
Automated Payroll Services
STEP TWELVE – Your Grand Opening!
Grand Opening Checklist
Your Grand Opening Theme
Grand Opening Timeline
Two Weeks Out
One Week Out
Opening Day
Post-Opening Week One
Post-Opening Week Two
Post-Opening Week Three
STEP THIRTEEN – Recruiting & Managing People
1 – Employee Classifications
At-Will Employees
Contract Employees
2 – Recruiting Employees
Local newspapers
The Internet
Trade publications
Referrals
Recruiters
Temp Agencies
Competitors
Local Colleges and Universities
Resume file
Preparing to Hire Your First Employee
Employee Orientation Program
Federal Privacy Act Information
Hiring the Perfect Employee
Developing the Job Description
Writing the Job Description
3 – Job Application Form
Confidentiality of Applications
Interviewing Job Applicants
Conducting Successful Interviews
Ask the Right Questions
Narrow Down the Applicants
Questions to Avoid
Concluding the Interview
Reference checks
Background Checks on Job Applicants
General Tips on Background Checks
Special Rules for Certain Records
Pre-Employment Testing/Drugs
Drug Detection:  Urine Tests
4 – Welcoming the New Employee
New Employee Checklist
Company Policies
Personnel Policies – Probationary Period
Non-Disclosure/Confidentiality
Outside Employment & Conflict of Interest
Standards of Conduct
Attendance & Punctuality
Sexual Harassment
STEP FOURTEEN – Operating Your Business
Daily Operating Procedures
Required Days/Hours of Operation
Customer Service
Customer Complaints
Refund Requests
Greeting Customers
Answering the Telephone
Making the Sale
Closing the Sale
Overcoming Objections
Opening and Closing Procedures
Opening Checklist
Closing Checklist
STEP FIFTEEN – Handling Money
Accounting Controls
Cash Handling Procedures
Daily Report
Accepting Personal Checks
Personal Check Caveats
Accepting Credit Cards
STEP SIXTEEN – Checking Your Security Procedures
WHAT’S NEXT?
Assessing Your Progress
Finding Creative Solutions
Setting Goals
Looking to the Future
Can Your Idea Be Franchised?