Starting a Business All-in-One For Dummies, 3rd Edition
- Length: 656 pages
- Edition: 3
- Language: English
- Publisher: For Dummies
- Publication Date: 2022-03-25
- ISBN-10: 1119868564
- ISBN-13: 9781119868569
- Sales Rank: #10258 (See Top 100 Books)
All the essential information in one place Starting a Business All-in-One For Dummies, 3rd Edition is a treasure trove of useful information for new and would-be business owners. With content compiled from over ten best-selling For Dummies books, this guide will help with every part of starting your own business–from legal considerations to business plans, bookkeeping, and beyond. Whether you want to open a franchise, turn your crafting hobby into a money-maker, or kick off the next megahit startup, everything you need can be found inside this easy-to-use guide. This book covers the foundations of accounting, marketing, hiring, and achieving success in the first year of business in any industry. You’ll find toolkits for doing all the paperwork, plus expert tips for how to make it work, even when the going is rough.
Access six books in one, covering the whole process of starting and running a new business Learn how to easily jump the hurdles that many new business owners face Tackle taxes, determine the best business model for you, and create a solid plan Keep the engine running with marketing tips, accounting ideas, and the basics on how to be a manager This book is perfect for any new or veteran entrepreneur looking to build a business from the ground up.
Title Page Copyright Page Table of Contents Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Book 1 Moving from Idea to Reality Chapter 1 Your Business in Context Getting an Overview of Feasibility Analysis Executive summary Business concept Industry analysis Market/customer analysis Genesis or founding team analysis Product/service development analysis Financial analysis Feasibility decision Timeline to launch Understanding Your Industry Using a framework of industry structure Deciding on an entry strategy Researching an Industry Checking out the status of your industry Competitive intelligence: Checking out the competition Defining Your Market Niche Narrowing your market Developing a niche strategy Zeroing In on a Brand-New Product Becoming an inventor Teaming up with an inventor Licensing an invention Chapter 2 Refining and Defining Your Business Idea Recognizing the Power of a Good Idea Knowing the difference between passion and profitability Turning a side gig into a business Planning ahead: Great ideas take time Checking out the competition Brainstorming New Business Ideas Reimagining your business environment Inspiring team creativity (with or without donuts or bagels) Identifying Business Opportunities Tuning in to what customers have to say Pursuing changes that open up new opportunities Narrowing your choices Putting a Promising Idea to the Test Doing your first reality check Anticipating disruptive innovations: Opportunities and cautions Getting a second opinion Conducting a self-appraisal Chapter 3 Creating a Business Model Identifying Who Needs a Business Model Assessing Common Aspects of All Business Models Understanding Business Models in Their Simplest Form Checking Out Examples of Business Models Finding Success with a Business Model Making money with your own secret sauce Examining different business models in the same industry Setting yourself apart from the competition Considering your competitive advantage Obtaining your competitive advantage Enhancing your competitive advantage Chapter 4 Finding Your Target Market Gauging the Target Market Determining Industry Attractiveness Finding the best industry Working in unserved or underserved markets Looking for Niche Attractiveness Know the power of a good niche Unlimited niches exist Markets have a habit of splitting Find unserved or underserved markets Checking Out Customer Attractiveness Finding Your Place on the Industry Value Chain Chapter 5 Considering a Franchise Understanding What a Franchise Is Playing by brand standards to create consistency Setting your sights on success Recognizing the Importance of Brands in Franchising Identifying the Three Types of Franchising Traditional franchising Business-format franchising Social franchising Being Aware of the Roles and Goals of Franchisors and Franchisees The world through franchisor lenses The franchisee’s end of the bargain Reviewing Franchise Relationships Flying solo: Single-unit franchises Slow and steady: Growing one franchise at a time Jumping in from the start: Multi-unit developers Being in charge: Master franchising Bringing in the hired gun: Area representatives Knowing the Nuances of the Franchisor/Franchisee Relationship Considering the Pros and Cons of Franchising The advantages The disadvantages Book 2 Planning for Your Business Chapter 1 Writing a Business Plan Selling Yourself on the Importance of Business Planning Tallying up the benefits of a business plan Knowing what can go wrong without a plan Breaking Down the Pieces of a Business Plan Business plan contents from beginning to end Business plan FAQs Setting Out Your Planning Objectives Planning for a new business Planning for a solo business Planning to address changing conditions Planning for growth Identifying Your Business Plan Audiences and Key Messages Your audience Your message Establishing Your Plan’s Time Frame Setting your schedule Defining milestones Preparing for the Real World Locating informative resources Seeking expert advice Chapter 2 Finding the Funding Starting with a Plan When you’re financing a traditional business When you’re financing for e-commerce Tapping Friends and Family Finding an Angel Spotting an angel: The how-to Dealing with angels: The how-to Daring to Use Venture Capital Calculating the real cost of money Tracking the venture capital process Selling Stock to the Public: An IPO Considering the pros and cons of going public Deciding to go for it Finding Other Ways to Finance Growth Guarding Your Interests Contracts Nondisclosure agreements Chapter 3 Setting Your Franchise’s Wheels in Motion Surveying Your Options for Locale Considering common site options Dual branding: Sharing your space Locating Your Franchise’s Habitat Finding out what constitutes a good site Using the franchisor as your compass Crunching data to evaluate a site on your own Looking at Protected Areas, Exclusive Areas, and Encroachment Policies Reviewing your franchise agreement Discovering whether a franchisor has an encroachment policy Signing the Lease Meeting Your Franchise’s Requirements Implementing a franchisor’s designs Getting approvals, permits, and licenses Beginning construction Getting help with the opening Getting the Goods: Merchandise and Supplies Using the franchisor as the sole supplier Working with suppliers approved by the franchisor Understanding rebates and upcharges Finding your own suppliers and requesting approval Receiving Merchandise Considering key drop delivery Receiving deliveries at any kind of franchise Checking the goods after they’re in your location Verifying invoices Maintaining Inventory Back of the house Front of the house Getting Good Training for Yourself and Your Management Undergoing good initial training Receiving effective ongoing training Chapter 4 Starting a Home-Based Business Looking at the Basics of Home-Based Business Determining the kind of business you want to have Managing your money Avoiding problems Moving ahead Leaving your full-time job for your part-time business Examining the Good News and the Bad Good reasons to start a home-based business The pitfalls of owning your own home-based business Taking the Home-Based Business Quiz Starting Something from Scratch Doing what you’ve been doing in a job Doing something new and different Transitioning into Your Home-Based Business Knowing what to do before leaving your day job Understanding what you have to do to start your own home-based business Chapter 5 Creating an Online Presence for Your Business Feng Shui-ing Your Website Creating Content That Attracts Customers Following the KISS principle: Keep it super simple Striking the right tone with your text Making your site easy to navigate Pointing the way with headings Leading your readers on with links Enhancing your text with well-placed images Making your site searchable Nip and Tuck: Establishing a Visual Identity Choosing wallpaper that won’t make you a wallflower Using web typefaces like a pro Using clip art is free and fun A picture is worth a thousand words Creating a logo Inviting Comments from Customers Getting positive email feedback Web page forms that aren’t off-putting Blogs that promote discussion Chit-chat that counts Moving from Website to Web Presence Chapter 6 Starting with the Right Legal Structure Introducing the Legal Business Classifications Going It Alone: The Sole Proprietorship Advantages of sole proprietorships Disadvantages of sole proprietorships Choosing a Partner: The Partnership Forming a partnership Drawing up the partnership agreement Going for the Gold: The Corporation Enjoying the benefits of a corporation Weighing the risks Deciding where and how to incorporate Offering Flexibility: The S Corporation, the LLC, and the Nonprofit Corporation Sizing up the S Corporation Comparing the S Corporation to the LLC Making profits in a nonprofit organization Discovering Your Best Choice Book 3 Handling Your Finances Chapter 1 Setting Up the Books Bookkeepers: The Record Keepers of the Business World Wading through Basic Bookkeeping Lingo Accounts for the balance sheet Accounts for the income statement Other common terms Pedaling through the Accounting Cycle Tackling the Big Decision: Cash-Basis or Accrual Accounting Waiting for funds with cash-basis accounting Making the switch to accrual accounting Recording right away with accrual accounting Seeing Double with Double-Entry Bookkeeping Differentiating Debits and Credits Outlining Your Financial Road Map with a Chart of Accounts Starting with the Balance Sheet Accounts Tackling assets Laying out your liabilities Eyeing the equity Tracking the Income Statement Accounts Recording the money you make Tracking the Cost of Goods Sold Acknowledging the money you spend Setting Up Your Chart of Accounts Chapter 2 Reporting Profit or Loss in the Income Statement Presenting Typical Income Statements Looking at businesses that sell products Looking at businesses that sell services Looking at investment businesses Taking Care of Housekeeping Details Being an Active Reader Deconstructing Profit Revenue and expense effects on assets and liabilities Comparing three scenarios of profit Folding profit into retained earnings Pinpointing the Assets and Liabilities Used to Record Revenue and Expenses Making sales Selling products: Inventory Prepaying operating costs Understanding fixed assets Figuring unpaid expenses Reporting Unusual Gains and Losses Watching for Misconceptions and Misleading Reports Chapter 3 Reporting Financial Condition in the Balance Sheet Expanding the Accounting Equation Presenting a Proper Balance Sheet Doing an initial reading of the balance sheet Kicking balance sheets out into the real world Judging Liquidity and Solvency Current assets and liabilities Current and quick ratios Understanding That Transactions Drive the Balance Sheet Sizing Up Assets and Liabilities Sales revenue and accounts receivable Cost of goods sold expense and inventory Fixed assets and depreciation expense Operating expenses and their balance sheet accounts Intangible assets and amortization expense Debt and interest expense Income tax expense and income tax payable Net income and cash dividends (if any) Financing a Business: Sources of Cash and Capital Recognizing the Hodgepodge of Values Reported in a Balance Sheet Chapter 4 Reporting Cash Sources and Uses in the Statement of Cash Flows Meeting the Statement of Cash Flows Presenting the direct method Opting for the indirect method Explaining the Variance between Cash Flow and Net Income Accounts receivable change Inventory change Prepaid expenses change Depreciation: Real but noncash expense Changes in operating liabilities Putting the cash flow pieces together Sailing through the Rest of the Statement of Cash Flows Understanding investing activities Looking at financing activities Reading actively Pinning Down “Free Cash Flow” Recognizing Limitations of the Statement of Cash Flows Chapter 5 Controlling Costs and Budgeting Getting in the Right Frame of Mind Getting Down to Business Putting cost control in its proper context Beginning with sales revenue change Focusing on cost of goods sold and gross margin Analyzing employee cost Analyzing advertising and sales promotion costs Appreciating depreciation expense Looking at facilities expense Looking over or looking into other expenses Running the numbers on interest expense Comparing your P&L numbers with your balance sheet Looking into Cost of Goods Sold Expense Selecting a cost of goods sold expense method Dealing with inventory shrinkage and inventory write-downs Focusing on Profit Centers Reducing Your Costs Deciding Where the Budgeting Process Starts Homing In on Budgeting Tools CART: Complete, Accurate, Reliable, and Timely SWOT: Strengths, Weaknesses, Opportunities, and Threats Flash reports Preparing an Actual Budget or Forecast Understanding Internal versus External Budgets Creating a Living Budget Using the Budget as a Business-Management Tool Using Budgets in Other Ways Chapter 6 Satisfying the Tax Man Tax Reporting for Sole Proprietors Filing Tax Forms for Partnerships Paying Corporate Taxes Reporting for an S Corporation Reporting for a C Corporation Reporting for Limited Liability Companies (LLC) Taking Care of Sales Taxes Obligations Keeping Up with and Researching Tax Strategies and Rules Using IRS publications Buying software Accessing Internet tax resources Paying for Tax Help Deciding to hire tax help Finding tax advisors Interviewing prospective tax advisors Book 4 Managing Your Business Chapter 1 Tackling the Hiring Process Starting with a Clear Job Description Defining the Characteristics of Desirable Candidates Finding Good People Going through traditional recruiting channels Leveraging the power of the Internet Becoming a Great Interviewer Asking the right questions Following interviewing do’s Avoiding interviewing don’ts Evaluating Your Candidates Checking references Reviewing your notes Conducting a second (or third) round Checking employment eligibility Hiring the Best (and Leaving the Rest) Being objective Trusting your gut Revisiting the candidate pool Chapter 2 Setting Goals Knowing Where You’re Going Why should you set goals? What makes goals effective? Identifying SMART Goals Breaking down the meaning of SMART Developing SMART goals Setting Goals: Less Is More Communicating Your Vision and Goals to Your Team Announcing your vision Communicating goals Juggling Priorities: Keeping Your Eye on the Ball Falling into the activity trap Getting out of the activity trap Using Your Power for Good: Making Your Goals Reality Chapter 3 Embracing Corporate Social Responsibility Understanding Socially Responsible Practices Figuring out how you can employ CSR Enjoying the net benefits of socially responsible practices Developing a CSR Strategy for Implementation Doing the Right Thing: Ethics and You Defining ethics on the job Creating a code of ethics Making ethical choices every day Chapter 4 Managing with Technology Weighing the Benefits and Drawbacks of Workplace Technology Making advances, thanks to automation Improving efficiency and productivity Taking steps to neutralize the negatives Using Technology to Your Advantage Know your business Create a technology-competitive advantage Develop a plan Get some help Chapter 5 Delegating to Get Things Done Delegating: The Manager’s Best Tool Debunking Myths about Delegation You can’t trust your employees to be responsible You’ll lose control of a task and its outcome You’re the only one with all the answers You can do the work faster by yourself Delegation dilutes your authority You relinquish the credit for doing a good job Delegation decreases your flexibility Taking the Six Steps to Delegate Sorting Out What to Delegate and What to Do Yourself Pointing out appropriate tasks for delegation Knowing what tasks should stay with you Book 5 Marketing and Promotion Chapter 1 Optimizing Your Marketing Program Knowing Yourself, Knowing Your Customer Asking the right question Filling the awareness gap Focusing on your target customer Identifying and playing up your strengths Discovering the best way to find customers Finding Your Marketing Formula Analyzing your four Ps Refining your list of possibilities Avoiding the pricing trap Controlling Your Marketing Program Refining Your Marketing Expectations Projecting improvements above base sales Preparing for (ultimately successful) failures Revealing More Ways to Maximize Your Marketing Impact Chapter 2 Laying a Foundation for Growth Measuring the Growth Rate of Your Market Responding to a Flat or Shrinking Market Finding Your Best Growth Strategies Going to market Expanding what you have for higher profitability Growing a Market Segmentation Strategy Customer segments Niche marketing Developing a Market Share Strategy Defining your metrics Establishing a benchmark Doing the math Designing a Positioning Strategy Envisioning your position: An exercise in observation and creativity Aligning your positioning strategy with growth initiatives Growth Hacking to Build Leads and Market Share Using search strategies Building links Fishing for emails Trying tripwires Hiring a growth hacker Selling Innovative Products Chapter 3 Taking Stock of Your Business Image Making First Impressions Encountering your business through online searches Arriving at your website Managing email impressions Arriving by telephone Approaching your business in person Auditing the Impressions Your Business Makes Surveying your marketing materials and communications Creating an impression inventory Improving the impressions you’re making Chapter 4 Forging Your Brand Recognizing What Brands Are and What They Do Unlocking the power and value of a brand Tipping the balance online Building a Powerful Brand Being consistent to power your brand Taking six brand-management steps Understanding Your Market Position: The Birthplace of Your Brand Seeing how positioning happens Determining your positioning strategy Conveying Your Position and Brand through Taglines Balancing Personal and Business Brands Maintaining and Protecting Your Brand Staying consistent with your brand message and creative strategy Controlling your brand presentation Chapter 5 Creating Marketing Communications That Work Starting with Good Objectives Defining what you want to accomplish Putting creative directions in writing Developing Effective Marketing Communications Steering the creative process toward a “big idea” Brainstorming ideas Following simple advertising rules Making Media Selections Selecting from the media menu Deciding which media vehicles to use and when Building a Mass Media Schedule Balancing reach and frequency Timing your ads Evaluating Your Efforts Chapter 6 Social Marketing: Facebook, Twitter, Instagram, LinkedIn, and Pinterest Using Facebook for Engagement That Builds Sales Developing a successful Facebook plan Creating content that gets a response, dialogue, and leads Advertising on Facebook Building Your Twitter Presence Igniting Your Social Presence on Instagram Expanding Your Network through LinkedIn Groups Engagement Promoting Your Brand with Pinterest Book 6 Staying in Business Chapter 1 Developing Employees through Coaching and Mentoring Understanding Why Employee Development Is Important Getting Down to Employee Development Taking a step-by-step approach Creating career development plans Coaching Employees to Career Growth and Success Serving as both manager and coach Identifying a coach’s tools Teaching through show-and-tell coaching Making turning points big successes Incorporating coaching into your day-to-day interactions Finding a Mentor, Being a Mentor Chapter 2 Keeping Your Customers Loyal Retaining Your Customer Base Getting it right the first time Continuing to offer more value Knowing that company policy is meant to be bent Taking away lessons from customer defections Recognizing and practicing customer service Showing that you care — the old-fashioned way Dealing with Dissatisfied Customers Listen, listen, listen Develop a solution Chapter 3 Cultivating a Growing Business Recognizing Growth Stages The start-up years The growth years The transition stage Resolving Human Resources Issues Identifying important HR concerns Dealing with HR issues in three stages Addressing Time-Management Issues Choosing Your Management Tools Management by objective Participatory management Employee ownership Quality circles Open-book management Troubleshooting Your Business Challenges 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 Index EULA
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