what comes out of it.
--- In entrepreneursathome@yahoogroups.com, faithfulfamilyoutlet@...
wrote:
>
> Gerald,
>
> You can usually start at the end and work your way backwards -
writing down every step in reverse until you get to today. Sounds
sort of like a the "Monty Python School of Business."
>
> Let's take a hot dog stand --> I want to sell hot dogs at the fair.
I am going to need a stand. Do I buy, rent, build one? I will need
a health inspection of that stand - that has to happen after I buy,
rent or build. I will need a food vendors license - I can buy that
just about anytime. etc. etc. Until you end up with what you just
thought up of doing - I want to sell hot dogs at the fair. You just
reversed engineered your whole business plan.
>
> At any given time in that process you may stop and access the costs
to insure you will remain profitable. The business plan is fairly
key. It is worth the time and effort - it will help you stay on
course and keep score. It will point out areas that you spent more
than you thought you would and therefore your profit plan maybe in
jeopardy.
>
> I would spend some time on your local, state and the federal
government web-site with respect to starting businesses to determine
all the legal boundaries, taxes, licenses, inspections, etc necessary.
You may have to (should) get legal help here but it is still good to
study it to see if you might have a government restriction in your
area with respect to the business you wish to endeavor in.
>
> I would incorporate as soon as possible. This will make some of the
investigative costs deductible. If you have multiple ideas - I would
use the corporation as an umbrella business and set-up each business
as separate entities under the umbrella company. That way if one
fails it should not effect the viability of the other businesses.
Also, if one is super successful but you don't like that particular
business - you sell off just that leg of your business.
>
> I hope this helps, God Bless, Ed R.
>
> [Non-text portions of this message have been removed]
>
------------------------------------
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