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Displaying 1 - 12 of 38
Group putting up marketing plan as sticky notes on a glass pane.
Basics of Business 13: Marketing Your Business

People have a natural tendency to be overly optimistic about the prospects of success for a proposed venture. Yet the failure rate for new small businesses is high. To improve your odds, you should conduct a careful feasibility study before you start. Market Research is a good way for study your chances for success. The key to marketing your business is knowledge about your customer.

Businesswoman overviewing and signing legal documents.
Basics of Business 12: Protecting Your Intellectual Property

A Trade Secret is information useful in the industry and kept confidential. Its information imparts value to its holder and provides a competitive edge. Should information constituting a trade secret be leaked, it could have a major negative effect on the business. Information such as customer lists, information received by an employee regarding business opportunities valuable to an employer, and information provided to an employee in confidence in the course and scope of his employment could be identified as confidential.

Even negative information such as failed remedies or manufacture of

Man looking at prospective real estate for his business.
Basics of Business 11: Location, Location

Choosing the best location for your new business is a critical decision not to be made in haste. Your first consideration for convenience and cost factors is to contemplate the possibility of running your startup company from home. With the rising number of virtual companies, it’s easier than ever to work remotely and take advantage of some home-office tax deductions at the same time. If the home-based option won’t work for you, finding a location for your small business requires doing due diligence.

YOUR HOME OFFICE

Home-based businesses are on the rise. According to research done by

Handshaking and smiling candidly at a job interview.
Basics of Business 10: Attracting, Hiring, and Keeping Google People

Your business is only as good as the people that you attract and keep. Therefore, it’s important you take the time necessary to find the right people; it will save you frustration and valuable time in the long run.

Think of the people you will hire as an investment. When you choose employees, carefully consider they will be with you for a long time and will be an essential ingredient in your success. Look for people who complement your strengths and lessen your weaknesses. Choose those with a record of success. Become familiar with the employment history of potential employees, as people

Business woman in white blouse shaking hands with young businesswoman.
Basics of Business 9: Insuring Your Business

Before starting your business you should thoroughly investigate business insurance. Often, small businesses ignore the importance and necessity of insurance until they have suffered a major loss. A sound insurance plan protects you and your business by minimizing the risks and reducing the uncertainties of your business.

In selecting an insurance plan, it is important that the business has all the right coverage for its specific needs at the best rates. There are many insurance companies to choose from, each with their own plans and rates. Most of them provide package deals that combine

Two coworkers figuring out a business structure.
Basics of Business 7: Structuring Your Business

The legal structure of your business can take four basic forms: Sole Proprietorship, Partnership ("Limited" or "General"), Corporation (S or C class), and Limited Liability Company (LLC).

Brainstorming new investment opportunities.
Basics of Business 6: Financing Your Business

Financing is one of the most important aspects of starting a new business. Your ability to provide and raise adequate capital will determine the fate of the business venture. Insufficient financing may cause the business to fail. Excess borrowing with easy credit at high-interest rates can also put the business at risk. So, before you start, you must take a careful look at the type and amount of capital you will need. Then, you must decide how you are going to finance the capital needs of the business. Last, but not least, you have to determine a source for the capital at a favorable cost.

Warehouse inventory management being done my man in work hat.
Basics of Business 5: How To Create and Manage an Equipment Inventory List

Creating an equipment Inventory list is one of the most essential steps in managing your business. It makes you financially knowledgeable about your company’s asset situation. It may seem like too much effort, but it’ll help you run your business efficiently and maintain a better flow of inventory.

A software solution is the future of inventory lists; Real-time forecasting, advanced tool management techniques, and Internet of Things integration. As an equipment manager, you should employ a solution that boosts productivity, maximizes profits, and provides the best outcome.

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