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Starting and Running a Business All-in-One For Dummies

Written by a team of business and finance experts, Starting & Running a Business All-In-One For Dummies is a complete guide to every aspect of setting up and growing a successful business. Featuring straight-talking advice on… (More)

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Sections

Introduction
About This Book
Conventions Used in This Book
Foolish Assumptions
How This Book Is Organised
Book I: Planning Your Business
Book II: Sorting Out Your Finances
Book III: Finding and Managing Staff
Book IV: Keeping on Top of the Books
Book V: Marketing and Advertising Your Wares
Book VI: Growing and Improving Your Business
Icons Used in This Book
Where to Go from Here
Chapter 1
Getting in Shape to Start Up
Assessing your abilities
Discovering a real need
Checking the fit of the business
Confirming Viability
Researching the market
Doing the numbers
Raising the money
Writing up the business plan
Going for Growth
Gaining economies of scale
Securing a competitive advantage
Retaining key staff
Gaining critical business mass
Going into Business
Working as a sole trader
Forming a partnership
Opting for a limited company
Becoming a franchisee
Taking on Employees
Minding Money Matters
Getting money to run the business
Paying out
Getting paid on time
Planning for your retirement
Safeguarding Your Business Assets
Protecting your name
Guarding your logos and trademarks
Copyrighting your creations
Protecting your designs
Patenting your inventions
Closing Down Your Business
Laying off staff and cutting hours
Making people redundant
Paying what you owe
Getting Help
Deciding What You Want from a Business
Making money
Saving the planet
Exploring Different Types of Business
Selling to other businesses
Opening all hours
Making products
Servicing customers
Assessing Yourself
Discovering your entrepreneurial attributes
Working out a business idea that’s right for you
Figuring out what you’re willing to invest
Weighting your preferences
Getting the Most Out of Your Plan
Looking to the future
Accounting for your history
Anticipating your audience
Naming Your Planners
Using business planning software
Getting help with the plan
Putting Your Plan on Paper
Executive summary
Company overview
Business environment
Company description
Business strategy
Financial review
Action plan
Analysing Your Situation
Identifying Strengths and Weaknesses
Frames of reference
Capabilities and resources
Critical success factors
Analysing Your Situation in 3-D
A glance at competitors
Completing your SWOT analysis
Measuring Market Share
Researching Your Customers, Competitors and Industry
Research for better ideas
Research for better decisions
Research for your strengths and weaknesses
Planning Your Research
Carrying Out Primary Research
Observing customers
Asking questions
Using the answers
Introducing a Dozen Ideas for Low-Cost Research
Watching what your competitors do
Creating a customer profile
Entertaining customers to get their input
Using email for single-question surveys
Watching people use your product
Establishing a trend report
Researching your strengths
Analysing customer records
Surveying your own customers
Testing your marketing materials
Interviewing defectors
Asking your kids
Finding Free Data
Getting info from the web
Hooking up with a librarian
Tapping into government resources
Getting media data
Assessing How Much Money You Need
Projecting receipts
Estimating expenses
Working out the closing cash balances
Testing your assumptions
Reviewing Your Financing Options
Deciding between debt capital and equity capital
Examining your own finances
Determining the Best Source of Finance for You
Considering the costs
Sharing ownership and control
Beating the clock
Staying flexible
Gaining security and certainty
Limiting personal liability
Going for Debt
Borrowing from banks
Financing cash flow
Getting physical
Uniting with a credit union
Borrowing from family and friends
Sharing Out the Spoils
Benefiting by business angels
Going for venture capital
Looking to corporate venturing
Understanding due diligence
Finding Free Money
Getting a grant
Winning money
Understanding a Profit and Loss Account
Revenue
Costs
Margins matter
Interpreting the Balance Sheet
Assets
Liabilities and owners’ equity
Growing Up
Examining the Cash-Flow Statement
Cash in and cash out
What’s left over
Evaluating Financial Ratios
Short-term obligations
Long-term responsibilities
Relative profitability
Understanding Break-Even
The Three Types of Cash Flow
Setting the Stage: Changes in Balance Sheet Accounts
Getting at the Cash Increase from Profit
Computing cash flow from profit
Getting specific about changes in assets and liabilities
Presenting the Cash Flow Statement
Understanding the cash flow statement
A better alternative for reporting cash flow from profit?
Sailing through the Rest of the Cash Flow Statement
Investing activities
Financing activities
Free Cash Flow: What on Earth Does That Mean?
Scrutinising the Cash Flow Statement
Constructing a Financial Forecast
Pro-forma profit and loss account
Estimated balance sheet
Projected cash flow
Exploring Alternatives
The DuPont formula
What-if analysis
Making a Budget
What’s in the budget
Capital budgets
How budgets are made
Using ratios to improve your budget
Analysing variances
Flexing your budget
Cutting Through the Red Tape
Working Out What the Law Expects from You
Going the Extra Distance
Deciding Who Has Rights
Employees
Self-employed
Consultants
Agency workers
Home workers
Exemptions
Young people
Deciding What to Put in the Contract
Drawing Up Other Employment Policies
Managing Without an HR Department
Getting Help and Advice
Finding Person Friday – Advertising and Interviewing
Filling the Gap
Getting It Right from the Start
Deciding on full- or part-timers
Coming up with the job description
Advertising – what you can and can’t say
Placing your ads
Using an agency
Recruiting over the Internet
Using the Jobcentre
Following up recommendations – and remembering to be fair!
Considering Diversity
Sorting the Wheat from the Chaff – CVs and Application Forms
Drawing up your shortlist
Dealing with the ones that don’t make the shortlist
Handling the Practicalities of Interviews
Making flexible appointments
Making sure everyone can get into the building
Paying for expenses
Planning the Interviews
Working out what to ask
Setting tests
Taking notes
Checking Up on Your Chosen One
Following up references
Proving that potential staff are entitled to work in the UK
Checking convictions
Checking health
Checking qualifications
Offering a Job to Your Dream Candidate
Making an offer that can’t be refused
Setting the start date
Withdrawing a job offer
Motivating and Rewarding Employees
Getting the best out of employees
Dealing with difficult or demotivated employees
Keeping motivation in the family
Rewarding achievements
Staying on the Right Side of Employment Law
Keeping employment records
Preparing contracts of employment
Working legal hours
Granting leave
Avoiding discrimination
Keeping the work environment healthy and safe
Resolving Disputes
Calling in the arbitrators
Dismissing Staff – the Right Way
Having fair grounds to sack an employee
Applying your decision
Giving written reasons for dismissal
Giving notice of dismissal
Dismissing for gross misconduct
Dismissing for underperformance
Dismissing Staff – the Wrong Way
Avoiding wrongful dismissal
Steering clear of constructive dismissal
Automatic unfair dismissal
Tying Up the Loose Ends
Handing over paperwork to a new employer
Sorting out outstanding payments
Paying instead of allowing staff to work their notice
Dealing with pensions
Restricting what employees can do after leaving
Giving references
Facing Tribunals – Something to Be Avoided
Setting Everything Out on the Payslip
Gross pay
Deductions
Net pay
Carrying Out Your Tax-Collecting Duties
Deducting income tax
Deducting National Insurance
Counting Up Any Other Deductions
Deducting pension contributions
Making child support payments
Giving to charity
Dishing out union dues
Handling Attachment of Earnings Orders
Dealing with Overpayments
Taking Money to Make Up for Shortfalls
Introducing the Greatest Management Principle in the World
Recognition isn’t as simple as it looks
Biscuit motivation
Discovering What Employees Want
Creating a supportive environment
Having a good game plan
Deciding What to Reward
Starting with the Positive
Making a Big Deal about Something Little
Considering Money and Motivation
Compensating with wages and salaries
Realising when incentives become entitlements
Working out what motivates your staff
Playing a Coach’s Role
Coaching: A Rough Guide
Coaching Metaphors for Success in Business
Tapping into the Coach’s Expertise
Developing and Mentoring Employees
Explaining How Employee Development Helps
Creating Career Development Plans
Helping Employees to Develop
Being an Expert at Performance Appraisal and Management
Taking the First Steps
Setting your checkpoints: The milestones
Reaching your checkpoints: The actions
Acting in sequence: The relationships
Establishing a timeframe: The schedules
Reducing shrinkage
Reading the Results
Appraising Performance: Why It Matters
Spelling Out the Performance Appraisal Process
Preparing for the No-Surprises Appraisal
Tax Reporting for Sole Traders
Expanding to the supplementary pages
Filling out the self-employment supplementary pages
Filing Tax Forms for Partnerships
Paying Taxes for Limited Companies
Reporting on Employees
Form P14
Detailing benefits on forms P9D, P11D and P11D(b)
Reporting PAYE-free earnings on forms P38, P38A and P38 (S)
Submitting Summary Information on Form P35
Boxing out Parts 1 and 2
Ticking off the Part 3 checklist
Bookkeeping: The Record-Keeping of the Business World
Wading through Basic Bookkeeping Lingo
Accounts for the balance sheet
Accounts for the profit and loss statement
Other common terms
Pedalling through the Accounting Cycle
Understanding Accounting Methods
Realising the limitations of cash-based accounting
Recording right away with accrual accounting
Seeing Double with Double- Entry Bookkeeping
Differentiating Debits and Credits
Putting Controls on Your Business’s Cash
Current accounts
Savings accounts
Petty cash accounts
Cash registers
Keeping the Right Paperwork
Creating a filing system
Working out what to keep and for how long
Protecting Your Business Against Internal Fraud
Facing the reality of financial fraud
Dividing staff responsibilities
Balancing control costs
Insuring Your Cash through Fidelity Bonds
Lining Up the Profit and Loss Statement
Formatting the Profit and Loss Statement
Preparing the Profit and Loss Statement
Finding Net Sales
Finding Cost of Goods Sold
Drawing remaining amounts from your worksheet
Gauging your Cost of Goods Sold
Deciphering Gross Profit
Monitoring Expenses
Using the Profit and Loss Statement to Make Business Decisions
Return on Sales
Return on Assets
Return on Shareholders’ Capital
Branching Out with Profit and Loss Statement Data
Breaking Down the Balance Sheet
Gathering Balance Sheet Ingredients
Dividing and listing your assets
Acknowledging your debts
Naming your investments
Pulling Together the Final Balance Sheet
Horizontal format
Vertical format
Putting Your Balance Sheet to Work
Testing your cash
Assessing your debt
Generating Balance Sheets Electronically
Checking Out Who Your Customers Are
The good customer
The bad customer
The other guy’s customer
Discovering Why Your Customers Buy
Understanding needs
Determining motives
Finding Out How Your Customers Make Choices
Perceptions are reality
The five steps to adoption
Remembering the Big Picture
Dealing with Business Customers
Secondhand demand
Decision making as a formal affair
Forces to be reckoned with
Making Up the Marketing Mix
Defining Your Product or Service Parameters
Using Advertising to Tell Your Story
Considering the customer’s point of view
Making an exhibition of yourself
Setting advertising objectives
Deciding the budget
Defining the message
Choosing the media
Choosing the frequency
Using the Internet for viral marketing
Providing opportunities to see
Figuring your bang-for-the-buck ratio
Selling and Salesmanship
Telling the difference between selling and marketing
Selling yourself
Outsourcing selling
Measuring results
Pricing for Profit
Caring about business conditions
Working to your capacity
Understanding consumer perceptions
Skimming versus penetrating
Avoiding setting prices too low
Choosing a location
Selecting a distribution channel
Working from home
Looking at Legal Issues in Marketing
Naming your business
Looking at logos
Registering a domain name
Protecting patents
Registering a trademark
Detailing your design
Setting terms of trade
Describing your goods
Abiding by fair business rules
Dealing with payment problems
Identifying Planning Rules and Tips
Avoiding common mistakes
Breaking your plan into simple sub-plans
Writing a Powerful Executive Summary
Clarifying and Quantifying Your Objectives
Preparing a Situation Analysis
Seeing trends more clearly than others do
Using a structured approach to competitor analysis
Building a competitor analysis table
Explaining Your Marketing Strategy
Combining strategies and objectives
Giving your strategy common sense
Summarising Your Marketing Mix
Prioritising your touchpoints and determining cost
Marketing plans for multiple groups
Exploring Your Marketing Components
Managing Your Marketing
Projecting Expenses and Revenues
Build-up forecasts
Indicator forecasts
Multiple scenario forecasts
Time-period projections
Creating Your Controls
Using Planning Templates and Aids
Designing Printed Marketing Materials
Dissecting printed materials
Putting the parts together: Design and layout
Understanding the stages in design
Finding your font
Producing Brochures, Fliers and More
Listing your top three uses
Writing about strengths and weaknesses
Incorporating a clear, compelling appeal
Putting it all together
Placing a Print Ad
Working out if you can afford to advertise
Finding inexpensive places to advertise
Selecting the ad size
Testing and improving your print ad
Introducing the Essential Sign
Appreciating what your sign can do
Writing good signs
Discovering Flags, Banners and Awnings
Flagging down your customers
Utilising canopies and awnings
Putting Up Posters: Why Size Matters
Deciding on outdoor ad formats
Maximising your returns
Delivering Messages on the Move: Transport Advertising
Bus advertising
Taxi advertising
Airport advertising
A note about your own vehicles
Being Innovative with Ambient Media – Your Ad in Unusual Places
Advertising on T-shirts to Shopping Bags
Embellishing T-shirts, umbrellas and bumper stickers
Bagging it up
Considering a Few Common-Sense Rules for Outdoor Advertising
Using Publicity to Your Advantage
Tackling public relations
Creating a good story
Communicating your story to the media: Press releases
Considering video and electronic releases
Being interviewed for TV and radio
Making the Most of Word of Mouth
Doing good deeds
Spicing up your sales promotions
Identifying and cultivating decision influencers
Seizing control of the Internet
Guiding Principles for Business Sites
Specifying Your Site Content
Creating a Look and Feel for Your Site
Having Your Site Done for You
Getting engaged
Projecting your management style
Beating the wrap-up
Making your site accessible
Starting Off on the Right Foot
Mapping Out Your Online Business
Getting inspired
Standing out from the crowd
Evaluating commercial websites
Checking Out Flavours of Online Businesses You Can Taste Test
Selling consumer products
Punting what you’re good at
Making money from your expertise
Creating opportunities with technology
Being a starving artist without starving
Marketing One to One with Your Customers
Focusing on a customer segment
Getting involved in social media
Boosting your credibility
Creating customer-to-customer contact: Everybody wins
Being a player in online communities
Adding ways to sell and multiply your profits
Looking at Easyware (Not Hardware) for Your Business
Choosing the right computer for your online business
Processor speed and memory
Hard drive storage
DVD±RW or Blu-Ray drive
Monitor
Image capture devices
Getting Online: Connection Options
Web browser
Web page editor or content management platform
Discussion forum software
Image editors
Backup software
Reaching Out with a Website
Choosing a web address
Checking your name’s availability
Registering your site name
Creating a Compelling Website
Finding resources to help with design
Hiring a professional designer
Developing a registration service
Driving traffic with content
Tracking Your Site’s Traffic
Interpreting click statistics
Paying attention to your site’s visitors
Designing and Placing a Banner Ad
Hiring a web media service
Creating your own banner ad
Placing your banner ads
Getting Others to Do the Work: Affiliate Marketing
Getting started
Choosing a network
Entering the Blogosphere
Using Email for Marketing
Sending only good emails
Understanding email etiquette
Getting Mobile with Your Marketing
Knowing How Much to Budget
One Final, Important Thought
Making Strategy Make a Difference
What strategy means
When strategy works
Applying Off-the-Shelf Strategies
Low-cost leadership
Standing out in a crowd
A focus on focus
Checking Out Strategic Alternatives
Up, down or sideways
Leading and following
Coming Up with Your Own Strategy
Facing the Product/Service Life Cycle
Starting out
Growing up
Middle age
Senior stretch
Where you are now
Milking cash cows
Finding Ways to Grow
Same product/service, same market
New market or new product
New product and new market
Understanding the adoption cycle
Managing Your Product Portfolio
Strategic business units
Aiming for the stars
Extending Your E-Penetration
Buying Out Competitors
Understanding what you want to buy
Starting to look
Valuing the business
Limiting the risks
Managing the acquisition
Checking Your Internal Systems
Retaining Customers
Realising why retaining customers matters
Working to retain customers
Improving Productivity
Trimming expenses
Increasing margins
Working smarter
Rewarding results
Budgeting for Beginners
Setting the guidelines
Analysing the variances
Flexing the figures
Budgeting from zero
Defining a Franchise
Bolting On a Franchise
Adding a franchise
Taking out a master franchise
Weighing the Advantages and Disadvantages
Doing the Pilot
Finding Franchisees
Rolling Out the Franchise
Creating Ads for Radio
Buying airtime on radio
Targeting advertising via radio
Finding Cheaper Ways to Use the Power of Video
Index

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Upload Date:	07/19/2011
ISBN	9781119975649
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