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13-Starting A Small Business

13-Starting A Small Business



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Published by api-3777781
Brought to you By Noodles, courtesy of Auto Westune of http://nelocksmithsupplies.co.uk
Brought to you By Noodles, courtesy of Auto Westune of http://nelocksmithsupplies.co.uk

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Published by: api-3777781 on Oct 16, 2008
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Study Unit 13
Professional Lock smith
Starting a Small
Prev iew

Welcome to Study Unit 13 of your Professional Locksmith course! You\u2019ve now
completed all the study units that deal with the actual techniques and skills of lock-
smithing. You should have all the technical skills you need to feel qualified to pursue

your chosen career as a locksmith.

The next step to starting your career is determining where you want to work. To help you make this choice, Study Units 13 and 14 will provide you with a wealth of infor- mation on career possibilities. First, this study unit will show you how to go about starting your own small locksmithing business. Then, Study Unit 14 will continue with information on finding locksmithing jobs and on working in the professional locksmithing field.

When you complete this study unit, you\u2019ll be able to
\u2022List several reasons why small businesses fail and how to avoid them
\u2022Name several sources of information and training available for new
business owners

\u2022Prepare a written business plan for your locksmithing business
\u2022List several possible sources of financing for your business
\u2022Explain the importance of accessibility for a business location
\u2022Describe the procedures you can use to assess your competition
\u2022List several ways to establish a business identity
\u2022Name the essential equipment you\u2019ll need when first opening your shop
\u2022Explain the steps to take in hiring employees
\u2022List and explain the various types of business records and financial statements

Cont ent s
I N TRO D U C TI O N. . . . . . . . . . . . . . . . . . . . . . . . . . 1
The First Steps
A re Yo u Re a d y f o r Yo u r O w n Bu sin e ss?
Getting Training
Getting Off to a Great Start
DEVELO PING A BUSINESS PLAN. . . . . . . . . . . . . . . . . 7

Planning and Setting Goals Contentsof a BusinessPlan Writing Your BusinessPlan

FINANCING YOUR BUSINESS. . . . . . . . . . . . . . . . . . . 16
Determining How Much You\u2019ll Need
Start-Up Capital and Working Capital
Extra Expenses
Getting Your Loan
Where to Get Loans
PRO FESSI O N A L SERV I C ES. . . . . . . . . . . . . . . . . . . . 2 4
Getting Professional Advice
Insurance Agent or Broker
Marketing or Management Consultant
FI N D I N G TH E BEST LO C A TI O N. . . . . . . . . . . . . . . . . . 3 5
A c c e ssib ilit y
Traffic Flow
Th e A p p e a r a n c e o f Y o u r Sh o p
Assessing Your Competition
Leasing vs. Buying

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