Getting Started Your Business. Part 1

➢ Your building:

* Have you found a good building for your store?
* Will you have enough room when your business gets bigger?
* Can you fix the building the way you want it without spending too much money?
* Can people get to it easily from parking spaces, bus stops, or their homes? * Have you had a lawyer check the lease and zoning?

➢ Equipment and supplies:

* Do you know just what equipment and supplies you need and how much they will cost?
* Can you save some money by buying second hand equipment?

➢ Your merchandise:

* Have you decided what things you will sell?
* Do you know how much or how many of each you will buy to open your
store with?
* Have you found suppliers who will sell you what you need at a good price? * Have you compared the prices and credit terms of different suppliers?

➢ Your records:

* Have you planned a system of records that will keep track of your income and expenses, what you owe other people, and what other people owe you?
* Have you worked out a way to keep track of your inventory so that you will always have enough on hand for your customers but not more than you can sell?
* Have you figured out how to keep your payroll records and take care of tax reports and payments?
* Do you know what financial statements you should prepare? * Do you know an accountant who will help you with your records and financial statements?

➢ Your Store and the law:

* Do you know what licenses and permits you need?
* Do you know what business laws you have to obey?
* Do you know a lawyer you can go to for advice and for help with legal papers?

➢ Protecting your store:

* Have you made plans for protecting your store against thefts of all kinds--shoplifting, robbery, burglary, employee stealing?
* Have you talked with an insurance agent about what kinds of insurance you need?

➢ Buying a business someone else has started:

* Have you made a list of what you like and don't like about buying a business someone else has started?
* Are you sure you know the real reason why the owner wants to sell this business?
* Have you compared the cost of buying the business with the cost of starting a new business?
* Is the stock up to date and in good condition?
* Is the building in good condition?
* Will the owner of the building transfer the lease to you?
* Have you talked with other business owners in the area to see what
they think of the business?
* Have you talked with the company's suppliers?
* Have you talked with a lawyer about it?


Go here to read Part 2