Record Keeping, Taxes, Insurance and Permits

Whether you Operate a factory, wholesale outlet, retail store, Service shop, or are a contractor, you will have to sell. However
good your product is, no matter what consumers think of it, you need to sell to endure.

Direct selling approaches are through private sales efforts, Advertising and, for most businesses, exhibit - including the
packaging and styling of this item - in windows, at the establishment, or even both. Establishing a fantastic reputation with the
general public through anyhow and special services is an indirect process of selling. While the latter shouldn't be disregarded,
this short discussion will be restricted to direct selling methods.

To establish Your Company on a business footing requires a great deal Of aggressive personal selling. You may have established
competition to conquer. Or, if your thought is fresh with little if any competition, you've got the extra difficulty of convincing
people of the value of this new idea. Personal selling work is nearly always necessary to accomplish this. If you are not a
fantastic salesperson, seek an employee or asociate who's.

Another way to build sales is by advertising. This may be done Through newspapers, shopping papers, the yellow pages section of
the phone directory, and other published periodicals; radio and television; handbills, and direct email. The media you select, as
well as the message and style of presentation, depends upon the specific customers you would like to reach. Plan and prepare
advertising carefully, or it will be unsuccessful. Most media are going to have the ability to describe the features of their
viewers (readers, listeners, etc.). Since your first planning described the characteristics of your potential customers, you want
to match these characteristics with the media audience. If you're selling expensive jewelry, don't market in high school papers.
Should you fix bicycles, you likely should.

Advertising can be quite expensive. It Is a Good Idea to put a limit upon An amount to spend, then stay within that limit. To
assist you in determining how much to spend, study the operating ratios of similar companies. Media advertising salespeople can
help you plan and even prepare ads for you. Make sure you tell them your budget limitations.

A third method of stimulating sales is effective displays both in Your place of company and out it. If you've had no previous
experience in display work, you are going to want to examine the topic or turn the job over to someone else. Observe screens of
other businesses and read novels, trade publications, and the literature provided by equipment makers. It may be smart to employ a
screen expert on your opening screen and unique events, or you may obtain the help of one on a part-time foundation. Much depends
upon your type of business and what it takes.

The proper number and types of selling effort to use change from business to business and from owner to owner. Some businesses
prosper with low-key revenue attempts. Others, like the used-car lots, flourish on competitive, hoop-la promotions. In any event,
the significance of successful selling can't be over-emphasized.

On the other hand, don't lose sight of your major goal - to Earn a profit. Anyone can generate a large sales volume selling dollar
bills for ninety bucks. But that won't last long. So keep control of your expenses, and price your product carefully.

Record Keeping. One essential element of business management is the keeping of adequate records. Study after study indicates that
many supervisor failures can be attributed to insufficient records or the owner's failure to make use of what information was
accessible . Without records, the businessperson can't see in advance which way the business is going. Up-to-date records may
predict impending disaster, forewarning one to take action to avoid it. While extra work is required to keep a decent set of
records, you'll be more than paid for the effort and expense.

If You Aren't prepared to maintain adequate records - or have someone Keep them for you - you should not try and operate a small
business. At a minimum, records are Required to substantiate:

1. Your returns under tax legislation, such as income tax and social Safety laws;

2. Your request for credit from equipment makers or even a loan From a lender;

3. Your claims about the company, in case you wish to market it.

However, most important, you want them to run your business successfully And to raise your profits. Having a decent. Yet simple,
accounting system you can answer these questions as:

How much company I doing? What are my costs? Which appear to be too high? What is my gross Profit margin? My net gain? How much am
I piling on my charge business? What's the condition of my operating capital? How much money do I have available? Just how much in
your bank? How much do I owe my Suppliers? What is my net worth? That is, What's the worth of my ownership of The enterprise? What
are the tendencies in my Receipts, expenses, profits, and net worth? Is my financial position improving Or growing worse? How can
my resources compare with what I owe? What's the Percent of return on my investment? How many cents from each dollar of Earnings
are net gain? Answer these and other questions by planning and studying balance sheets and profit-and-loss statements. To do this,
it is Important that you record information regarding transactions as they happen. Maintain This data in a detailed and organized
manner and you will have the ability to answer the above questions. You will also possess the answers to these other vital
questions About your company as: What products or services do my customers like best? Next best? Not at all? Do I carry the
merchandise most often asked? Am I Qualified to render the services that they demand most? How many of my charge Customers are
slow payers? Shall I switch to money only, or use a charge card Charge plan?

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