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Watch This Video Before Starting Your General Store Business Plan PDF!

Checklist for Starting a General Store Business: Essential Ingredients for Success

If you are thinking about going into business, it is imperative that you watch this video first! it will take you by the hand and walk you through each and every phase of starting a business. It features all the essential aspects you must consider BEFORE you start a General Store business. This will allow you to predict problems before they happen and keep you from losing your shirt on dog business ideas. Ignore it at your own peril!

For more insightful videos visit our Small Business and Management Skills YouTube Chanel.

Here’s Your Free General Store Business Plan DOC

This is a high quality, full blown business plan template complete with detailed instructions and all related spreadsheets. You can download it to your PC and easily prepare a professional business plan for your General Store business.
Click Here! To get your free business plan template

Free Book for You: How to Start a Business from Scratch (PDF)

A Step by Step Guide to Starting a Small Business
This is a practical manual in a PDF format, that will walk you step by step through all the essential phases of starting your General Store business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

Copy the following link to your browser and save the file to your PC:

https://www.bizmove.com/free-pdf-download/how-to-start-a-business.pdf

Suppose the business is a partnership and one of the partners dies?

Unless the partners have prepared some other binding arrangement, that is already in place, their partnership is dissolved when one of them dies.

The duties of the surviving partner(s) are limited to winding up the affairs of the partnership.

The surviving partner(s) will be personally liable for losses that the business's assets are insufficient to cover.

The partners may have to set up agreements that provide for the surviving partner's purchase of a deceased partner's interest at a prearranged valuation. Business life insurance of each partner could provide the fund the survivors need to purchase the deceased partner's interest.

Who should pay the premium? The business? Each partner?

What are the pros and cons of these alternatives?

What are the tax implications of each?

How would each affect the firm's cash flow?

There are many plans and many ways to set them up. Your planning team can suggest a wide range of options compatible with your needs, your firm's cash position and tax implications.

What if the business is incorporated?

In most small incorporated businesses there are only a few stockholders, and most of them take an active part in running the business.

Death of a major stockholder often throws a spotlight on the survivors' differences. Conflict or major personality clashes can seriously threaten the survival of the firm. Dissension also damages employee morale, can lead to a loss of business and may even harm the firm's credit rating.

Unless otherwise provided for, the deceased major stockholder's shares will become part of his or her estate. While the estate is being settled, the estate administrator can vote (i.e., exercise the right to control) the stock. If a controlling interest in the firm is involved, he or she could name a new board of directors and take over full control of the corporation.

What if the heirs decide to get involved in the business? If they decide to retain the stock, will it provide enough income for them to live on?

If the heirs decide to sell, would they be required to offer the other major stockholders first refusal? Could some plan be set up that would allow the surviving stockholders to finance a buy-out of the heirs' holdings?

Without such a plan, would the remaining stockholders' search for buy-out funds have any impact upon the firm's credit?

Once again, planning is essential. Your attorney, accountant and insurance agent can develop a legally binding strategy to prevent outsiders from unexpectedly coming into the business and to ensure an orderly "changing of the guard" should a major stockholder die.

The Key Person Exposure

Do not overlook what would happen if you were to suddenly lose the services of a key person (who is not an owner, partner or major stockholder) because of illness, disability or death (e.g., a sales manager or the office manager/bookkeeper).

What impact would that person's absence have on sales volume? Costs? Productivity? Efficiency? The firm's credit?

How would you reassign duties to cover the missing person's functions?

What extra costs would you have to incur to recruit a replacement?

How long would it take before the replacement is trained and productive?

The way you answer these questions depends on many factors, such as the kind of employee benefits already in place.

Loss Exposures and Risk Management

The next two steps of the risk management process are similar to those we face in managing our personal finances.

1. Loss control: What can be done to prevent or limit exposure to loss?

2. What techniques can be used to assure that funds will be available for losses that cannot be avoided or prevented?

Loss Control

Preventing or Limiting Exposure to Loss

One principle of loss prevention and control is the same in business as it is in your personal life: avoid activities that are too hazardous. For example: A merchant may decide not to sell a particular product because it is likely to injure customers; thereby, the firm avoids a product-liability exposure. For example: If you can't avoid an exposure completely, minimize it.

An apartment owner may decide against constructing a new building on a rural hillside site that has a long history of brush fires. Instead, he builds on suburban, level land, which is supplied by town water and is two minutes from a fire station. While exposure of loss from fire can seldom be eliminated completely, this owner has reduced the possible severity of loss by choosing a safer site closer to the fire-fighting services.

Look again to see if the extent of possible loss can be further reduced.

That same apartment owner, for example, may decide to build using fire-resistant construction and materials. thereby reducing the chance of fire spreading. He may also decide to install smoke detectors, fire alarms and automatic extinguishing systems throughout the building to further reduce the severity and spread of fire.

Risk Retention

A business owner may decide that the firm can afford to absorb some losses, either because the frequency and probability of loss are low or because the value of loss is manageable.

A firm owns several business vehicles. The drivers have an excellent safety record, and exposure to collision is low because these vans cover un-congested rural routes. Because these are older vehicles, their book value has decreased substantially.

Rather than continue to pay for collision insurance on the vans, the firm decides to drop the collision coverage completely. If an accident damages one or more of the vans, the firm will pay for collision damage with company funds. In effect, the firm has decided to retain the risk itself rather than transfer the risk to an insurance company by paying for collision insurance.

Or the firm could decide to retain part of the risk and insure the rest.

Transferring Risk

Another method of managing exposure to loss is by transferring the risk. Although most businesses do this by buying insurance (which transfers some or all of the risk to the insurance company), there are other non-insurance options.

The firm may decide to eliminate the collision exposure completely by selling the firm's vans and hiring a local delivery service. This solution eliminates not only the collision exposure, but also the exposures associated with owning and maintaining the vans. In effect, the firm has transferred all of the expenses to the local delivery service.

To reduce exposure to property damage, a retailer may decide to cut in-store inventories and to handle certain items only on a special-order basis. The owner will place small reorders with suppliers more frequently. The result? Lower inventory values in the store, therefore a lower exposure. The retailer is actually transferring much of the exposure of property loss to the suppliers.

 

 

As the Proprietor of Your company you deal with problems on an almost daily basis. Being familiar with powerful Problem Solving
Techniques can radically alter the development of your business.

Although you Find solutions to your issues, many businessmen and women are not really skilled in the methods of problem solving,
and when solutions neglect, they fault themselves for misjudgment. The issue is usually not misjudgment but instead a lack of
ability.

This manual Educates you in a few problem solving processes. Crucial to the success of a company faced with issues is your
understanding of just what the issues are, setting them, finding answers, and picking the best answers for your scenarios.

What's a problem. A problem is a situation that poses difficulty or perplexity. Issues come in many shapes and dimensions. By Way
of Example, it may be:

Something did Not function as it should and you do not understand why or how. Something you need is inaccessible, and something
must be found to take its place. Workers are undermining a new app. The marketplace is not purchasing. What should you do to
survive? Clients are complaining. How do you manage their complaints?

Where do Problems come from? Problems arise from every facet of human and mechanical functions in addition to from nature. Some
issues we cause ourselves (e.g., a hasty choice was made and the wrong person was chosen for the job); other issues are caused by
forces beyond our control (e.g., a warehouse is struck by lightning and burns down).

Problems are a Natural, everyday occurrence of life, and so as to suffer less from the tensions and frustrations they cause, we
need to learn how to manage them in a reasonable, logical fashion.

If we accept The fact that problems will appear on a regular basis, for a variety of reasons, and by a variety of sources, we can:
learn to approach problems from an objective standpoint; find out how to anticipate some of these; and stop a number of them from
becoming bigger problems.

To accomplish This, you need to learn the process of problem solving. Here, we'll instruct you in the fundamental procedures of
difficulty. It is a step-by-step guide which you can easily follow and practice. As you follow this guide, you will eventually
develop some tips of your own that work in concert with the difficulty process described within this guide.

Remember, However, as you see that this is not a thorough evaluation of the art of problem-solving but rather a practical,
systematic, and simplified, yet powerful, way to approach issues contemplating the limited time and information most company
owners and managers have. Additionally, some issues are so complex that they require the further help of experts in the area, so
be prepared to accept the fact that some problems are beyond just one individual's ability, ability, and desire to be successful.

In order to Appropriately identify the problem and its causes, you must do some research. To do so, just list each of the previous
queries in checklist form, and maintaining the checklist handy, go about gathering as much info as you possibly can. Remember the
relative importance and urgency of the problem, in addition to your time constraints. Then interview the people involved with the
problem, asking them the questions on your checklist.

When You've Gathered the information and assessed it, you'll have a pretty clear comprehension of the issue and what the major
reasons for the issue are. Now, you can find out more about the causes farther through observation and extra interviewing. At this
time you should summarize the issue as briefly as possible, list all the causes you've identified, and record all of the areas the
problem seems to be affecting.

At this point, You're ready to check your comprehension of the issue. You've already identified the problem, broken down it to all
its facets, narrowed it down, done research on it, and you're avoiding typical roadblocks. On a huge pad, write down the problem,
including all the variables, the areas it affects, and what the effects are. For a better visual understanding, you might also
wish to diagram the issue demonstrating cause and effect.

Study what you Have written down and/or diagrammed. Call in your employees and talk about your analysis with them. Based on their
feedback, you might choose to revise. Once you believe you completely comprehend the causes and consequences of the problem,
summarize the problem as succinctly and as easily as possible.

Proceed through your Long list of alternatives and cross-out those that obviously won't work. Those ideas are not wasted because
they impact on these thoughts that stay. To put it differently, the very best ideas you select may be revised depending on the
ideas that wouldn't work. With the rest of the solutions, use what is known as the"Force Field Analysis Technique." This is
fundamentally an analysis technique which divides the solution down into its positive results and negative outcomes. To do so
write each solution you're contemplating on a separate piece of paper. Beneath the solution, draw a line vertically down the
middle of the newspaper. Label one column benefits and one column downsides.

Now, some more Analytical thinking comes into play. Assessing each facet of this solution and its effect on the issue, listing
each of the advantages and disadvantages you may consider.

1 way to help You think about the advantages and disadvantages would be to role-play every solution. Call in a few of your
employees and perform out each alternative. Ask them for their responses. Depending on what you observe and on their opinions, you
will get a clearer idea of the advantages and disadvantages of each solution you're thinking about.

Once you Complete this process for every solution, pick those solutions that have the Many advantages. Now, you should be
considering only three or two.

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