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Watch This Video Before Starting Your Hoodie Business Plan PDF!

Checklist for Starting a Hoodie 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 Hoodie 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 Hoodie 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 Hoodie 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 Hoodie 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

Cash And Finance

1. Does someone other than the cashier or bookkeeper open all mail and prepare a record of receipts that will be checked against deposits?

Your firm will be better managed if mail containing checks, cash, and money orders is not opened by those responsible for handling the store's money. Employees will be less subject to temptation if they know that money will pass through more than one person's hands before being deposited.

2. Do you deposit all of each day's cash receipts in the bank without delay?

It is not safe to hold considerable sums of cash in your store. It is bad practice to make payments out of your cash receipts; such payments should be made by check or from a petty cash fund.

3. Do you restrict the use of your petty cash funds to payment of small expenditures (not exceeding a stated amount) and limit them to the amount needed for a short period of time - a week or two?

You should set up your petty cash fund by drawing a check on your bank funds, and reimburse it the same way. You should not add other funds to the petty cash fund or hold a large amount of money in petty cash.

4. Do you require adequate identification of "cash-take" customers who want to pay by check and those who ask you to cash checks?

There are a great many swindlers operating in every community who are quick to take advantage of a careless merchant. A driver's license or credit card is often no guarantee. Check with the bank or an up­-to-date credit card report.

5. Have you taken adequate steps to protect your cash from robbery?

Merchants must adopt protective measures. Get police advice and instruct your employees carefully what to do in case of a holdup.

6. Is your postage metered?

You run a much greater danger of misuse when you buy and store supplies of stamps than when you use a postage meter.

7. Are your checks pre-numbered?

If you require that each check, whether issued or voided, must be accounted for, your record of payments will be more accurate and you will reduce temptation for employees. Keep voided checks on file.

8. Are you careful to lay cash aside for all amounts withheld from employees' wages for taxes, medical insurance, and the like and to remit these sums as required to the appropriate authorities?

Some merchants have permitted this money to remain in their general cash accounts, rather than segregating it. Without earmarking such funds, merchants may find themselves without the cash to remit on time. This may lead to heavy penalties.

9. Do you calculate your cash-flow regularly (monthly, for example) and take steps to provide enough cash for each period's needs.

Figuring cash-flow involves adding to your cash on hand at the start of each period the cash you are likely to take in during the period (largely from cash sales and collections from accounts receivable) and subtracting from this total your necessary cash expenditures (largely for merchandise and operating expenses). Should the expenditures exceed the income, a temporary bank loan may be in order; or you may have to liquidate some investments or draw on savings.

10. Have you established, in advance, a line of credit at your bank, not only to meet seasonal requirements but also to permit borrowing at any time for emergency needs?

You will be charged interest only for what you borrow and for how long you do so. The line of credit gives you expanded cash availability and provides flexibility to take advantage of special opportunities, as well as taking care of seasonal needs.

11. Do you consistently avoid drawing checks to "cash" and signing blank checks ?

Cash is your most vulnerable asset, and these practices greatly lessen your control over cash funds. Checks should be drawn to the order of the company or a responsible employee, and blank checks should not be signed. To do so is almost an invitation to dishonesty.

12. Do you keep company securities under lock and key, preferably in a safe deposit vault?

 Although such a question might seem unnecessary, the truth is that many small merchants get careless. Misplaced securities can cause you great inconvenience, and carelessly stored documents are an invitation to theft.

13. Do you control your liabilities with the same degree of care you devote to your assets?

Your accounts payable ledger should be regularly balanced with the general ledger control; statements from vendors should always be checked against the accounts or vouchers payable records; and cash payroll items should be handled with the same care as regular payments by check.

14. Do you maintain a close personal relationship with your local banker?

Your banker can be one of your best counselors, helping you estimate your financial requirements and showing you how to meet them. But you must always be completely candid in financial discussions, if your banker is to be of help to you.

Credit

1. Do you have a credit policy?

From the customer's point of view, credit not only avoids the risk of carrying cash, but may be a necessity. You should seldom consider credit simply as a convenience for those who could pay cash. Rather, you should judge it as a promotional device to attract those customers who can maintain or improve their standard of living only if they obtain credit. Set your credit policy only after you weigh the cost of granting credit against its benefits.

Unless your store specializes in daily necessities, you will probably find it helpful to offer credit service - either through your own facilities or through credit card plans. Such a plan has advantages for the small store; your cash is not tied up in accounts receivable; moreover, you escape the problems of opening accounts and collecting overdue bills. On the other hand, your customers' loyalty may weaken when the credit relationship becomes more impersonal.

2. Do you set definite credit limits and explain your rules carefully to all credit applicants?

Excessive credit losses are usually caused by carelessly opening accounts and allowing customers to overbuy. Don't grant credit on the basis of friendship alone. Learn to refuse credit applications gracefully. An intelligent refusal now may save you - and the customer - future grief, as will customer understanding of limits and other rules.

3. When customers do not make payments as agreed, do you follow up promptly?

Follow-up letters - each successive one (if needed) becoming more forceful - have been found helpful. You should not sign such letters yourself so as to avoid having any resultant ill will directed toward you personally. In particular cases, you may have to decide whether or not (1) to alter the customer's payment arrangements, (2) to ask him to sign a note, or (3) to turn the account over to a collection agency.

 

 

Why do some Business managers reach the profit target more frequently than others? They do it because they maintain their
performance pointed in this direction - direction of profit earning. They never drop sight of the goal - to complete the year with
a gain.

This guide Gives suggestions that should enable an owner-manager to zero in on profit earning. It points out that you must keep
educated, make timely decisions, and take action. In effect you must control the activities of your organization instead of being
controlled by them.

Topnotch Performance in golf, shootingfishing requires knowledge, training, and perseverance.

Likewise in Small businesses, year-end profit arrives to the owner-manager who strives for topnotch performance. You achieve
profit making targets by understanding your performance, by practicing the art of earning timely, balanced judgments and by
controlling the company's activities.

Adapt the Suggestions in this manual to your circumstance. They should help you predict the shots to keep your business headed in
the right direction - toward profit earning.

First Rule of Gain Making: Know Your Small Business. The Time-honored truth"Knowledge is power" is particularly pertinent to this
owner-manager of a small business. To maintain your business pointed toward profit you need to keep yourself well informed about
it. You must be aware of how the company is doing before you may improve its operation. You must understand its weak points until
you may correct them. A number of the information you need you pick up from day-to-day personal observation, but records should be
your principal source of information about gains, expenses, and earnings.

Know Your Profit. The profit and loss statement (or income Statement) prepared frequently each month or every quarter by your
accountant is one of the most vital indicators of your company's value and wellbeing. You should be certain that this announcement
contains all of the details you will need for assessing your gain. This statement must pinpoint each revenue and cost area. For
instance, it should show the gain and loss for all your products and product lines as well as the profit and loss for your entire
operation.

It is a great Thought to have your profit and loss statement prepared so that it shows each item for the current interval, for the
identical period this past year, and for the present year-to-date. For instance, a P&L announcement for the month of November
would reveal income and expenses for the current month, for November this past year, and prices for the eleven months of the
current calendar year. Many corporations publish their annual reports with several previous decades so stockholders can compare
earnings.

Comparison is The key to using your P&L announcement. If your accountant is not already furnishing figures that you may compare,
you need to talk about the possibility of getting them provided.

Financial Ratios from the balance sheet also help you to know if your gain is exactly what it should be. As an example, the ratio
of net worth (return on investment ratio) shows what the business brought on the equity capital invested.

Know Your Costs. An owner-manager ought to know costs in detail. Following that, you can compare your price figures as a
percentage of sales (operating ratio). Be certain that your costs are itemized so you can put your fingers on the ones that appear
to be rising or falling according to your experience and the price figures of your own industry. When costs are itemized, you can
spot the culprit once the overall figure is higher than what you'd budgeted. Take advertising costs for example. It's possible to
grab the offender should you split out your advertising expenditures by product lines and from media. Additionally, a thorough
check of question yields from advertising will help avoid unproductive publications.

In understanding your Costs, keep in mind that the formula for gain is: Profit equals Earnings minus Costs.

Know Your Product Markup. Be certain That the pricing of your goods provides a markup adequate to the sort of profit you expect to
attain. You have to keep constantly educated on pricing because you need to adjust for rising costs and at the same time keep
costs competitive. Knowledge about your markup also helps you to run close outs with your eyes open. Continuing to make a product
that only a few customers want is a powerful merchandising tool just when you use it on purpose - for instance, to hold or attract
buyers to additional high markup products. Don't be afraid to drop a loser out of your line.

Garbage-In, Garbage-Out. An Owner-manager shouldn't fudge the records. The acronym GIGO that the computer business uses is true
with manually kept records in addition to with machine-processed ones. When an owner-manager lets"garbage" to enter the records,
the accounts will contain"garbage." Reports need not be extensive but they need to be accurate.

Search For Trends. Try not to look at a single month's earnings or Profit image by itself. The characters in your operating
statements are significant only when you set the picture in the right frame - that is, look at your characters from the context of
what has happened and what is likely to take place. In that manner, you catch a downward trend before it gets out of control.

You should also Concern yourself with the figures behind the bucks - for example, the number Of units offered or the number of
orders. Insist on cost-per-unit figures. The Fluctuation of the cost-per-unit can be much more meaningful than just looking At the
dollar figures . Another idea would be to display these comparative Figures on graphs so that important trends can be seen
readily.

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