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Watch This Video Before Starting Your HTV Business Plan PDF!

Checklist for Starting a HTV 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 HTV 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 HTV 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 HTV 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 HTV 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

Common Problems and How to Solve Them

Management problems in a family business owned are somewhat different from the same problems in a non-family business. When close relatives work together, emotions often interfere with business decisions.

In some family companies, control of daily operations is a problem. In others, a high turnover rate among non-family members is a problem. In still other companies, growth is a problem because some of the relatives are unwilling to plow profits back into the business.

This family business owned guide discusses such problems from the viewpoint of the family member who is the company's manager. It offers suggestions that should help you to manage effectively and profitably.

When you put up your own money and operate your own business. you prize your independence. "It's my business," you tell yourself in good times and in bad times.

However, "it's our business," in a family company. Conflicts sometimes abound because relatives look upon the business from different viewpoints.

Those relatives who are silent partners, stockholders, and directors see only dollar signs when judging capital expenditures, growth, and other major matters. Relatives who are engaged in daily operations judge major matters from the viewpoint of the production, sales, and personnel necessary to make the company successfully. Obviously, these two viewpoints may conflict in many instances.

This natural conflict can be aggravated by family members who have no talent for money or business. Sometimes they are the weak offspring of the founders of the company-sons and daughters who lack business acumen-and sometimes they are in-laws who must be taken care of regardless of their ability or the company's needs.

Basically, the management problems that face the manager of a family-owned business are the same as those which confront the owner-manager of any small company. But the job of the "family manager" is complicated because of the relatives who must be reconciled to the facts of the market place, the factory, and the counting house.

The Sparks Fly

Different opinions do not always produce discord, but sometimes they cause "sparks to fly" -especially in a family-owned company. Emotion is an added dimension as brothers and sisters, uncles and aunts, nephews and nieces and fathers and children work together in such a small business.

For the individual who must head such a company, the important thing is to recognize this dimension of emotions and to make objective decisions that are difficult to come by in such situations.

Many times when members of a family are active in the business, it is hard to make objective decisions about the skills and abilities of each other. For example, one says about another relative, "He was lazy when we were kids, and he's still lazy." Or a disgruntled wife says about an aunt. "What does she know about the business? She's only here because of her father's money."

If such emotional outbursts affected only the family, the manager might "knock a few heads together" and move along. But often it is not that easy. The quarrels and ill feelings of relatives have a way of spreading out to include non-family employees.

Then the manager's problem is to keep the bickering from interfering with work. You cannot afford to let the company become divided into warring camps. You have to convince non-family employees that their interests are best served by a profitable organization rather than by allegiance to particular members of the family.

Another aspect of the emotional atmosphere is that often non-family employees tend to base their decisions on the family's tensions. They know how their bosses react and are influenced by this knowledge.

Is The Manager Really In Control?

The president of a small company is not always necessarily the person in charge. In many family-owned businesses, the elder statesman of the family becomes president or chairman of the board of directors. But day-to-day management is in the hands of other members of the family.

In some cases, even the best hands are tied as the family member tries to manage the business. For example, the ceiling on the amount of money that can be spent without permission from the rest of the family may be too low for the situation confronting the company. Having to clear operating expenditures may mean missing opportunities for increased profits, such as taking advantage of a good price on raw materials or sales inventory.

In other cases, a manager may be in a bind because of emotional involvement. For example, you may feel that you have to clear routine matters with top family members because "Uncle Bill never lets you forget your mistakes." Personalities and emotional reactions create bottlenecks that work against an efficient operation.

Efficiency may be reduced also by relatives who indulge in excessive family talk during working hours. The manager should set the example and insist that relatives refrain from family chit-chat on the job.

In some family-owned companies, the day-to-day manager may be a bottleneck. You may be a bottleneck because you do not have the ability to delegate work and authority. You may be the manager because of age or the amount of capital you have in the business without regard to your qualifications. In other instances, you may hold up progress because you do not listen to others in the company.

One solution is for other members of the family to persuade such a manager to let someone else run the day-to-day show, perhaps a hired manager.

If a member of the family has to be in charge of operations, he or she should be capable of using efficient management techniques and be thick-skinned enough to live with family bickering and tough enough to make his or her decisions stick.

One way to obtain objective control in a family-owned business is to hire an outsider to manage the day-to-day operations, when the company can afford it. Any manager may become as biased as any other family member. With a hired manager, the family members will have their hands full in setting policies and in planning for growth. An efficient hired manager will see to it that all employees - family and non-family alike - know to whom to report at all times.

Such definite lines of authority are even more important when a member of the family manages operations with other relatives filling various jobs. The responsibilities of family members should be spelled out. "Family employees" should discipline themselves to work within the bounds of these lines of authority. Even then, it is wise to have a non-family employee high in the organization so that he or she can be involved in operations and help smooth out any emotional decisions which family members may make.

 

 

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

This manual Gives suggestions which should help an owner-manager to zero in on profit earning. It points out that you have to stay
informed, make timely decisions, and take effective action. In effect you must control the actions of your organization instead of
being controlled by them.

Topnotch Performance in golf, shooting, and fishing demands understanding, training, and endurance.

Similarly, in Small businesses, year-end profit arrives to the owner-manager who tries for topnotch performance. You achieve
profit making goals by understanding your performance, by practicing the craft of making timely, balanced judgments and by
controlling the organization's activities.

Adapt the Suggestions in this manual to your circumstance. They should help you call the shots to maintain your business headed in
the ideal direction - toward profit earning.

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

Know Your Profit. The profit and loss statement (or income Announcement ) prepared regularly each month or each quarter from your
accountant is one of the most vital indicators of your business's worth and health. You need to be sure that this statement
contains all of the facts you need for evaluating your profit. This announcement must pinpoint each revenue and cost area. For
instance, it should show the profit and loss for all your products and product lines as well as the gain and loss for your entire
operation.

It is a great Idea to have your profit and loss statement prepared so that it reveals every single item for the current period,
for the same period last year, and for your current year-to-date. By way of example, a P&L statement for the month of November
would reveal expenses and income for the current month, for November this past year, and prices for the eleven months of the
current year. Many corporations publish their annual reports with a few previous decades so stockholders can compare earnings.

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

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

Know Your Costs. An owner-manager should understand costs in detail. Following that, you can compare your price figures as a
percentage of sales (operating ratio). Be sure your prices are itemized so you can set your fingers on those that seem to be
climbing or falling according to your experience and the price figures of your industry. When costs are itemized, you are able to
spot the offender once the overall figure is greater than what you'd budgeted. Take advertising costs such as. You can catch the
offender if you split out your advertising expenses by product lines and from websites. In addition, a comprehensive check of
inquiry returns from advertising will help to avoid unsuccessful books.

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

Know Your Product Markup. Be certain The pricing of your goods supplies a markup adequate for the kind of profit you expect to
attain. You must keep constantly informed on pricing since you need to adjust for rising costs and at precisely the same time keep
prices competitive. Knowledge about your markup also helps you to run close outs with your eyes open. Continuing to generate
something that just a few customers desire is a powerful merchandising tool just once you use it on purpose - for instance, to
hold or attract buyers to additional high markup products. Do not be afraid to drop a loser out of online.

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

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

You should also Concern yourself with all the figures behind the bucks - for example, the number Of units offered or the amount of
orders. Insist on cost-per-unit statistics. The Fluctuation of the cost-per-unit can be more meaningful than simply looking In the
dollar figures alone. Another idea is to exhibit these comparative Figures on charts so that important trends can be viewed
easily.

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