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Watch This Video Before Starting Your Hub Business Plan PDF!

Checklist for Starting a Hub 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 Hub 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 Hub 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 Hub 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 Hub 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

Your Brother-In-Law Needs A Job?

One of the most common problems in a family business is the hiring of relatives who do not have talent. But what are you to do when your sister or another close relative says, "Bob needs a job badly"? The emotional aspect of such family relationships is hard to fight. But try to go into it with your eyes open. It will be hard to fire Bob if he turns out to cost you more money than his presence is worth.

The main thing is to recognize the talent or lack of it. Suppose your brother-in-law, for example, has little or no ability as far as your company is concerned, Perhaps you can put him in a job where in spite of his weaknesses he can make a contribution and not disturb other employees.

The major concern is not necessarily the relative but how he or she affects other employees. In some cases, a relative can demoralize the organization by his or her dealing with other employees. For example, he or she may loaf on the job, avoid unpleasant tasks, take special privileges, and make snide remarks about you and other relatives.

If you are stuck with such a relative, try putting him or her in a job where he or she will have minimum contact with other employees, out of the mainstream of decision making. For instance brother-in-law Bob might be placed in a sales office in another city some distance from the company's headquarters where he will be under the supervision of a top producer. Another alternative is to change his attitudes by formal or informal education.

The key is to see that the non-talented relative does not affect the relationship that you, the manager, have with other members of your staff. Other employees will respect you for keeping relatives in line.

Strange things sometimes happen. There is always the chance that the non-talented relative may be under your direction and turn into an asset for your company.

Is Non-family Turnover High?

Some family-owned companies are plagued with a high turnover among their non-family top people. Sometimes relatives are responsible. They resent outside talent and, at best, make things unpleasant for non-family executives.

In other cases, top notch managers and workers leave because promotions are closed to them. They see your relatives being pushed into executive offices.

The exit interview is a useful device for getting at the root of this type of turnover. A key employee who has decided to leave may be eager to tell you the true story - or at least enough of the facts to help you develop a course of action.

When a manager has the facts, he or she may have to confront the trouble-causing relative with an unpleasant story. What comes out of the confrontation is anyone's guess. Rare is the owner-manager who can fire a troublesome and close relative and make it stick. One way to remove such a thorn from the side of key executives is to help the relative start a business in a noncompeting line-provided he or she has the management ability that is necessary for success. Another way is to "exile" him or her to a branch office or find a job with another company.

Spending To Save Money?

Many times, as the owner-manager you feel that you must make an expenditure to improve efficiency, yet other family members oppose the expenditure. They view it as an expense rather than an investment. They feel that funds spent for items, such as more efficient equipment, encroach in their year-end dividends.

One way to help these relatives see that "you have to spend money to make money" is to base your arguments for the expenditures on facts and figures that non-family employees have gathered. Suggest to the opposing family members that the matter be settled on a cold dollar basis: for example, "by spending money for this machine, we can increase profits and get our money back in four years."

If the opposing relatives refuse to accept your projection, try calling in outside business advisers. Relatives will sometimes believe advisers, such as your banker, accountant, or attorney, when they won't accept your judgment. But keep in mind that outside advisers who are personally close to other family members, should not be included among your counselors.

Paid consultants can also be useful in proving the worth of an expenditure. Such help is particularly valuable on specialized projects that require more research that you or your regular advisers have time to do.

Status Quo Blocks Growth

When some of the relatives in a family-owned business grow older, they develop an attitude of status quo. They don't want things to change and are afraid of risk. With this attitude, they can, and often do, block growth in their family's business.

The solution to such a problem is to urge or suggest that the status quo members slowly disappear from the scene of operation. One way to do this is to dilute their influence in management decisions. For example, the status quo relatives might be given the opportunity to convert their stock in the corporation to preferred stock. Or they might sell some of their stock to the younger relatives.

It might also be possible for the status quo relatives to think in terms of gradual retirement. Their salaries can be reduced over several years, and they can relinquish some of their interests. With the proper legal advice, it might be possible for a small corporation to re-capitalize. A new partnership agreement might be drawn up when the company is a partnership.

Such actions can take into account all of the growth of the business to that particular point and can enable the retreating members to recover their equity. Meanwhile, the manager and active relatives can renew their efforts toward expanding the business.

How Is The Pie Divided?

Paying family, members and dividing profits among them can also be a difficult affair. Many persons feel that they are underpaid, but what about relatives who comment as follows:

"Uncle Jack sits around and gets more than I do."

"Aunt Sue goes to Europe on the returns of money her husband put into the business before he died ten years ago."

"Your brother goofs off and rakes in more than you do."

How do you resolve such complaints? You don't entirely. But if the business is a small corporation, certain equalizing factors can be accomplished by stock dividends. By re-capitalizing the company, some stockholders can take preferred stock with dividends.

Salaries are best handled by being competitive with those paid in the area. Find out what local salary ranges are for various management jobs and use these ranges as a guide for paying both family and non-family personnel. When you tie pay to the type of work that the individual does, you can show disgruntled relatives the value that the industry puts on their jobs.

 

 

Why do some Business managers reach the gain goal more often than others? They do it because they keep their operation pointed in
this direction - management of profit earning. They never lose sight of the goal - to complete the year with a gain.

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

Topnotch Functionality in golf, shooting, and fishing demands knowledge, practice, and endurance.

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 operation, by practicing the art of earning timely, balanced decisions and by
controlling the organization's activities.

Adapt the Suggestions in this manual to your circumstance. They ought to allow you to call the shots to keep your company headed
in the right direction - toward profit making.

First Rule of Profit Making: Know Your Small Business. The Time-honored truth"Knowledge is power" is especially pertinent to this
owner-manager of a small business. To keep your company pointed toward profit you must keep yourself well informed about it. You
have to be aware of how the organization is doing before you may enhance its performance. You must understand its weak points
until you can correct them. A number of the information you require you pick up from day-to-day personal monitoring, but records
should be your principal source of advice about gains, costs, and earnings.

Know Your Profit. The gain and loss statement (or income Statement) prepared regularly each month or each quarter by your
accountant is one of the most vital indicators of your company's worth and wellbeing. You need to be sure that this announcement
contains all the details you need for assessing your profit. This announcement must pinpoint each earnings and cost area. By way
of example, it should demonstrate the gain and loss for all your products and product lines in addition to the profit and loss for
your whole operation.

It's a great Thought to have your own profit and loss statement prepared that it shows every single product for the current
period, for the same period this past year, and also for your present year-to-date. By way of example, a P&L statement for the
month of November would show expenses and income for the current month, for November this past year, and totals for the eleven
months of the present year. Many corporations publish their annual reports with several previous decades so stockholders can
compare earnings.

Comparison is The trick to utilizing your P&L announcement. If your accountant isn't already furnishing figures which you may
compare, you should discuss the possibility of having them provided.

Financial Ratios out of the balance sheet also help you to understand whether your gain is what it ought to be. As an instance,
the proportion of net worth (return on investment ratio) reveals what the company brought on the equity capital invested.

Know Your Costs. An owner-manager should understand prices in detail. Following that, you can compare your cost figures as a
proportion of earnings (operating ratio). Be certain that your costs are itemized so that you can set your fingers on those that
appear to be climbing or decreasing according to your experience and the price figures of your own industry. When costs are
itemized, you can spot the offender once the overall figure is greater than what you'd budgeted. Take advertising costs for
example. It's possible to catch the offender should you split out your advertising expenditures by product lines and from
websites. In addition, a thorough check of inquiry returns from advertising will help avoid unproductive publications.

In understanding your Prices, keep in mind that the formulation for profit is: Profit equals Earnings minus Costs.

Know Your Product Markup. Be sure The pricing of your goods provides a markup adequate for the kind of profit you expect to
attain. You must keep constantly informed on pricing because you have to adjust for rising costs and at the same time keep prices
competitive. Knowledge about your markup also helps you to run workouts with your eyes open. Continuing to generate something that
only a few customers want is an effective merchandising tool just when you use it on purpose - for example, to hold or draw buyers
to additional high markup products. Don't hesitate to shed a loser out of your line.

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

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

You should also Concern yourself with the figures behind the dollars - for instance, the amount Of units sold or the number of
orders. Insist on cost-per-unit statistics. The Fluctuation of the cost-per-unit can be much more meaningful than simply looking
In the dollar figures . Another idea is to exhibit these comparative Figures on graphs so that significant trends can be seen
readily.

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