Checklist for Starting a Locksmith 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 Locksmith 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.
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 Locksmith 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
Some men see things as they are and
say "Why?" I dream things that never were and say "Why not?"
George Bernard Show
Plant Your Garden Today
Plant your garden today
First,
plant 3 rows of peas;
Patience
Promptness
Prayer
Next, plant 3 rows of squash;
Squash gossip
Squash indifference
Squash criticism
Then, plant 3 rows of lettuce;
Let us be Loyal
Let us be true to our Obligations
Let us be unselfish
Finish, with 4 rows of turnip;
Turn up when needed
Turn up with a Smile
Turn up with a Vision
Turn up with Determination
Total Self Confidence
I am resourceful and I have the
ability to do whatever it takes to succeed, and to support all
those whom I love.
I enjoy life's challenges, and I
learn from everything that happens in my life.
I live each day with passion and
power.
I feel strong and powerful, happy,
and excited.
I have tremendous confidence in my
talents and my abilities.
I meet every situation knowing I am
its master.
I have deep respect for myself and
for everyone I meet each day.
I am committed to perform at the best
of my ability in all that I do.
I forgive myself and others easily.
I am aware of the priceless value of
my life and the life of everyone I meet.
My confidence is unshakable because I
live with integrity.
I am always at peace because I trust
and follow my internal guidance.
Notes on the Tao Te Ching
Words are words, they are not life.
Words are used to draw lines and describe concepts. Life is not
a concept, nor is it divided or explained by words. Words cause
nonsense. Life is lived, not described.
Words separate things: There is
life/death, difficult/easy, long/short, high/low ... and all
points in between. Music comes from varying tones. No sane
person can determine the law of life, the way of life in between
these points. No one knows the way, or what will or should
happen next. How can a leader be important and show the way when
they are limited. Never be important.
Good government comes from many
people who live by their hearts and not some important person's
rule and direction based on their limited knowledge.
The Universe can take care of itself.
It does not need important people.
People go crazy arguing about the
Universe, though it has taken care of itself very long.
Life is free -- the more you breathe,
the more breath is left to breathe.
The Universe is deathless.
A human is like this also. They take
care of themselves. There is an inherent undertone and current
of health and integrity which takes care of a person. A person
seeks a natural level with their Universe.
Tao is quiet and unnoticed by the
outside world.
We live in the space (emptiness) of a
house. Tao is empty of outside appearances.
External orientation causes problems.
Internal orientation is quiet and sensible.
Life flows deeper than the rising and
setting of the sun. A deeper existence is in each person as
well. This is timeless.
This cannot be understood, but it
flows. "When the river is murky, be patient and let the rivers
flow and take it's course, it will clear the mud."
Accept life (birth, flowering, death)
quietly and openly. Accept the flowing of the River.
A good leader leads others to leading
themselves.
People lose Tao, distortion in the
outward comes -- law, ritual, words, hypocrisy. This is not the
inward quiet flow of life, but confusion and chaos.
Again, words or analysis of life,
distracts from life; status carries problems; law causes thieves
-- these ways fail to bring happiness. Tao is in the heart, not
in greed, status, or knowledge.
People's knowledge is a distraction,
their leaders are a fake. How can someone know the way for other
people ? The material world is so important to people, they make
their mark, while I am quietly nursing at the breast of life.
You try to know or measure what
cannot be understood or measured. Accept life that way, it
precedes anyway.
Yield to life forces. What can happen
that cannot be mended ?
Be natural following life, don't
insist or force. Nature does not insist. Follow life naturally
and you will be alive.
Company Financial management from the
business is distinguished, in several distinct instances, by the
need to confront a somewhat
different set of issues and
opportunities than those faced by a massive corporation. One
immediate and obvious difference is that
a majority of
smaller firms do not normally have the opportunity to publicly
sell issues of bonds or stocks in order to raise
capital. The
owner-manager of a smaller company must rely mostly on trade
credit, bank financing, lease financing, and private
equity
to fund the business. One, therefore faces a far more severely
restricted pair of funding choices than those faced with the
financial vice president or treasurer of a large corporation.
On another Hand, if small business financial management
is concern, many financial problems facing the small firm are
very like
those of larger corporations. For example, the
investigation necessary for a long-term investment choice like
the purchase of
heavy machines or the evaluation of lease-buy
options, is fundamentally the same whatever the size of the
firm. Once the decision
is made, the financing alternatives
available to the business may be radically different, but the
decision procedure will be
generally similar.
One
area of Special concern for the smaller business owner lies in
the effective management of working capital. Net working
capital is defined as the gap between current assets and current
liabilities and is frequently considered as the"circulating
capital" of the enterprise. Deficiency of control in this
crucial area is a key cause of business failure in both small
and large
businesses.
The Business Enterprise Manager
must always be alert to changes in working capital accounts, the
reason behind those changes and
the implications of those
changes for the financial health of the company. One convenient
and efficient method to highlight the
crucial managerial
requirements in this area is to see working capital concerning
its major components:
Cash and Equivalents. This most
liquid form of present assets, cash and cash equivalents
(usually marketable securities or
short-term certificate of
deposit) requires continuous oversight. A well planned and
maintained money budgeting system is
essential to answer
crucial questions like: Why is your money level adequate to meet
current expenses as they come due? What are
the time
relationships between cash inflows and outflows? When will
summit cash needs occur? What's going to be the size of bank
borrowing needed to meet some cash shortfalls? So when will this
borrowing be necessary and if will repayment be anticipated?
Accounts Receivable. Virtually all companies are required to
extend credit to their clients. Key issues in this field
include: Is
the amount of accounts receivable fair in
relation to sales? On the average, how rapidly are accounts
receivable has been
accumulated? Which clients are"slow
payers?" What action ought to be taken to rate collections where
needed?Inventories.Inventories often make up 50 percent or more
of a firm's current assets and so, are worthy of close scrutiny.
Key
questions which must be considered in this area include:
Why is your level of stock reasonable in relation to sales and
the
working features of the business? How rapidly is
inventory turned over in relation to other businesses in the
exact same industry?
Is any capital invested in dead or slow
moving inventory? Are earnings being dropped due to inadequate
inventory levels? If
appropriate, what actions should be
taken to increase or decrease stock?
Accounts Payable
and Trade Notes Payable. In a company, trade credit frequently
provides a major source of funding for the
company. Key
issues to research in this category include: Is the sum of money
owed to suppliers reasonable concerning purchases?
Is the
firm's payment plan such that it will improve or detract from
the firm's credit rating? If available, are reductions being
taken? What will be the timing relationships between payments on
accounts payable and set accounts receivable?Notes Payable.
Notes payable to banks or other lenders are a second significant
source of financing for the business. Important
questions in
this class include: what's the quantity of bank borrowing
employed? Can this debt amount reasonable in relation to
the
equity financing of the company? When will principal and
interest payments fall due? Will funds be available to meet
these
payments in time?
Accrued Expenses and Taxes
Payable. Accrued expenses and taxes payable represent
obligations of the firm as of the date of balance
sheet
preparation. Accrued expenses represent such items as wages
payable, interest payable on bank notes, insurance premiums
payable, and related products. Of main concern in this area,
especially with respect to taxes payable, is the size, timing,
and
availability of funds for payment. Careful planning is
required to insure that these duties are met in time.
As
a final Notice, it is very important to realize that although
the operating capital accounts above are listed individually,
they must also be viewed in total and from the perspective of
the connection to one another: what's the overall trend in net
operating capital? Is this a healthy trend? Which individual
balances are responsible for the trend? How can the firm's
working
capital position relate to similar sized firms in the
business? What can be done to correct the fashion, if necessary?
Of course, the Questions posed are a lot easier to ask
than to answer and there are several"general" answers to the
issues raised.
The guides that follow provide hints,
techniques, and instructions for effective management which,
when tempered with the
expertise of the individual
owner-manager and the distinctive requirements of the particular
industry, may be expected to enhance
one's capacity to manage
efficiently the financial resources of a business enterprise.
There is one Simple reason to comprehend and detect
company financial planning on your business - to prevent
failure. Eight of ten
new companies fail primarily due to the
dearth of good financial planning.
Business Financial
planning impacts how and on what conditions you'll have the
ability to pull the funding needed to establish,
preserve,
and expand your business.
Financial Planning determines
the raw materials you can afford to buy, the products you'll be
able to produce, and whether you
will have the ability to
sell them economically. It affects the physical and human
resources you will be able to get to operate
your small
business. It'll be a significant determinant of whether or not
you will have the ability to produce your hard work
profitable.
This section Provides an overview of the
vital elements of financial management and planning. Used
sensibly, it is going to
produce the reader the small
business owner/manager - comfortable enough with all the
fundamentals to have a fighting chance of
succeeding in
today's highly competitive business environment.
A
clearly Conceived, nicely recorded financial plan, establishing
objectives and including the The use of Pro Forma Statements and
Budgets to ensure financial management, will Demonstrate not
only that you know exactly what you want to do, but that you
know how
To achieve it. This demonstration is essential to
attract the funds Required by your company from lenders and
investors.
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