STARTING A BUSINESS CAN BE A REALLY DIFFICULT TASK. In this document you will find resourceful and fundamental information on how to start and manage your own business. Plan Your BusinessPlanning is critical to successfully starting and building a business. That’s why we’ve dedicated a section for it. Here you’ll find guidance on the tools and resources necessary to write a winning business plan. From sample plans to a business plan primer, we’ll get you started on this very important activity. Once your business is up and running, you’ll need to regularly review and update your plan to manage growth. Start Your BusinessStarting a business requires you to complete a number of steps and make some key decisions. Though part of your overall plan, you’ll need to select a location, decide on a business structure, and obtain the necessary licenses and permits. In addition, determining which financing options will meet your short-term needs and long-term goals is crucial. Within this section, we’ll provide information on these topics along with guidance on buying an existing business, copyright and

trademark issues, and getting support from an outside expert. Find a Mentor Never think you can do it alone! One of the best ways to insulate yourself against business failure is to find and work with a mentor, someone with business experience who can guide and assist you.

Finance Start-Up All businesses require some form of financing. An integral component of starting a successful business is raising sufficient capital. There are many challenges here, but numerous resources are available to help you.

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S T a r t a B u s i n e s s • I m p o r t a n t T i p s - b y E m o r y P i n t o / E c o n o m i c D e v e l o p m e n t

”If one does not know to which port one is sailing, no wind is favorable."Seneca the Elder

STARTA b u s i n e s s

Starting Your Business

Buy A business, Get licenses

and Permits, Name your Busi-

ness, Choose a structure....

Page 2

Managing a Business

Lead, Decide, Market and

Price, Taxes, Technology...

Page 3

Forecasting

Organization, Observation,

Views, Driving Forces, Idea

Positions...

Page 3

Buy a Business Once the decision is made to start a business, often the next decision is either to buy an existing business or start a new venture from scratch. There are advantages and disadvantages to both options.

Buy a Franchise Business franchising offers many opportunities. This form of owner-ship has helped many entrepreneurs get started in business and succeed.

Name Your Business There is more to naming your business than just coming up with something that sounds good and you happen to like. Thought must be given to state and local requirements and making sure you don’t infringe upon the rights of someone else’s business name.

Legal Requirements and ImplicationsPicking a name for your business requires much more than just crea-tivity and a working knowledge of

“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”“I didn't fail the test, I just found 100 ways to do it wrong.”“ Drive thy business, let not that drive thee.”

Benjamin Franklin

your target market. First you'll need to decide which business structure you will use, since each structure has its own peculiarities. For example, many states require a sole proprietor to use their own name for the business name unless they formally file another name as a trade name, or fictitious name

Choose A Structure Sole Proprietorships, Partnerships, Corporations, many factors must be considered when choosing the best form of business ownership or structure. The choice you make can have an impact on multiple aspects of your business, including taxes, liability, ownership succession, and others.

Protect Your Ideas Innovations and new product ideas are valuable assets of a business. These assets need to be protected so that your rights are not infringed

upon by others.

Get Licenses and Permits Most states and many cities and/or counties impose licenses and permits on a wide variety of businesses. The operation of your business will most likely require such a tax.

Pick a Location Choosing the right location for your business can be a major factor in its success or failure. A good location may allow a struggling business to survive, but a weak location could mean trouble for even a very well-run business. Make sure you know all the legal restrictions of your place of business.

Lease Equipment Sometimes leasing equipment, instead of buying it, can be the best option for your business. However, there are many variables that should be considered, including costs, use restrictions, legal parameters, and others.

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S T a r t a B u s i n e s s • I m p o r t a n t T i p s - b y E m o r y P i n t o / E c o n o m i c D e v e l o p m e n t

STARTING YOUR OWN BUSINESS

”A new day” Picture by Emory Pinto

“I can't understand why

people are frightened of

new ideas. I'm frightened of

the old ones.”

Ponte Vecchio by Nico Bostone

“Great people talk about

ideas, average people talk

about things, and small

people talk about wine”

Fran Lebowitz

Manage Your Business Successfully managing a business requires specific management skills in addition to knowledge of key business practices. Within this section you’ll learn about leadership traits, decision-making skills, and how to manage your employees. Additionally, we’ll walk you through a host of important topics to manage your business including: market-ing basics, setting prices, filing your business taxes, legal considerations, forecasting for future growth, and financing options.

LeadNo man or woman is an island, especially in the business world. You need other people to help carry out your business vision; this requires the ability to lead and influence others.

Make DecisionsOne of the best decisions you can make is to learn how to be a good decision-maker. This requires commitment, understanding, and skill. It will be worth the effort.

Manage EmployeesManaging the actions of employees is a critical component of running a business. Knowing what to do with regards to hiring, motivating, directing, reprimanding, and even firing an employee is in-formation a business owner should know.

Market and PriceGood marketing is critical to the success of your business. Marketing has many dimensions, including market research, customer service, advertising, targeting, packag-ing, pricing, e-marketing, and others. Investing in a good marketing plan will generate excellent returns.

Understand Fair PracticeSometimes the Golden Rule is not always practiced. It is important to be familiar with antitrust laws so as to protect your business from becoming a victim and to avoid non-compliance. It is also important to know where to go for assistance if government regulations are unfairly impacting your business.

Pay TaxesYou know what they say about death and taxes. If you generate income, own prop-erty, buy goods, or hire employees, you will most likely have to pay taxes. Many resources are available when it comes to understanding taxes. It is important to the success of your business that you pay only your fair share.

Get InsuranceBusiness insurance is frequently a necessity, not an option. As a business owner, you will have many choices, some far better than others. Becoming an educated business consumer about insurance will pay big dividends.

Handle Legal ConcernsIt makes good business sense to know how to handle legal issues that impact your business. Not all legal matters require a lawyer, but they do require understanding. Sometimes the best way to protect yourself and your business is to know where to go for assistance.

Advocate and Stay InformedThe government regulates society by passing laws and codes. Citizens can express their opinions about laws that may affect them; learn how to post your own comments.

Use TechnologyToday’s very competi-tive business climate demands that business owners understand and

use advanced technolo-gies. Technology is an enabler; it can help a business improve efficiencies and even expand operations. However, the use of technology should be balanced with business needs and practicality.

Finance Growth You need money to grow a business! Capital can come from many sources, in-cluding personal savings. However, bor-rowing money from a lender is a primary source of capital, as is raising equity capital from an investor. Many resources are avail-able to help guide a business owner to the best options for financing growth.

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MANAGING YOUR BUSINESS

“In motivating people, you've got to engage their minds and their hearts. I motivate people, I hope, by example - and perhaps by excitement, by having productive ideas to make others feel involved.”

Rupert Murdoch

ForecastMaintaining your momentum means looking forward even as you focus on the present. Fore-casting and planning are critical to your continued success.

Organization: The organization of your business involves the people you will have working for you, the organizational structure of your busi-ness, and the resources necessary to make it all work.

Observation: See things from "higher up." By increasing your powers of observation, you will begin to become more aware of what motivates people, how to solve problems more effectively, and how to distinguish between alternatives. Observation.

Views: the environmental view; the marketplace view; the project view; and the measurement view. Views can

be used as tools to help you think about outcomes, identify critical elements, and adjust your actions to achieve your ideal position.

Driving Forces: Driving forces usually lay the foundation for what you want people to focus on in your busi-ness Examples of driving forces might include: individual and organizational incentives; empowerment and alignment; qualitative factors such as a defined vision, values, and goals; pro-ductive factors like a mission or function; quantitative factors such as results or experience; and others such as commitment, coherent action, effectiveness, productivity, and value.

Ideal Position: After working through the first four phases of the strategic thinking process, you should be able to define your ideal position. Your ideal position outline should include: the conditions you have found to be necessary if your business is to be

productive; the niche in the market-place that your business will fill; any opportunities that may exist either currently or in the future for your business; the core competencies or skills required in your business; and the strategies and tactics you will use to pull it all together.

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FORECASTING

City Of Miami / Economic Development Department

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From everyone in the Economic Development Department, we wish you luck and Hope you found this publication resourceful.