Business 101: abbreviated.

Over the next few weeks I will be writing on the different areas or aspects to running a business.

There are many decisions that you will be making as you start, mange, and expand or sell your business. I will only hit the highlights and leave the research to you. There are many good books and much information on all the topics readily available when you need more in depth information.

I will assume you have already decided what business you will be in and cover the different topics that you will encounter along your journey. Hopefully having an outline will help with your planning and budgeting. Many of the decisions you make as a business person will impact your bottom line for many months and need to be considered in the whole. A few idioms to remember “hast makes waste” and “knowledge is power” Or he who has the most knowledge makes the best deal.

Other articles on this web site (Towards wealth) cover business basics for example; Writing A Business Plan . I will try not to repeat to much. There are also articles for specific businesses that can be used as examples. Such as the pricing section found in E-Commerce Retail Sales .

Here we will cover briefly; borrowing, record keeping, cash planning or money management, bankers, taxes, business location, legal form of ownership, marketing, insurance, staffing, buying or selling a business, Profit and loss statements, accounts receivable, relatives, and maybe a little more.

In the beginning it may all be a little overwhelming. I assure you it is not, a lot of the issues you deal with when first setting up or buying a business are one time or not often repeated task. Some items such as business location or insurance are not dealt with very often. Some things such as personal and customer service never end.

There are so many advantages to being self employed as I am sure you are aware. The main point is this is an exciting adventure that you are on, and done well it can be a profitable adventure. Enjoy the journey.

Writen by Jim Glasgow Sr. esq.