BUSINESS IN ALABAMA

BUSINESS START-UP CHECKLIST

• Prepare a written business plan.
• Include financial statements.
• Decide if you want a sole proprietorship, partnership, etc.
• Establish a source of reliable financing.
• Check zoning laws.

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• Select a good location.
• Get an attorney or CPA if needed.
• Get necessary licenses and permits.
• Get tax ID numbers & forms, follow requirements.
• Choose record system and inventory control.

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• Arrange for utilities, telephone and other services.
• See insurance agent for full range of coverage.

IDEA TO COMMITMENT

• Prior planning and thinking the idea through is very important.
• Prior planning encourages good management and leads to proper business development.
• The first step in creating a business is generating your idea.
• There are many things to do before you can make money from the idea.
• It takes a lot of personal commitment to turn your idea into reality.

THE FOLLOWING AREAS SHOULD BE CONSIDERED

• Legality, safety, environmental impact, societal impact, potential market, product life cycle.
• Usage learning, product visibility, service, durability, competition, feasibility, demand,
• Research, development, distribution, functions, sales, costs, potential, need, promotion
• Appearance, price, protection, profitability

EXPERIENCE

• There needs to be training and experience.
• Make sure you have the background, experience, and training required.
• Have someone who has personnel experience, record keeping, marketing, etc.
• Take courses, work at similar companies, go to seminars to gain experience.

REASONS TO WRITE A BUSINESS PLAN

• Forces you to take an objective, critical, and unemotional look at your business
• The finished product is an operating tool that helps manage your business & provides a way to measure success.
• Provides information that must be presented to a bank or investors

WHAT BANKS LOOK FOR IN A BUSINESS PLAN

• They assess the degree of risk your business has.
• They analyze: the nature of business, purpose of loan,
• Amount of loan, ability to repay, your character,
• And the management skills of the business owner.

CHOOSE A BUSINESS STRUCTURE

• Proprietorship
• Partnership
• Corporation
• Subchapter s corporation
• Limited liability company

TAXES

• There are many separate things that are taxed in a business
• The business, sales, property,individual and corporate,
• Employment, State taxes, federal taxes

GET INSURANCE

• Insurance protects your business, these are a checklist you may need:
• Business interruption, glass rent, employment benefit coverage,
• Aviation, group life, business life, health, disability, retirement,
• Key person, boiler and machinery, and flood
• Fire, liability, automobile, workers comp., crime

TEN STEPS TO BUSINESS SUCCESS

• 1. Develop business plan, 2. Be an entrepreneur, manager, and technician
• 3. Take pride of your business, 4. Know competition
• 5. Trust yourself and your judgement, 6. Serve needs of costumers
• 7. Know limits, 8. Carefully select staff
• 9. Treat employees right, 10. Keep up to date on magazines and newspapers