definition of businessbusiness capability

definition of businessbusiness capabilityWhile functions and roles tend to change rapidly as new employees enter the business, business capabilities remain relatively sle. Highlevel business capabilities include concepts such as sales andsupply chain managementthat can be met by a number of various business processes, which in turn can incorporate a variety of business roles. Business capabilities can also be broken down into more granular levels. Supply chain management, for example, could be split into product flow, information flow, and finances flow.

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Business capability is the expression or the articulation of the capacity, materials and expertise an organization needs in order to perform core functions. Enterprise architects use business capabilities to illustrate the overarching needs of the business in order to better strategize IT solutions that meet those business needs.

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Business capabilities are sometimes confused with other concepts inbusiness process managementsuch asbusiness processesand business functions. Business processes describe the methods an organization employs in order to provide and leverage business capabilities. Business functions describes the roles that iniduals and units within the business play in regards to meeting business objectives.

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Systems architects will frequently begin by a business capability map that takes stock of all the essential functions of an enterprise. Business capability mapping is a useful tool for documenting the relationships between a businesses core function and software applications, computing systems and components in theenterprise architecture. The goal of capability mapping is not only to align technology with business, but to discover waste and streamline operations.

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Protected Cell Company P means a single legal entity that operates through separate accounts, or cells, each of which is legally protected from the liabilities of the companys other accounts. In the case of an inidual clients account, it is insulated from the gains and losses of other accounts, and thus the Protected Cell Company sponsor and each client are protected against liquidation activities by creditors in the event of insolvency of another client.

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legal form of companyChoosing the Legal Form for Your Real Estate Business

If you earn a profit, the money is added to any other income you have for example, interest income or your spouses income if youre married and file a joint tax return and that total is taxed. To show whether you have a profit or loss from your sole proprietorship, you must file IRS Schedule C,Profit or Loss From Business, with your tax return. On this form, you list all your business income and deductible expenses.

A corporation is a separate legal entity you can organize and conduct
 as a business and share in the profits or losses. It can hold title to property, sue and be sued, have bank accounts, borrow money, hire employees and do anything else in the business world that a human being can do.

In some states, real estate brokers and agents must form a special of corporation called a professional corporation. A professional corporation has the basic attributes of a regular corporation with certain restrictions about ownership and the of work it can do. Typically, a professional corporation must be organized for the sole purpose of performing professional services and all shareholders must be licensed to render that service. Thus, for example, in a real estate broker corporation, all the shareholders must be licensed brokers. A professional corporation is a state law classificationit has nothing to do with the IRS or taxes.

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LLCs owned by two or more people are ordinarily taxed the same as partnerships. LLCs with only one owner, are taxed like sole proprietorships.

For a real estate agent who works as an independent contractor for a real estate broker, the sole proprietorship form is a good choice due to its simplicity and inexpensiveness.

In many states, a corporation can obtain a real estate broker license in its own name. Most states require that some or all of the officers and/or directors of the corporation be licensed brokers.

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Thesole proprietorshipis by r the st and cheapest way to legally organize any business. You dont have to do anything special
 or file any s to set up a sole proprietorship other than the usual license, permit and other regulatory requirements your state or locality imposes on any business. Of course, you also need to comply with your states real estate licensing requirements.

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If your business doesnt have enough assets to pay a judgment obtained against you, your personal assets can be taken. Thus, your personal assets will always be on the line if you are sued for malpractice. This is why real estate sales professionals should always have errors and omissions insurance.

As a rule, a real estate broker is legally responsible for the actions of the real estate agents salespeople who work in his or her office. Forming
 a corporation or limited liability company may help limit the extent the broker can be held personally liable for malpractice committed by independent contractor agents or employees as long as the broker wasnt personally involved in the alleged wrongdoing.

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Stephen Fishman is a selfemployed tax expert and regular contributor to MileIQ. He has dedicated his career as an attorney and author to writing useful, authoritative and recognized guides on taxes and business law for entrepreneurs, independent contractors, freelancers and other selfemployed people. He is the author of over books and hundreds of articles, and has been quoted in The New York Times, Wall Street Journal, Chicago Tribune, and many other publications. VisitFishman Law and Tax Filesfor more information on his work.

How The New Tax Law Affects Small Business Owners

Moreover, the single greatest liability exposure most real estate agents and brokers ce is for malpracticelawsuits by dissatisfied buyers or sellers alleging things like fraud, misrepresentations, negligence, ilure to disclose and other violations of the agents or brokers legal and fiduciary duties. Forming a corporation will not protect you against personal liability for your own malpractice or other personal wrongdoing.

For tax purposes, there are two s of corporations S corporations and C corporations. S corporations are passthrough entities are taxed similar to partnerships. C corporations are separate taxpaying entities. C corporations must pay income taxes on their net income and file their own tax returns with the IRS. They also have their own income tax rates which are lower than inidual rates at some income levels.

The advantage the LLC provides over partnerships and sole proprietorships is that it provides its owners the same degree of limited liability for business debts and lawsuits as do corporations as described above. However, they are vored over corporations by many small business owners because they are easier to form and operate, requiring less legal formalities.

In most states, all the owners must be licensed to perform the professional services carried on by the LLC; and ownership cannot be transferred to unlicensed iniduals. Thus, all owners of an LLC 
formed to operate a real estate brokerage must be licensed brokers, and no owner may transfer his or her ownership in the LLC to a nonbroker.

In theory, every corporation consists of three groups 
those who direct the overall business, called directors; those who run the business daytoday, called officers and those who just invest in the business, called shareholders. However, in the case of a small corporation, these three groups can be and often are the same person; that is, a single person can direct and run the corporation and own all the corporate stock. So if you incorporate your oneperson real estate business, you dont have to go out and recruit and pay a board of directors or officers.

However, sole proprietorships do have one big drawback They offer no limited liability.  A sole proprietor is personally liability for all debts and other liabilities. This means that a business creditora person or company to whom you owe money for items you use in your businesscan go after all your assets, both business and personal. This may include, for example, your personal bank accounts, your car and even your house.

The main reason real estate brokers choose the corporate form is to limit theirpersonal liabilityfor business debts and lawsuits. In theory, the owners of a corporationthe shareholdersare not personally liable for corporate debts. However, in realty, owners of small corporations are often required to personally guarantee their corporations debts, so such limited liability is often more mythical than real.

Because a partnership is a separate legal entity, property acquired
 by a partnership is property of the partnership and not of the partners inidually. This differs from a sole proprietorship where the proprietorowner inidually owns all the sole proprietorship property.

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A partnership is a form of shared ownership and management of a business. The partners contribute money, property and/or services to the partnership and in return receive a share of the profits the partnership earns. Unlike a sole proprietorship, a partnership has a legal existence distinct from its ownersthe partners. It can hold title to property, sue and be sued, have bank accounts, borrow money, hire employees and do anything else in the business world that a human being can do. Indeed, in some states, a partnership can obtain a real estate brokerage license in its own name.

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MileIQs blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.

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A partnership automatically comes into existence whenever two or more people enter into a venture together to earn a profit and dont choose to form some other business entity. As with sole proprietorships, it is not necessary to file any s to form a general partnership. However, its highly advisable to have a detailed written partnership agreement eslishing how the partnership will be financed and governed.

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To form an LLC, one or more people must file articles of organization with their states business filing office. Although not required, it is highly desirable to adopt a written LLC operating agreement laying out how the LLC will be governed. If you dont prepare an operating agreement, the deult provisions of the states LLC Act will apply.

Under partnership tax treatment, the business entity is a passthrough entity for tax purposesthat is, it ordinarily pays no taxes itself. Instead, the profits, losses, deductions and tax credits of the business are passed through the business to the owners inidual tax returns. If the business has a profit, the owners pay income tax on their share on their inidual returns at inidual income tax rates. If the business incurs a loss, it is likewise shared among the owners who may deduct it from other income on their inidual returns, subject to certain limitations.

The limited liability company, or LLC, is a unique hybrid a cross between a partnership and corporation. It provides the flexibility, informality and tax attributes of a partnership and the limited liability of a corporation. For many, this is the best of both worlds, and LLCs have become very popular in recent years. Many real estate professionals have formed LLCs. However, some statesCalifornia, for examplebar most real estate brokers from using them.

Because a C corporation is a separate taxpaying entity, it may provide its employees with taxfree fringe benefits, then deduct the entire cost of the benefits from the corporations income as a business expense. No other form of business entity can do this. When you form a corporation, it automatically becomes a C corporation for federal tax purposes. But you have the option of choosing S corporation taxation by filing an election with the IRS.

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As a general rule, all the partners in a partnership that operates a real estate brokerage must be licensed real estate brokers. Check your states real estate broker licensing rules for details.

As r as taxes are concerned, its an excellent choice because it provides passthrough taxation, which most agents prefer. You also wont have to file a separate tax return for your business, which saves time and money. When youre a sole proprietor, you and your business are one and the same for tax purposes. Sole proprietorships dont pay taxes or file tax returns. Instead, you must report the income you earn or losses you incur on your own personal tax return, IRS Form .

Unlike a sole proprietorship, a partnership is considered to be separate from the partners for the purposes of computing income and deductions. The partnership files its own tax return on IRS Form . Form is not used to pay taxes; rather, it is an information return that informs the IRS of the partnerships income, deductions, profits, losses and tax credits for the year. Form also includes a separate part called Schedule K in which the partnership lists each partners share of the items listed on Form . A separate Schedule K must be provided to each partner. Each partner reports on his or her inidual tax return Form his or her share of the partnerships net profit or loss as shown on Schedule K.

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Similarly, a personal creditora person or company to whom you owe money for personal itemscan go after your business assets, such as business bank accounts and equipment. If youre a sole proprietor, youll also be personally liable for businessrelated lawsuits.

Mostreal estate agentsare independent contractorsselfemployed business owners who are affiliated with a licensed real estate broker 
in their state. As such, they are running independent businesses, even though they must work under a licensed brokers supervision. This post will help guide real estate agents and brokers on how to choose the correct real estate legal forms.

You create a corporation by filing the necessary forms with, and paying the required fees to, your appropriate state agencyusually the office of the secretary of state or corporations commissioner. Each state specifies the forms to use and the filing cost. Youll also need to choose a name for your corporation, adopt corporate bylaws, set up your corporate records, and capitalize your corporationissue stock in return for money, property and/or services provided to the corporation.

If you incorporate your real estate business, it becomes the owner
of the businessthat is, it owns or leases all the necessary assets to run the business and hires employees and independent contractors to provide services to clients. It collects all the money clients pay, and pays all the bills including employee salaries and benefits. You own the corporation in the form of stock ownership. And you will ordinarily work as an employee of your corporation.


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Corporations and LLCs provide limited liability, which is the main reason why many small business owners use them. However, if youre running a oneperson operation, the limited liability youll obtain by forming a corporation or LLC is often more illusory than real. Thus, sticking with the unflashy, , and cheap sole proprietorship is a perfectly rational choice.

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The sole proprietorship and partnership are the deult entities they come into existence automatically unless a busine owners take the steps necessary to form one of the other entities.

Partnerships dont provide the inidual partners with any limited liability. Partners are personally liable for all partnership debts and lawsuits, 
just like sole proprietors. This means that youll be personally liable for business debts your partners incur, whether or not you know about them.

A sole proprietorship is a oneowner business. Unlike a corporation, LLC, or partnership, it is not a separate legal entity. The business owner proprietor personally owns all the assets of the business and is in sole charge of its operation. Most sole proprietors run small operations, but a sole proprietor can hire employees and nonemployees, too. Indeed, some sole proprietor brokers have large operations with many employees.

Many states require that real estate brokers have malpractice insurance to obtain this limited liability. Other states limit the amount of limited liability incorporating can provide a broker. The rules vary from state to stateyou should learn yours to determine if incorporating makes sense to limit your personal liability for others malpractice

If two or more brokers decide to coown a brokerage firm and split their income and expenses, they cannot be sole proprietors because they are not running a oneperson business. Instead, they automatically become partners in a general partnership unless they incorporate or form a limited liability company.

The great majority of real estate agents who work as independent contractors for a real estate brokerage are sole proprietors. Many oneowner brokerage firms are also sole proprietorships. Often, real estate professionals attain this legal status without even realizing it Quite simply, if you start in business by yourself and do not incorporate or form an LLC, you are automatically a sole proprietor.

Of course, real estate brokers are also running businessesthey, usually own a real estate brokerage firm, either themselves or with other brokers, for which one or more agents work. Every business has a legal form. If youre working as a broker or agent right now, you are almost certainly involved in one of the following s of business entities

legal form of companyPARTNERSHIP AGREEMENT

.VOLUNTARY TERMINATION. The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order a to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; b to equalize the income accounts of the partners; c to discharge the balance of the income accounts of the partners; d to equalize the capital accounts of the partners; and e to discharge the balance of the capital accounts of the partners.

An operating ision of Maximilian Ventures LLC

.SALARIES AND DRAWINGS. Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.

.BOOKS. The partnership books shall be maintained at the principal office of the partnership, and each partner shall at all times have access thereto. The books shall be kept on a fiscal year basis, commencing and ending , and shall be closed and balanced at the end of each fiscal year. An audit shall be made as of the closing date.

.TERM. The partnership shall begin on _, _, and shall continue until terminated as herein provided.

.INTEREST. No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital.

.BANKING. All funds of the partnership shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

.CAPITAL. The capital of the partnership shall be contributed in cash by the partners as follows A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership.

.DEATH. Upon the death of either partner, the surviving partner shall have the right either to purchase the interest of the decedent in the partnership or to terminate and liquidate the partnership business. If the surviving partner elects to purchase the decedents interest, he shall serve notice in writing of such election, within three months after the death of the decedent, upon the executor or administrator of the decedent, or, if at the time of such election no legal representative has been appointed, upon any one of the known legal heirs of the decedent at the lastknown address of such heir. a If the surviving partner elects to purchase the interest of the decedent in the partnership, the purchase price shall be equal to the decedents capital account as at the date of his death plus the decedents income account as at the end of the prior fiscal year, increased by his share of partnership profits or decreased by his share of partnership losses for the period from the beginning of the fiscal year in which his death occurred until the end of the calendar month in which his death occurred, and decreased by withdrawals charged to his income account during such period. No allowance shall be made for goodwill, trade name, patents, or other intangible assets, except as those assets have been reflected on the partnership books immediately prior to the decedents death; but the survivor shall nevertheless be entitled to use the trade name of the partnership. b Except as herein otherwise stated, the procedure as to liquidation and distribution of the assets of the partnership business shall be the same as stated in paragraph with reference to voluntary termination.

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.MANAGEMENT DUTIES AND RESTRICTIONS. The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial , or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the of property bought and sold in the regular course of its business.

.PROFIT AND LOSS. The net profits of the partnership shall be ided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account.

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This PARTNERSHIP AGREEMENT is made on , __ between and .

.ARBITRATION. Any controversy or claim arising out of or relating to this Agreement, or the breach hereof, shall be settled by arbitration in accordance with the rules, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

.NAME AND BUSINESS. The parties hereby form a partnership under the name of to conduct a . The principal office of the business shall be in __.

Executed this __ day of __, __ in [city], [state].

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asian legal businessFinnegan Named International IP Firm of the Year by Asian Legal Business Finnegan Leading Intellectual Property IP Law Firm

asian legal businessFinnegan Named International IP Firm of the Year by Asian Legal Business Finnegan Leading Intellectual Property IP Law FirmWe use cookies on this website to provide you with the best user experience. By accepting cookies, you agree to our use of cookies. Please note that if you opt not to accept or if you disable cookies, the Your Finnegan feature on this website will be disabled as well. For more information on how we use cookies, please see ourPrivacy Policy.

Charles H. Suh, Managing Partner, Seoul Office

Finnegan Ranks in the Top as a Working MotherBest Law Firm for Women

Finnegan, Henderson, Farabow, Garrett Dunner, LLP is one of the largest IP law firms in the world. From offices in Atlanta, Boston, London, Palo Alto, Reston, Seoul, Shanghai, Taipei, Tokyo, and Washington, DC, the firm practices all aspects ofpatenttrademarkcopyright, andtrade secret law, includingcounselingprosecutionlicensing, andlitigation. Finnegan also represents clients on IP issues related toEuropean patentsandtrade marksinternational tradeportfolio management, theInternetecommerce, government contracts,antitrust, andunir competition. For additional information on the firm, please visit Follow us onLinkedInandTwitter.

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ALB honored Finnegan with the International IP Law Firm of the Year award at its ALB Korea Law Awards reception. The ALB awards recognize the outstanding performance of legal practitioners that have significantly contributed to the evolving legal landscape in the region.

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This award is particularly exciting since the firm has only been on the ground in Seoulsince , saidCharles H. Suh, managing partner of Finnegans Seoul office. In , Finnegan was named International IP Law Firm of the Year at theAsian Legal BusinessJapan Awards.

Asian Legal BusinessALB is owned by Thomson Reuters, the worlds leading source of intelligent information for businesses and professionals. With its portfolio of leading titles, online services, law awards and inhouse legal summits, ALB provides authoritative and unbiased insights and unmatched networking and business development opportunities to legal professionals throughout the AsiaPacific and the Middle East regions. ALB combines news and analysis from its team of professional legal journalists and the expert opinions of senior industry professionals with Reuters news and insights that power businesses across the globe.

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business definitionTable of Small Business Size Standards

SBAs Directory of Federal Government Prime Contractors with a Subcontracting Plan

Interagency Task Force on Federal Contracting Opportunities for Small Businesses

Since standards are mostly based on the average annual receipts or the average employment of a firm, refer to these links for more information on how

Statutory Goals Eslished by Federal Executive Agencies

Certain government programs, such as SBA loan programs and contracting opportunities, are reserved for small business concerns. In order to qualify, businesses must satisfy SBAs definition of a small business concern, along with the standards for small business.

Subcontracting Possibilities Per SBA Area

For more information about standards, contact a Size Specialist at your nearestSBA Government Contracting Area Officeor contact the Office of Size Standards by email ator by phone at .

Not sure where to start? Start your business in steps.

To help small business owners assess their small business status, SBA has eslished a Table of Small Business Size Standards pdf fileexcel file, which is matched to theNorth American Industry Classification System NAICSfor industries. The current le of standards is based on the  NAICS.

For questions about small business standards, contact

A standard, which is usually stated in number of employees or average annual receipts, represents the largest that a business including its subsidiaries and affiliates may be to remain classified as a small business for SBA and federal contracting programs. The definition of small varies by industry.

The le of standards can also be found online in theSmall Business Size Regulationspublished by theElectronic Code of Federal Regulations.

What You Need To Know if You Are a Federal Contracting Officer

SBA.govContractingGetting Started as a ContractorMake Sure You Meet SBA Size Standards» Table of Small Business Size Standards

What You Need To Know if You Are a Women Owned Small Business

U.S. Small Business Administration rd St, SW. Washington DC

Federal Government Personnel Training Schedule

To learn more about these definitions readWhat are the Small Business Size Standards?

How to Start a Smabusiness definitionll Business

I want to start a business where I can sell flower and vegele plants in the spring and summer, as well as a gift shop that sells candy, souvenirs, sweatshirts in Denmark. Can I get a grant?

Alternatively, if your business is more oriented toward the in person experience, traditional marketing may be just as important. For example, if youre starting a landscaping business, focus on getting the word out to neighbors before starting a website

Consider finding an attorney or other legal advisor.

Do you want financial independence, eventually selling your business to the highest bidder? Do you want something small and sustainable, that you love doing and from which you want to derive a steady income? These are the things that are good to know very early on.

There will be many hurdles to leap as you go from working stiff to overworked and underpaid small business owner. Some of those hurdles will be composed of stacks of documents with rules and regulations, ranging from building covenants to city ordinances, county permits, state requirements, taxes, fees, contracts, shares, partnerships, and more. Having somebody you can call when the need arises will not only give you peace of mind, it will give you a muchneeded resource who can help you plan for success.

Beware of people who ask for money before giving you business. Trade leads to prosperity through

Start by checking out your competitors. Know how much are they selling a similar product for. Can you add something to it add value to make yours different and hence make it a more enticing price?

A limited partnership, which is composed of a few general partners, who are liable for problems with the business, and a few limited partners, who are only liable for the amount in which they invest in the business. All share profits and losses.

Needing to tweak the ideas. Perhaps the product needs to be a different , ure or . Maybe your services need to be broader, narrower or more detailed. This is the time to attend to anything that crops up during your testing and development phases. Youll know innately when something needs tweaking to make it better or to make it less like a competitors stale offerings.

Starting asmall businessis without a doubt a large undertaking, but it is fortunately something that can be attained by anybody with a good idea, a strong work ethic, and a good set of resources. Starting a business involves thinking of a business concept, writing a business plan, understanding the financial side, and finally marketing and launching.

You will need to do something to get payment from your clients or customers. You can get something like a Square, which is great for small businesses since it requires the minimum amount of work and the fees are minimal. However, if you feel uncomforle with technology, you can inquire about a more traditional merchant account.

When choosing the person or people youre going to build the business with, be careful. Even if someone is your best friend, it doesnt mean that you will partner well in a business operation. Start it with a reliable person. Things to consider when choosing your coleaders and support cast include

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Generally, no specific expertise or certificate is necessary to open a company. However, a certificate and experience and license may be necessary to operate or sell specific services to the public. Check with the Secretary of State to learn the legal requirements to offer a specialized product or service in your State.

For example, you may have worked with electronics as an employee for many years. You may have noticed a demand in your community for a particular form of electrical work, and combining your experience with the market demand can allow you to attract customers.

Click here to be countedCommunity QASearchWhat is the best kind of business to start?Michael R. Lewis

Thanks to all authors for creating a that has been read ,, times.

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If youre selling online, get your ecommerce in gear and either build a website, or have one built for you. Its your storefront, so anything and everything you can do to make people

need your product, you want them to think of you first.

Who are potential customers? Once you understand who they are and what they want, come up with amarketing strategy.

With your product being built or services developed, and a reasonable expectation on when either is ready for selling, begin marketing.

Who will lead, and who will follow? Define your organization, from the receptionist up to the CEO, and what part each plays in both function and financials. Knowing your organizational structure will better help you plan your operating costs, and finetune how much capital you will need to function effectively.

Do you have investments or savings? If so, consider using a portion to fund your business. You should never invest all your savings into a business due to the risk of ilure. In addition, you should never invest money put aside for emergency savings experts recommend having three to six months of income put aside for this purpose, or money you will need over the next few years for various obligations.

Can I start a business as a young teen with the help of a parent?

Create a business plan that outlines your funding sources, goals, staff requirements, location ideas and other details, then use it to guide the beginning of your business.

Competition isnt just about the goods or services themselves. It is also about your social and environmental credibility. Consumers are increasingly conscious of the need to show that your business is concerned with labor conditions and isnt damaging the environment. Certification endorsements from repule organizations, such as labels and stars, can reassure customers that your product or service is more aligned with their values than one lacking the certification.

This can be done well before the business is ready, increasing anticipation. Use Facebook, Google and Twitter, and any other social media you participate in to build excitement and spread the word. You want to build a buzz so that people will begin following your progress. Be sure to choose business accounts for your business and keep your personal accounts separate. The messages you send should be tailored differently, depending on which account youre sending from.

If you dont generally need an office beyond your home, but may occasionally need meeting space, there are often places that can address those needs. A quick Google search on business meeting rentals [your city/state] will deliver plenty of rental options in your area.

Most businesses require capital to start. Money is typically required to purchase supplies and equipment, as well as keep the business operational for the period before your business becomes profile. The first place to look for financing is yourself.

Most direct selling companies have low start up capital compared to a traditional brick and mortar business. You can also break even rather quickly compared to the traditional business.

This will describe how you will produce or deliver your product or service and all costs.

Dont be afraid to experiment with prices. You should determine the minimum price for your product or service to break even, but experiment with lowprice or premiumprice variations.

If you will be advertising in periodicals, they will need copy or s at least two months in advance of publication.

This versionof How to Start a Small Business was reviewed byMichael R. Lewison January , .

Do you see eye to eye on the big picture? Arguments about the details are a given, and are important for getting things right. But not seeing eye to eye on the big picture, the real purpose of your business, can cause a split that may be irreparable. Be sure your team cares about the and buys into the purpose as much as you do.

Implement your marketing and distribution plans.

Consider saving ahead as another option. If you have a job, save a portion of your monthly income over time to cover your startup costs.

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What price are they willing to pay for your product or service? Why would they pay for your product or service over your competitors?

Start a website with daily live chats. That way, people can listen while its happening.

It is ok to start small with one or two products and then add more and more great ideas as you go!

Do I have to be a certain age to start a company or web?

Writing a plan is . You need to first have a firm understanding of your goals. Basically, a plan is a set of objectives to accomplish the goals. Take the end product and go back a single step and do that until you reach what you have now.

Needing to increase the of your premises. This happens more often than expected. Once the stock starts piling up, you may find it ends up in your living room, bedroom and the garden shed. Think rental of storage premises if needed.

How do you figure out the money you need to start a business and move it into a public place?

Who are your competitors? Do a competitive analysis toidentify key competitors. Find out who is doing something similar to what you are planning, and how have they been successful. Just as important is to find the ilures, and what made their venture ll apart.

Getting feedback. Friends and mily make great resources for asking questions and getting feedbackdont hesitate to use them as your sounding board.

The first part of a business plan is the executive summary. Once youve developed the other parts, describe the overall business concept, how it will be monetized, how much funding you will need, where it stands currently, including its legal standing, people involved and a brief history, and anything else that makes your business look like a winning proposition.

Include your email address to get a message when this question is answered.

Take risks. Nothing is get without any risk. So, whenever there are chances of risk, do not fear.

Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over years of experience in business and finance.

If youre offering a service, advertise in appropriate trade and professional journals, newss and online.

You can make a company or website at any age, but you may have to be to officially register your company with your state.

It can be helpful to have people who are bright and creative join you for a casualbrainstormingsession. Start with a question like What shall we do? The idea is not to create a business plan, just to generate potential ideas. Many of the ideas will be duds, and there will be quite a few ordinary ones, but a few may emerge that have real potential.

Consider your talents, experience, and knowledge when selecting a concept. If you have a particular skill set or talent, consider how these resources can be applied to meeting some sort of market demand. Combining skill and knowledge with a market demand increases your odds of having a successful business idea.

Always believe in yourself even when financial money is down hill.

Think of popular brand names like Apple. These names are memorable, , and easy to pronounce.

If interviewing people, do some reading on how to spot real talent beyond the certifications, degrees or lack thereof. The area an inidual is educated in is not necessarily the area they are most talented in. An interviewee may have a in accounting for example, but their experience and your assessment of them indicates they may be a better fit helping with marketing.

The best business to start is one where customers want your product or service at a price that enables you to make a profit. Ideally, new customers are easy to attract and there are few competitors. Finally, it should be a business in which you have experience or can be trained and enjoy the work.

Hold a party and invite people who can spread the word for you. It doesnt need to be priceypurchase the food and drink from bulk discount stores and get mily and friends to help with catering you can give them a product or service in return.

Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over years of experience in business and finance.

Consider every detail you will need to start your small business, from insurance and product supplies to marketing and property costs. Total each item and add at least to the total to accommodate for surprises.

I appreciate that each step is clearly stated and easy to understand. I need stepbystep instructions since Ive

Cover your startup costs. How are you going to finance your business initially? The bank, venture capitalists, angel investors, Small Business Administration SBA, your own savings these are all viable options. When you start a business, be realistic. You will probably not roll out of the gate percent of whatever you project, so you need to have enough ready reserve to fund things until you are really up and running. One of the surest roads to ilure is undercapitalization.

Visit a bank to inquire about small business loans or lines of credit. When doing this, always visit many providers to ensure you are getting the best rate.

If you have a k plan through your employer, consider borrowing against the plan. Plans typically allow you to borrow against of your account balance up to a maximum of ,.

Be confident and have a good mind about everything you do. Also, be prepared for all the unsuccessful times that may occur.

The Square is a card swiping device which connects with a smartphone or let and turns that device into a sort of cash register. You may have encountered this device in the businesses you frequent, as they are becoming common at coffee shops, restaurants, street food stands and other businesses look for a postagestamp d plastic square plugged into a let or phone.

I can learn many things from this. Very good source for students and anyone who wants to start a business. Would

The financial statements translate your marketing and operational plans into numbers profits and cash flow. They identify how much money you will need and how much you might make. Since this is the most dynamic part of your plan, and perhaps the most important for longterm sility, you should update this monthly for the first year, quarterly for the second year, and then annually after that.

Starting and Managing a Business, U.S. Small Business Administration

You may determine it will take , to start your business, and thats fine. You get your ,, buy your desks and printers and raw materials, and then then the second month arrives, and youre still in production, and the rent is due, and your employees want to be paid, and all the bills hit at once. When this happens, your only likely recourse will be to pack it in. If you can, try to have the reserves for a year of no income.

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Think of some of the biggest success stories in recent times, such as John Lennon and Paul McCartney; Bill Gates and Paul Allen; Steve Jobs and Steve Wozniak; and Larry Page and Sergey Brin. In every case, the partnership brought out the best in both sides of the equation.

Plan to keep purchases of office equipment and overheads to a minimum when starting up. You do not need amazing office premises, the latest in office chairs and pricey artwork on the walls. A broom cupboard in the best address can be sufficient if you can artfully steer clients to the local coffee shop for meetings every time meet them in the foyer. Many a business startup has iled by purchasing the expensive gizmos instead of focusing on the business itself.

My friend and I live in a golf cart community. We would like to go around and sell ice cream products from our golf carts. Is this a good idea to make money?

you will make your product known to potential customers.

Be sure to contact your local municipality about zoning laws. Some s of small businesses cannot be ran out of a home, and it is important to ensure your business is operating within its proper zone.

Do I need to have a certificate and experience to open a specialized company?

How can I start an online listening business for people who just need to talk and have someone listen to their problems?

You can also consider trading on eBay or Overstock.

Your operational plan describes how you will produce your product, and your marketing plan describes how you will sell your product. When you create your marketing plan, try to answer the question of

Note that PayPal, Intuit, and Amazon all offer similar solutions. Make sure to look into all options before a selection.

A general partnership, if you will be running this business with a partner.

You could even do this before you have an idea for the business, and if the name is good, you may find it helps you define your business idea. As your plan grows, and things begin to take shape, the perfect name may come to you, but dont let that hinder you in the early phases. Create a name that you can use while you plan and dont hesitate to change it later.

Spend time developing an excellent social media presence.

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Think about the areas that you are either weak in, or have little knowledge of. Finding partners compatible with your personality who can fill in your knowledge or skill gaps is an excellent way to ensure your business has the resources you need to succeed.

Beware of business propositions that seem to offer something for nothing. They probably involve taking something from somebodyusually you. There are innumerable variations, some more polished than others. Examples include pyramid schemes

Keep a close eye on your running costs and keep them in line with your projections. Whenever you see something spent wastefullylike electricity, phone plans, stationery, packaginglook around and estimate how much you really need, and minimize or remove the cost in every way possible. Think frugally when you start up, including renting items instead of purchasing them and using prepaid plans for services your business needs instead of locking yourself into longterm contracts.

It might be a product youve always wanted to make, or a service you feel people need. It might even be something people dont know they need yet, because it hasnt been invented!

Youll need to decide what of business entity you want to be, for tax purposes and hopefully to eventually attract investors. You will do this after youve decided whether you will need money from others either in equity or loans and with the advice of your legal and accounting experts. It is one of the last steps taken before you actually spend money or ask someone for money. Most people are miliar with corporations, LLCs, etc., but for the vast majority of small business owners, you will need to form one of the following

CategoriesFeatured ArticlesStarting a Business

Whether its an office, or a warehouse, if you need more space than your garage or your spare bedroom, nows the time to get that.

When the product is all built, packaged, coded, online, and ready to sell, or when your services are fully worked out and ready to go, hold a special event to launch your business. Send out a press release, announce it to the world. Tweet it, Facebook it, let the word resound to all corners of your marketyou have a new business!

If you are online business, services like PayPal offer an excellent way to receive payment and make transfers.

Youll want someone who can deftly handle your financials, but even if you feel you can handle your own books, youll still need someone who understands the tax side of running a business. Taxes with businesses can get complicated, so youll need at a minimum a tax advisor. Again, no matter how much of your finances theyre handling, this should be someone trustworthy.

You will want to include the of marketing you will use. For example, will you use radio ads, social media, promotions, billboards, attend networking events, or all of the above?

Ask your neighbors if they need their dog walked, and arrange times and payments if they do. Ask friends or relatives to help as needed.

When a website keep in mind that simplicity and clarity are key. A design that clearly states what you do, how you do it, and what you charge is most effective. When your website, remember to empha why your business is the best solution to a clients problem.

Choose someone with whom you click and who shows that he or she understands your business. You will also want someone with experience in this area, as an inexperienced legal advisor could lead you to legal trouble or even fines and prison time.

Once you have the business all planned, financed, and have your basic level of staffing, get going. Whether thats sitting down with the engineers and getting the software coded and tested, or getting materials sourced and shipped to your brication room aka garage, or purchasing in bulk and marking up the price, the building process is the time during which you prepare for market. During this time, you may discover things such as

How will you create your product? Is it a service that you are offering, or if its more complex software, a physical product like a toy or a toaster how will it get built? Define the process, from sourcing raw materials to assembly to completion, packaging, warehousing, and shipping. Will you need additional people? Will there be unions involved? All of these things must be taken into account.

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If you will be selling in stores, get preorders sold, and shelf space allocated. If you will be selling online, get that ecommerce site ready to sell.

Depending on your business, it could be appropriate to have interesting, eyecatching business cards printed.

Always provide value and service to those who may be your customers, even if they are not currently. When they

Will you do this alone, or will you bring in one or two trusted friends to join you? This brings a lot of synergy to the le, as people bounce ideas off each other. Two people together can often create something that is greater than the sum of the two separate parts.

My exemployer wants to hire me to decorate the call center and set up parties, etc. What do I need to do to get started? She cant just pay me as an inidual. Should I just get a Square?

You might truly believe in your product or service, but in order for it to be successful, everyone else must believe in it too. If youre new to advertising and marketing or you dislike doing the sales pitch, now is the time to overcome such feelings and put on the publicist persona. You need to develop an excellent short pitch to convince people they need your product or service, one that reflects the value, purpose and potential of what your business is offering. Write down this pitch in many ways until you find one that you feel satisfied says it all and is something you can say readily. Then practice it like crazy!

With the advent of the internet, online businesses are probably the easiest way to start and very much less expensive in terms of startup cost than a bricksandmortar counterpart.

A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Previously, without such a contract, one could not accept payments by any of the major credit card brands. However, the Square has changed that, so dont feel locked in or limited to this option. Do your research.

Always check to see if the name is being used by somebody else before selecting it. Try to create a name that is and memorable.

so a business should be willing to pay you to work for it. A franchise store or homesales business may have legitimate start up costs, but they should reflect a reasonable cost of getting you started in the business so the managers would make money through your success, rather than just by getting you in.

A limited liability partnership LLP, where no partner is liable for anothers negligence.

Keep learning, and be adaple to change. Find buddies, mentors, local businessrelated organizations, Internet forums, andwikisto discuss the daily details of running a small business. Its much easier for everyone to perform their core businesses well and prosper when they dont waste time and energy reinventing the wheel on housekeeping.

If you do decide to get a website, make sure it looks professional. Designers may cost more initially, but a well presented and trustworthy site is essential. It needs to look professional and work with ease. If you are including money transactions, invest in security encryption and check that your money transfer companies are sound and reliable.

Dont talk to people you dont trust about your idea. Consult a copyright attorney for advice on trademarking your idea.

A sole proprietorship, if you will be running not including employees this business on your own or with your spouse.

What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a rough estimate for net profitctoring in fixed costs like rent, energy, employees, etc.

Describe your business more specifically, and how it fits into the market in general. If you are a corporation, LLC, or sole proprietorship, state that, and why you chose to go that route. Describe your product, its big features, and why people will want it. Answer the following questions

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You will also want to define your marketing message. In other words, what will you say to convince customers to choose your product? Here, you want to focus on your Unique Selling Point also known as USP. This is the unique advantage your product has to solve your customers problem. For example, you may be lower cost, ster, or higher quality than your peers.

A business plan helps to define what you think you need to launch your business, large or small. It summarizes the sense of your business in a single document. It also creates a map for investors, bankers, and other interested parties to use when determining how they can best help you and to help them decide whether or not your business is viable. Your business plan should consist of the elements outlined in the steps below.

Consider a home equity loan. If you have a home, looking to get a home equity loan can be a wise idea, since these loans are typically easily approved since your home acts as collateral, and interest rates are typically lower.

If you have a cooler that can keep the ice cream cool enough, its a great idea.

Does the other person complement your weaknesses? Or do both of you bring only one set of the same skills to the le? If the latter, be wary as you can have too many people doing the same thing while other things are left unattended.

definition of businessDefinition of Business Planning

[Business Planning] The Disadvantages of Business Planning

business report by Christopher Hall from

A business plan provides detailed information about a company.

[Business Plan] What Are the Basic Components of a Business Plan?

[Business Plans] The Importance of Business Plans

[Business Plan] Different Parts of a Business Plan

[Important Parts] What Are the Important Parts of a Business Plan?

Small Business Notes Planning in a Small Business

[Tactical Planning] Definition of Tactical Planning in Business

A detailed business plan touches on several key areas. Business plans cover the companys vision, names of management and how many employees are/will be hired, a description of the company and what products or services it provides. Business plans also outline the marketing research done to analyze the profiility of the company, marketing and sales strategies and financial projections, competition, records, funding amount requests and how the money will be used.

There are several s of business plans that are used for different situations. The main difference between plans is the amount of details thats produced. Some plans outline just the bare cts miniplans while others, such as working plans, which are viewed internally by company management, and presentation plans, which are produced for investors and lenders, detail more cts and data. Business plans should be error free and tailored for the situation. Investors looking for graphs, charts and financial projections to make a final decision wont be satisfied with a miniplan.

[Business Plan] What Is the Importance Purpose of a Business Plan?

[Business Organization] What Is the Meaning of Business Organization?

[Main Purposes] What Are the Main Purposes of a Business Plan?

[Importance] The Importance of Planning in an Organization

[Management Planning Process] The Basic Steps in the Management Planning Process

Not only do business plans breed confidence in owners, but in lenders as well. Business plans are one of the main requirements for owners to have when theyre applying for business loans. Some lenders require business plans along with other documents such as bank statements as part of their business loan application. Detailed business plans prove to lenders that owners are very knowledgeable and serious about their businesses. If the rest of the application meets their approval, the business plan could be the difference for the owner to secure a business loan.

Small Business Administration Writing a Business Plan

Entrepreneur An Introduction to Business Plans

[Business Plan] What Are the Benefits of a Business Plan?

Planning is needed to grow or start a business. The main source of planning for a company is the business plan. A business plan is a document that details the strategy of business owners on how they intend to run their business. There are several objectives that should be covered in a business plan from what the companys goals are to how many employees are going to be hired. Business plans provide a road map for where the owners want to take their businesses. It is also necessary to have if owners want to secure financing.

Business plans are guides for owners to run their businesses. Problems cing owners while running their businesses slow sales, not enough customers or clients may be solved by analyzing the information detailed in their business plans. It can help owners focus marketing efforts and get back to basics when the business begins to expand. This breeds confidence into the business owner as they continue to grow their business.

[Strategic Planning Important] Why Is Strategic Planning Important to a Business?

[Business Planning Process] What Is the Business Planning Process?

Although a business plan was created at the start of the business venture, it is necessary to review it from time to time and make changes as the company evolves. A yearly review or a review when the company undergoes growth or significant changes is needed. The same objectives that were important two years ago may not be significant when new goals have replaced old ones. Owners should update their business plans by incorporating changes as much as possible to keep them current.definition of businessDefinition of Business Planning