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Re: bi coastal business decisions

LUCKIEST — Thu, 20 Dec 2007 12:33:35 GMT

Rocco, Maybe this will help

h3. Steps to Small Business Success

1. Start Smart
2. Plan Ahead
3. Set up Systems
4. Seek out Sales
5. Aim for Growth
6. Leverage Opportunities

1. Start Smart.
Identify a niche. Don't compete to be the lowest cost provider. Look
for what makes your product or service unique and adds a special value
for the client and charge for that value. Every business has many
facets. Start with what you know and like; start a business that has
meaning to you. Keep in mind that we don't know what the future holds,
many of the jobs and businesses of tomorrow don't exist today. You can
create your own success.

Now is the time to dream. To start smart, you should like the idea of
the business. The way to earn a good income and build wealth is by
serving clients well, making their life better in some way-it's more
than filling a need in the marketplace. To succeed you want to test the
idea to make sure your potential clients like the idea too. Test your
ideas.

2. Plan Ahead.
People often ask me why bother with a business plan? Look at the
lottery as an example. You may get lucky and get the winning ticket,
but the odds are against you when you rely on random chance. I'm a risk
taker...but not that much, minimize the risk of going into business and
maximize your potential for success. Take the time to write a plan of
how you get from point A to point B. A plan gives you a clear future
focus and increases your chances of success.

The first rule of a start-up is put some of your own money in the
business. As the owner you must be willing to capitalize the business.
The second rule is put as little of your own money as possible in the
business. Prepare your plan and look for funding for your business from
multiple sources, which can include a business loan or business line of
credit.

Don't go it alone. Plan ahead now to build your team. Your team may
include a CPA and an attorney that you work with as needed. Add a
mentor from your industry and get a SCORE mentor to help you plan for
success. No one has all the answers. You get more ideas and information
by building a success, support team that can help you plan ahead.

3. Set up Systems.
The most basic system every business should have is a good financial
system. Ask yourself how am I going to generate enough income to
support myself and my family. Begin here. Put together a personal
budget, so you know what it costs you to live. Now, you can move on to
the business budget and sales planning, so you can see how many sales
you need to break even and make a profit. The start-up expense plan,
operating budget and your accounting software are vital to your
success.

4. Seek out Sales.
The daunting question is how do you go about seeking out your first
sale. Recognize that since you don't have a big ad budget to be seen by
everyone, you need to target a niche and get connected in your market
community, be it local, regional or national. You need other people
selling for you-not employees-goodwill referrals. Get out and talk to
as many people as you can. Join organizations that would have clients
for your product or service. Become a visible part of your market, and
then ask for the sale. You begin the sales process with people that you
know. Yes, it's okay to start with friends and family as your first
customers, and then broaden from there.

5. Aim for Growth.
The basic tenant of creating a company is that you own the company. You
are not just creating a job for yourself. It's less risk and less
investment to get a job. Building a business is creating a company that
is more than the job itself. Think about the future. How large do you
want the company to be in terms of sales, net profit and employees?
Your answer to each of these questions will influence how you grow.
There are varying costs and profits associated with growth. It's
important to make a deliberate choice early about how you want to grow
your company.

6. Leverage Opportunities.
Good luck. Good fortune. Good timing. All play a part in business. As a
business owner, be very clear about your core focus for the business
and how it serves clients. Your core business is what pays the bills.
Then, as an entrepreneur you are about opportunity. When you see a
potential opportunity or stroke of luck measure it against your core
business focus. Good fortune is great, when it matches your vision for
the business. Always consider if a good opportunity is the right fit
for your business. If something looks great, but it's not in sync with
your long-term plan and budget, think carefully before committing your
company's resources.

Re: bi coastal business decisions

Lighthouse24 — Thu, 20 Dec 2007 06:07:37 GMT

I maintain offices in four states. The primary business account is in Nevada (the state of incorporation), but I have separate operating accounts in each of the other cities. From a legal and tax perspective, this is the easiest and most convenient arrangement for me -- plus having a "local" bank in a "foreign" state often provides numerous extra benefits. Hope this helps. Best wishes.

Re: bi coastal business decisions

LUCKIEST — Wed, 19 Dec 2007 21:42:14 GMT

rocco, contact SCORE. SCORE helps people in business FREE.
You can visit SCORE online.
LUCKIEST

Re: bi coastal business decisions

roccovito — Wed, 19 Dec 2007 21:36:13 GMT

the business is just starting up. my personal credit is good and the buiness does not have any credit established...
thanks

Re: bi coastal business decisions

LUCKIEST — Wed, 19 Dec 2007 21:30:53 GMT

Chris, Operating Capital. Tell us more. How long have you been in business??
How is your credit?? Does the business have its own credit??
You will need a Business and Marketing Plan to present to the banks or investors.
Good luck, LUCKIEST

Re: bi coastal business decisions

roccovito — Wed, 19 Dec 2007 21:27:02 GMT

excellent thanks...Yes I am a 15 year bank of america customer and they are all over new york city now which is great. I have an accountant that is here in southern california so I suppose the books would be kept here.
on another subject....any thoughts on business loans or lines of credit? I would need a litle bit of operating capital as well as some funding for improvements and vehicle retro fitting.
thanks!
Chris

Re: bi coastal business decisions

LUCKIEST — Wed, 19 Dec 2007 21:19:41 GMT

Rocco, Welcome to the BofA website. You should open your bank account where it is most convent.
Many national banks have locations in both New York and California. Where will the books and records be kept??
Do you have an Accountant?? If you need any help with your business, please let us know.
I am a Quickbooks Consultant, LUCKIEST

bi coastal business decisions

roccovito — Wed, 19 Dec 2007 21:08:30 GMT

I have just incorporated in NY..I have a home there as well as in southern california. I have just started a small transportation type company that operates in NY city. When considering opening my business accounts at the bank...does it matter what coast I do it on...or a better question...what coast does it makes more sense to open the account in?