LISTEN TO MY PODCAST : PERRY’S PODCAST EPISODE 1

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How to Start a Start-Up: How To Start a Business and Profit on a Shoestring Budget

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Perry Belcher has started, ran and sold dozens of businesses and shares his experiences, mistakes and biggest breakthroughs. He wrote the book entitled How to Start a Start-Up: How To Start a Business and Profit on a Shoestring Budget which shares his experiences and mistakes on how to start a startup. This book is a step by step plan for starting a new business, start a start-up and start a business. Inside you’ll discover how to choose a business that’s right for you, how to name your business, legal setup, leases, employees and more. In this guide are all the steps you have to take to start a business: the planning steps, the pre-planning steps, and all the groundwork you need to lay before you get started. Perry will teach you how to compose a winning a business plan.

Legal Issues

One of the first questions people thinking to start a business in the US ask is: “Do I need a lawyer?” Lawyers don’t have to be greatly expensive. You can get a good general practicing lawyer on retainer usually for less than $1000. Perry Belcher try to use guys who are single office attorneys, initially, that are running a small business just like you, so they understand the strains of the business.

Explain that you want general advice from them. There might be ways to cut corners in places where you don’t necessarily need a lawyer, but it is always good to have one, especially if you are planning to incorporate or if you are going to need to draw up contracts in the business you are in.

A good example is a friend of Perry Belcher who owns restaurants, and has 60 franchise restaurants. In 60 franchise restaurants, there is going to be a level of food poisoning cases. They have a certain level that they expect to have every year of food poisoning cases. If they go over, they get kind of worried. If it is under that level, they have a big party. In a case like this, you always want an attorney on staff.

Composing Business Plan

It is a wise to say that before you want to start a business, creating a plan should be made. This way, you would be able to list down all the things that needs to be done in order to organize what is your first priority and then the next on. The book help you compose a business plan such as creating a company profile, Product and service analysis, marketing plan, the Triad marketing, financial analysis, employees, and entrepreneurs vs. managers. The book mentioned about the Triad Marketing System. It is a marketing product which really does go in depth in the three ways of marketing. It gives you are great marketing education.

Venture Capital

It would be ideal if you will not have to borrow money to start your business. After all, you want your own business to give you an additional source of income, if not the main paycheck. You do not need another bill to pay. If you have limited capital, set aside any thoughts of a fancy store or great office. Start home-based and explore the advantages of working at home. Or if you must be “out there” selling your products, rent a small section at a flea market or fair. You may consider renting at the mall only when you see money coming in.

If you really have to, you must be prepared to take on the right kind of debt. Not all debt is bad debt. You have to ensure that before taking on a debt, you must see a way to pay it back through your business. In terms of legal structure, you can save tons of money by starting as a proprietorship. A Corporation is expensive to set-up, requires vast amounts of record-keeping, and will tax you twice ­ as an individual working for the business and as a corporation.

As much as you want to be optimistic about your venture, there is always the possibility that your business can fail. Instead of fattening up your bank account, you could end up selling your house, your car and withdrawing your children’s college tuition just to pay off the debts. Be a smart risk taker.

Spend money only when you really have to. In fact, you can save tons of money if you select a business based on equipment that you already own. For example, consider starting a photography business if you already have your camera and photography gear. You may want to start a daycare business if you already have enough space in your house rather than spending money at the start of the business constructing new rooms in your house. If you must buy equipment, do so only when you have already landed your first account. Otherwise, consider renting it for the moment.


 

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