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Transcript of Business Organizations
"Where can I get help from?" In our current economic climate, it is definitely challenging to successfully start up a business. The Government Luckily we have some resources that can guide us! The federal government's Small Business Administration often helps finance Startups, or new small businesses. Also many universities and community colleges have government funded programs that also offer assistance. Small-Business incubators also aid small businesses. Just as incubators help hatch chicks, there are business incubators that help, "hatch" businesses. The main goal of these incubators is to generate job creation and economic growth by providing low-rent building, advice, and technology Expenses "You've got to spend money to make money" Consider business expenses: New Equipment
Wages for Employees
Utilities Eventually you will come up with an Inventory or supply of items that are used in your business To figure out if your business will make a profit, you must add up all of your expenses, and subtract the total from your receipts, or total income from your customers Advertising When starting a business you must make potential customers aware of your goods or services. You can do this through flyers, ads in newspapers, commercials, and the internet. Record Keeping You must have a system that tracks your expenses and income! This will be vital to your success as an entrepreneur. There are plenty of online programs that provide an easy way to keep track. A record of your monthly profits and losses can give you a specific idea of how your business is doing financially Risks Every business involves risks! You must make intelligent, rational decisions that weigh the advantages and disadvantages of these risks! "Wow that's a great idea, or That was MY idea!" Did you know that 34% of all business fail after the first year, and 56% fail after the second?