MANAGE IT Do you know how to Operate your Business?
Now that you’ve described your product or service, and defined your target market, the next step is to develop an understanding of how to operate your new business. Managing you business is the third part of the equation to having a successful business, and there are many considerations at this level. You will need to determine legal, financial and operation aspects of your business. What type of legal organization will be the most desirable for you, will you be a sole proprietorship, partnership, “S” corporation, limited liability company, corporation? Can you state the financial requirements of your business and where the funds will come from, can you project revenues, costs, and profits? Can you explain the systems and processes that will be used to run your new business; what facilities will be used, what supplied will be needed, who will provide the labor, what will your hours of operations be? Your business may require a special license. You’ll need to get a tax ID number.
Determining how you will operate and pre-planning your new business will add to your overall success. Consider the expertise that you need to bring to the table before you open your door or pound the pavement; your accountant and attorney should be considered partners to your business success!
Jot down below your skills in operating your new business and where any deficits exist identifying vendors (your partners in business) who can help you.The State of Michigan provides a range of resources relating to taxes and regulatory requirement on-line at www.michigan.gov . Remember, as a small business owner it is your responsibility to ensure that you are complaint with all local, state, and federal requirements and laws!
Here are some sites to visit to help you in these areas.
www.southhavenmi.com www.pawpawchamber.com www.michigan.gov/business www.michiganadvantage.org www.lakemichigancollege.com www.gvsu.edu/misbtdc
www.vbco.org www.sba.gov
Moving forward
You’ll want to make sure your business is operating at peak performance by addressing such important areas as human resource needs, sales tracking, inventory systems, accounting procedures and the myriad of things you’ll need to keep your business running efficiently and effectively. Some issues may be beyond your own area of expertise but there are people and agencies out there who you can partner with.
Here are a few places you can turn to for help:
www.michiganworks.com www.manta.com www.score.org www.vbisd.org www.vbdl.org