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Are you tired of your boss? Or are you getting ready for greener pastures? Setting up your own business can be very exciting. However, before you even take the first step, save yourself time and money by being aware of what's involved in running a business. Investing time and money into proper planning is paramount when it comes to turning your dreams into reality. The idea of operating a small business is not just about working for yourself or from home, it's also about having necessary management skills, technical skills, industry expertise, finance and, of course, a long-term vision to grow and succeed. Whether you will choose to be an entrepreneur, buy a franchise, or start an existing business, the business planning resources are the same. The only things that will be different are the business strategies, business opportunities, upfront cost and step by step instructions to start various businesses. The following are some of the immediate goals of starting a business: ...

As a business owner, you are usually run off your feet with the challenges of operating your business. The last thing you need to worry about is a legal problem. Many business people put off dealing with a legal problem because they don't know where to turn, don't have the time, or most often, are afraid of how much it will cost and how much time it will take. Legal issues come in many forms: · A customer failed to pay an account despite many promises. · You just received a letter from a government agency. · You just found out that your former manager has set up a competing business and has stolen your best customer and one of your key employees. · You have just been sued for $100,000. · Someone told you that one of your standard form contracts won't stand up in court and you are worried about it. · You have a dispute with your landlord. · You have a problem with a US or European customer. · Your business has been defamed on the internet. · You just found that your wareho...

More than 250 years ago, Benjamin Franklin famously said, "An ounce of prevention is worth a pound of cure". He was advising Philadelphia homeowners to insure their homes against fire to avoid catastrophic losses. Franklin's advice is just as applicable today to the legal issues of your business. In this article, we explain a new legal service, Canadian Business Legal Checkup, an audit of legal matters affecting your business. Business Legal Checkup is a diagnostic tool most small and medium size businesses could use to verify if legal aspects of their operation comply with the law and to minimize risk, litigation and expense. When the Business Legal Checkup is completed, the business owner receives a lawyer's report red-flagging matters which need correction, improvement or further legal advice. A closer look at the Business Legal Checkup Your business is built on a foundation of laws and legal procedures. As a prudent business owner, you have probably considered ...

Marketing a business for sale by owner or through a broker on the Business Broker Journal Network offers several distinct advantages for you, the seller. Let's take a look at the benefits of each approach. How can business brokerages help me to sell my business? If you are not comfortable tackling the task of selling yourself, a broker could be worth the fees you will pay. The sale of a business should be approached with much more formality than the sale of residence. Using a broker gives you an expert who can help you prepare your business for sale, find a buyer who will pay top dollar, and negotiate the details. 1.) Shouldering the load: Selling your business requires a great deal of time and attention, two things that you may not be able to spare while continuing the daily operational requirements of running your business. Passing selling, negotiating and closing responsibilities on to a business broker will allow you to focus on your business and keep you from being spread to...

As a business debt expert, I am often asked questions by business owners that run the gamut of complexities that occur when a business or an owner is faced with debt or credit issues. Rather than list the too many- to-name scenarios, I have selected some of the most frequently described situations, which are real life business issues asked by real people (names and details may have been changed to protect identities) and some answers I have provided to highlight options or provide solutions. In a downsized economy, many businesses are focused on buying out competing businesses, or selling to long time employees, often assuming or assigning the business liabilities as a part of that transaction. The intention is honorable, however the execution may not be as simple as it seems to pay off someone else's debts. Question: "I manage a small business with five full time employees. I want to buy the business, it is a LLC, but has a significant debt comprised mostly of credit cards ...

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