Bookkeeping and accounting certainly won't be the most fun aspects of running a business, but they will be among the most necessary. And while you may decide to hire an accountant or bookkeeper to take care of these duties, you'll need to at least understand bookkeeping and accounting in order to maintain financial control of your business.
 
Accounting
 
The first thing you should do is determine your accounting method. An accounting method is the way you report income and expenses not only in your own books, but on your income tax returns as well. You can choose from two different methods
  
- Cash method. You report income as you receive it, and you deduct expenses as you pay them. Is the cash method right for you? Most businesses that provide services, such as construction businesses, usually choose the cash method.
- Accrual method. With the accrual method, you report income as you earn it, even if you receive it later. For example, your business may sell electronics. You would report the income when the person bought the item, even though they may pay you later. On the expense side, with the accrual method you deduct expenses as you incur them, regardless of when you pay them. Is the accrual method right for you? Businesses that carry inventory often choose the accrual method.
 
If the thought of digging out pencil and paper and keeping track of these things is too much, then don't worry! There is plenty of accounting software out there on the market that can help you, regardless of the method you choose. These programs are very easy to use and require minimal knowledge of bookkeeping and accounting. Try your local office supply store or any other store that sells computer software for good accounting programs.
 
Keeping Books
 
In order for either one of these methods to work, your business is going to have to keep records. This is called bookkeeping. Your bookkeeping system should be devised to accomplish four goals:
  
- Prepare financial statements.
- Keep track of your business's progress.
- Tell you whether receipts apply to taxable or nontaxable income.
- Support the information you report on your tax return.
 
Basically, that means keeping track of each and every one of your business transactions. This can best be accomplished by keeping journals and ledgers. What's the difference? Journals are books in which you record every business transaction, including purchases, expenses, taxes, payroll, etc. Ledgers are books that contain the totals from your journals. They are usually organized into different accounts. Your ledgers might be broken down into categories such as business checkbook, daily cash receipts, monthly cash receipts, check disbursements, and employee compensation. Remember to keep all of your supporting documents—receipts, etc., in a file folder where they can be easily accessed.
 
Important Accounting Forms
 
There are three forms that are integral to your accounting process. These are:
  
- The income statement.
- The balance sheet.
- The cash flow statement.
 
The income statement tells you what your bottom line is, in other words your net income, at the end of the day. Sometimes referred to as net profit, the formula for arriving at net income is really very simple. Basically, you take all of the revenue from your business, then subtract all the expenses you incur running your business. What do you have in the end? Net income! For your own purposes you'll just need a very simple form. For income tax reporting, you'll need to keep track of many different expense categories.
 
The balance sheet shows where a company is financially at a given point in time. It also shows a business's assets, as well as its liabilities. When you subtract liabilities from assets, you arrive at the company's net worth. This represents the business's total equity.
 
One of your company's most important assets is its cash. Well, your business's cash flow statement keeps you apprised of what is happening to your cash. If you have great profits and a good balance sheet but still don't have enough money to pay your bills, your cash flow statement will show you what has happened to your cash over a specific period of time. Since cash flow is so important to whether a business sinks or swims, you may need to follow it weekly, or even daily.
 
Remember, good bookkeeping and accounting practices are very important to the success of your business. While you can hire an accountant or bookkeeper to take over these duties, you should know the basics of your business's bookkeeping and accounting methods in order to keep financial control over your business.

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If your business requires hiring and retaining employees, then there are certain practices you should put into use that will help you find, motivate, and retain employees. There are also certain steps you can take to avoid employee issues.
 
Finding Potential Employees
 
Finding and hiring good employees can be one of the most important parts of getting your business up and running. The better your employees are, the more likely your business will be successful. But finding good employees can be challenging. What is your best defense against hiring unsuitable employees? Taking your time and following a few simple rules.
 
Identify your resources. That's right: ”you can't do it alone! You are going to need a little help to find the right employees. Resources can include other employees, employment agencies, and headhunters and executive search agencies.
 
Once you have some resumes in hand it's time to go through them. Look for candidates with the right education, experience, and qualifications for the job in question. Once you've narrowed the applicant pool down, you'll want to meet with them face-to-face in an interview.
 
The interview process will allow the applicant to further expound on their qualifications and experiences, and will help you determine whether that person is a good fit for the job. Make sure to ask lots of detailed questions about education, experience, and qualifications, but stay away from any questions that might be construed as discriminatory, such as marital status, ethnicity, or sexual preference.
 
Hopefully, after interviewing your prospective candidates you have found the perfect fit. Do you extend an offer now? Not before you do a background and reference check. At the very least, make sure to verify past employment and talk to the candidate's former supervisors.
 
Hiring Employees
 
When you've decided on a candidate, you can either call them up and offer them the job, or you can put the offer in a letter. Putting the offer in a letter offers you better protection, as you can spell out the terms of employment. A good offer letter should include the job position, whether the position can be changed by the employer, the length of the agreement, payment, benefits, whether the employee is an employee "at will," if the employee can be terminated for "good cause," and the employees job responsibilities.
 
Retaining Employees
 
Now that you've done all that hard work to find good employees, you want to keep them, right? Just as your employees need to satisfy you, you also need to satisfy them. It goes without saying that you should always respect your employees and value their input. Here are some other things you can to do increase their satisfaction:
  
- Keep your employees challenged. If an employee has done a good job on a project, show your appreciation and faith in them by giving a higher-level project next time.
- Award certificates of appreciation. It is a cheap and easy way to show your employees that you recognize their efforts and what they bring to the company. 
- Be flexible. With our busy lives these days, increased flexibility is becoming a real job benefit. Provide as much flexibility to your employees as is possible for you; guaranteed you'll have a happier and more motivated work force. 
- Ask your employees how you can improve their satisfaction at work. While many employees may be wary of telling you outright, asking them to fill out anonymous surveys is a good way to get the answers you are looking for. 
- Offer as many incentive plans as you are able to. Stock option plans, profit sharing plans, bonus arrangements, and 401(k) plans are all sure to retain employees.
 
Avoiding Employee Problems
 
Hiring and retaining employees are just the tip of the iceberg. In managing them, there are a whole host of potential problems that can crop up. Following certain practices will protect your business.
- Treat your workers fairly. Make sure they are aware of what is expected of them in terms of job responsibilities as well as workplace rules and policies.
- Hand out an employee handbook. Putting expectations, rules, and regulations down in writing ensures that everyone has access to them. The handbook should cover such subjects as working hours and overtime pay, sick and vacation policy, sexual harassment policy, policy on illegal drugs and alcohol, discrimination policy, disciplinary policy, and whether employees are employees "at will." Have employees sign a document that says they have read and understand the handbook. 
- Be careful about how you fire employees. Your reasons for firing should in no way be construed as discrimination. Reasons for firing can include poor performance, violation of company policy, repeated unexcused absence or tardiness, physical violence, and use of illegal substances.

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At some point, most business owners will have to decide whether or not they want to grow their business. While there are some very obvious benefit to business growth, there are some disadvantages as well. It is important that you consider both, as they relate to your particular situation, before making any decisions.
 
Common advantages include:
- The potential to increase revenue and profits.
- More equity accumulation.
- The ability to bring more people on board, including family and friends.
- The feeling of success.
   
Common disadvantages include:
- More financial risk as overhead increases.
- Loss of control as additional people are brought on board.
- More time on your part spent managing and working at the business.
 
There are several ways you can expand your business. You can expand it via internet, with people power, by expanding your product or service line, by franchising or licensing, or by mergers and acquisitions.
 
Grow Your Business By Internet
 
One of the newest and easiest ways to grow your business is by using the internet. That's right, by using the internet you can make your product or service available to just about anyone, anywhere, at any time. One of the benefits of using the internet is that it is less expensive and not as risky as expanding your business in the real world. It's also pretty easy. You won't need the people power you would need to grow your business in the real world, which means less management on your end, not to mention the fact you won't have to spend money on employee wages or new office space. Using the internet will also allow you to expand into far away markets quickly and efficiently, with little red tape.
 
Grow Your Business By People Power
 
You can also expand your business by involving more people in it. Hiring more people means increased productivity, which means you can take on more clients. Another way to expand your business via people power is to hire sales reps and consultants to add your products to their inventory. This is a great way to increase your sales and profits! But do be aware that adding people to your business means having the time and money to properly train them. Before you add people to your business, make sure you have all the resources to support them in a manner that will spell success for them and in the long run, your company. Taking on people requires a good strategy on your side.
 
Grow Your Business By Expanding Your Product or Service Line
 
Adding product lines or additional services is another way to expand your business. This is a great way to grow a business, as you already have your customer base in place. When choosing products and services, choose those that you think your current customers will want and benefit from. In most cases, this means products and services that are complimentary to your current line. If you are not sure if the products and services you have in mind will appeal to your customers, feel free to ask them.
 
Grow Your Business By Franchising and Licensing
 
Many of today's best-known businesses started out with a single business location and grew to a national or international level by either franchising their business model or by licensing their products and services to others. There is a lot of potential for growth through franchising and licensing, but on the other hand there are lots of complex issues to navigate during the process. If you think you have a business model that would lend itself well to franchising or licensing, your best bet is to hire a lawyer or accountant who has experience in franchising and issues that go along with it. Another good idea is to talk to a franchise consultant about the possibility of your business succeeding as a franchise. Most successful franchises have a few things in common. They are easy to operate, sell things that customers want, and have the potential to cover expenses while also supporting the operator.
 
Grow Your Business By Mergers and Acquisitions
 
Merging your business with another business, as well as acquiring a similar business and its customer base, is another way to grow your business. When two businesses merge there are some obvious advantages. In most cases, they benefit from each other's strengths and bolster each other's weaknesses. Also, owning a larger part of the marketplace, in most cases, means more opportunity for growth down the road. Similarly, acquiring a competitor or a business that sells complimentary products or services allows you to expand your current line.
 
There are many ways to expand and grow your business. Once you've made the decision to expand your business, do your homework to determine which method will work best for you.

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You may have the best business idea in the world, but it's impossible to get your business up and running without one key ingredient. Have you guessed what it is? That's right, money.
 
They say that money makes the world go 'round, and maybe it does. Regardless, having enough of it will certainly impact the success of your business.
 
Capital
 
One of the first things you need to do when starting your business is to determine where your funding is going to come from. You are going to need enough to provide for three types of capital: start-up capital, working capital, and growth capital.
- Start-up capital. This is what you need to start or purchase your business. You'll need enough capital to cover equipment, furniture, inventory, and to pay for things like permits and licenses.
- Working capital. You'll need enough to pay your bills and also provide an income for yourself before your new business generates one for you. Make sure you have a decent amount, enough to carry you until your business realizes a positive cash flow.
- Growth capital. This is the money you will need if you decide to expand your business. Why is this needed up front? Because many entrepreneurs try to expand their businesses using their working capital, and fail.
 
Securing Funds
 
Once you know how much money you need to start your business, you'll have to figure out where it will come from. Funds can come from many sources, including personal savings, credit cards, family and friends, banks, the government, and through private investors.
 
Personal Funding. If you are one of the lucky ones, you have enough cash socked away to meet your start-up, working, and growth capital needs. Financing your own business by using your own savings or investments is one of the best ways to fund your business. Why? First of all, you are in complete control of how funds are used. You can use them whenever you want, for whatever you want. There are no forms to fill out, and no worrying about whether or not you qualify for the amount you need. Best of all, you have no debt! You can usually access money through your savings accounts, investment certificates, retirement funds, mutual funds and stocks, or insurance policies. It may also be possible to liquidate or borrow against personal assets such as your boat, recreational vehicle, or home.
 
Borrowing From Family or Friends. Asking family members or friends for a loan is a common way of getting capital for your business. However, before you borrow, know that many businesses fail. If your business fails, will you be able to pay your source back? Keep in mind that money can irrevocably ruin relationships. If you do decide to borrow from friends and family, keep the transaction as formal as possible, complete with a promissory note that includes the details of the transaction.
 
Credit Cards. We've all heard the stories of hugely successful businesses that have been started with credit cards. However, the disadvantage is obvious: credit cards often have interest rates of as much as 20 percent. If all other sources of funding have been exhausted and you decide to go with credit cards, make sure you pay off the balance as soon as you are able to. And shop for credit cards with low interest rates and no annual fees.
 
Bank Loans. Business start-up loans are often available from banks to entrepreneurs with good credit. In some cases the loan will need to be secured, which means that it is guaranteed with some other type of investment. Secured loans usually have lower interest rates. You may also opt for a secured or unsecured line of credit, which also traditionally has a lower interest rate than unsecured credit lines. If you go to a bank or credit union looking for funding for your business, make sure you bring an excellent business and marketing plan with you. Banks want to know they are investing in a business that has the potential to succeed.
 
Government Business Loans. Government programs that give loans to new or existing businesses are administered through the SBA. There are different types of loans available depending upon the size, scope, and sector that your business is in. For more details, contact your local SBA. It is important to understand that the programs in no way guarantee securing financial assistance. Pursuing government funding is very similar to pursuing bank funding. You'll want a good business and marketing plan in hand, and whether or not you receive funds will be based upon the potential of the business.
 
Private Investors. Private investors are also a way to fund your business, although be prepared for the investor to loan money only if certain requirements are met. The investor might want an equity position within the business, for example, or may even want the ability to make decisions. If you go the private investor route, do your homework and choose someone who has plenty of experience providing capital in return for being a part of a successful business.

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No matter how great your product or service, without a good marketing plan it is unlikely to succeed. Good marketing comprises three actions:

1.) Identifying your potential customers;

2.) Reaching your potential customers; and

3.) Convincing potential customers to buy your products and services (at which point they are "potential" no more!).
 
Identifying Potential Customers
 
How strong will your business be? Only as strong as the amount of research you put into it. That being said, the more you research your potential customers, the better chance you'll have of actually identifying them. Knowing who your customers are will allow you to target them where they live, will give you insight on how to position your products and services on the market, and may even tell you what kinds of benefits consumers desire.
 
There are a few ways to identify your target customers. The first way is to do the research yourself. Talk to clients, competitors, suppliers, other business people, etc. Look at the marketplace in general. Where are similar products and services situated, and who is buying them? Are your target customers male or female? What age range do they fall into?
 
Another way to identify your potential customers is to go through a third party, if you have the budget for that. There are many companies who are willing, for a price, to identify your potential customers for you.
 
Remember, you can't reach your potential customers unless you identify them first!
 
Reaching Your Potential Customers
 
Now that you know who your potential customer are, it's time to reach them. There are as many ways to do this as there are businesses, it seems! Reach your customers where they hand out and congregate. Create some great advertising copy and put it in magazines, newspapers, and other periodicals that they read. You can also try the yellow pages, radio, or television. The goal is to come up with a plan that makes potential customers sit up and listen. By following these five easy steps, you can rest assured that they will:
- Develop a single, clear message. Convoluted messages will only confuse your potential customers. Make sure they know exactly what products and services you are offering.
- Appeal to your target audience. For example, if you are a clothing company geared toward young, hip women, make sure everything from the font in your advertising to the language you use reflects that. 
- Have great pictures and graphics. Make them eye-catching and professional.
- Don't forget to ask for the sale. Most people think that the time to ask for the sale is later, after you've gotten your customer in your location. However, in most cases you want to ask for the sale in your advertising material. How do you do this? By building a sense of urgency with special deals, deadlines, and promotional discounts. 
- Make it easy for your customer to find you. Make sure you have all the pertinent contact information, including telephone number, address, email address, and web site.
 
Convincing Your Customers to Stick Around
 
Now that you've reeled them in and have hopefully convinced them that your product or service is needed by them, you need to get your customers to come back for more. With a well thought-out plan, this is easier than it sounds!
- Keep a list. Don't just let your customers buy your product and service and walk out the door. A good customer list can be one of your business's most valuable assets, so be sure to keep track of your customers. 
- Make use of the list! Send your customers and email blast now and then reminding them that you are around, and how you can meet their needs. Be sure to let them know of any special deals, incentive programs, or customer appreciation bargains that may be coming up. 
- Give something away for nothing. Do a monthly newsletter, either online or in print form, that gives your customers lots of good information for free. Not only will your customers appreciate getting something for nothing, but they'll be sure to think of you next time they need a product or service that you sell. A newsletter full of good information also gives you credibility.
- Promote, promote, promote! Include useful things like magnets, calendars, or rulers with your company logo and name on it with your customer's purchase. Try and think of something your customers use frequently.
 
Remember, your customers are key to the success of your business. Know who they are, reel them in, and keep them coming back for more!

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Regardless of the type of business you own and operate, you'll need insurance in order to protect yourself, your business, you employees, and even your clients. How do you know what type of insurance you need? Well, business insurance can be very complicated! For starters, ally yourself with a good insurance agent or broker. He or she should be able to do most of the legwork for you. A qualified agent or broker will ensure that you don't spend too much time on trying to figure out what you need, purchase the wrong insurance, or pay too much for it. To find a good agent, ask other business owners for recommendations, or check with your local Chamber of Commerce.
 
Liability Insurance
 
General business liability insurance protects you and your business for anything perilous that might happen as a result of your products and services, even things that might happen beyond your control. It ensures a company against accidents and injury that might occur on the business property, as well as against any accidents or injuries that might occur as a result of the products or services sold. Liability insurance will protect you from product misuse, third-party damage, and service misunderstandings should they crop up. Your agent can help you find the type of liability insurance that protects our specific business.
 
Professional liability insurance is a specialized liability insurance geared toward professionals who routinely give advice. This policy will protect you and your company should a client decide to sue you for negligence. In some states professional liability insurance is mandatory for people of certain professions, and you can't run your business without it. Historically, professional liability insurance has been carried by doctors, dentists, lawyers, engineers, and accountants. Now, however, it is common for any type of business professional or consultant to carry this type of insurance. Do you charge a fee for advice of other type of professional services? Then you should give serious thought to having this type of insurance.
 
Product liability insurance may be necessary if you manufacture a product. This type of insurance is designed to protect your business and your clients should your product malfunction and cause property damage or bodily injury. Even if you don't manufacture the product, you may need product liability insurance. Talk to your agent about whether you situation calls for this type of insurance.
 
Property Insurance
 
Property insurance will cover your business's buildings and structures in the event of theft, fire, vandalism, flood, earthquake, and other acts of God and malicious damage. Property insurance is a good starting point for most businesses, but you will most likely have to add riders in order to protect your particular inventory. What riders you add will depend upon the type of business you run.
 
Employee Insurance
 
As your employees are your biggest asset, you'll have to arrange for insurance for them, as well. Depending upon your company's size, one of the benefits you offer may be health insurance. Group health insurance rates allow for discounted prices. How do they work? Basically, you pick up part of the cost of insuring your employees' health, and they pick up the remainder through deductions in their paychecks.
 
Disability insurance protects your employees should they become sick or hurt and unable to work. It is usually not mandatory for businesses to offer disability insurance to their workers, although it is a benefit that attracts and retains employees.
 
Workers' compensation insurance is mandatory by federal law. It protects employees injured on the job by providing short- and sometimes long-term financial benefits. It also covers all medical costs, as well as rehabilitation costs, associated with the on-the-job injury. Workers compensation premiums are dependent upon industry classifications. Basically, the more dangerous the work, the higher the premiums.
 
Other Types of Insurance
 
There are several other types of insurance you might want to consider, depending upon the type of business you run.
 
Key person insurance is a type of insurance that can be taken out on people that are key to the running of your organization. How do you know if you need this type of insurance? Well, if a key person in your business were not able to work any more because of death or disability, is it likely that you business would suffer financially? If the answer is "yes," you might want to consider this type of insurance.
 
If you are the sole proprietor of a business, and it is your only source of income, you might want to consider business interruption insurance. Just like it sounds, this type of insurance protects you if your business is interrupted as a result of things like fire, damage, theft of inventory or equipment, etc.
 
Insuring your business correctly is key! Talk to a licensed agent or broker about your needs.

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Do what you know! Chances are you've heard this saying applied to many areas of life. Well, nowhere is it more true than when you are deciding what kind of business to run. Taking stock of your skill set and knowing how to use it to your best advantage is one of the keys to a successful business.
 
It goes without saying that the more you love what you do, the better your business will succeed. Why? Well, businesses take a lot of time to start and run. They require an enormous amount of commitment and follow-through. Businesses experience many ups and downs during the beginning phases. When the going gets tough and it most certainly will, you'll be more inclined to stick it out if you love what you are doing and have the skill set to do it properly.
 
What is the best way to take stock of your skill set? Ask yourself a few questions:
  
- What do I enjoy doing during my spare time? Do you have a hobby or an interest that you spend lots of time on? What skills do you need for this hobby or interest that you could use to run your business? For example, if you really enjoy collecting and cataloguing artifacts from the Civil War, then you probably have excellent research skills. If you spend lots of your spare time heading up various volunteer organizations, then your organizational skills are probably excellent. 
  
- What do I enjoy about my current occupation? Take a good look at what you are currently doing. What do you really like about it? If you feel most successful when you are interacting with people, then you'll want to make sure that you get plenty of opportunity to do so in your new business.
  
- What do I dislike about my current occupation? Face it, we all have to do things we don't like. However, our days shouldn't revolve around these things. So if you find yourself grinning and bearing it every time you have to sit for long periods of time at your computer or on the phone, then your business should not require long sedentary periods. Unless you want it to be short-lived!
  
- What do others say I am good at? Sometimes, it is hard to see our own strengths and weaknesses. Asking someone else what we excel at and what we can bring to the table is sometimes a good strategy. Make sure you ask someone you respect and trust!
 
Another reason it is important to know your skills: if you are skilled at what you are doing, customers will know it. It will show not only in the how you manage your business, but in your enthusiasm as well. And enthusiasm is contagious. If you are excited about your business, well then, you can bet your customers will be excited as well.
 
Okay, so let's say you now know your skills. You have determined your strengths and weaknesses. You know what you are good at, and what could use some work. You know how you enjoy spending your time, and how you would rather not.
 
Now what? Well, if you are lucky and have the resources to hire additional workers, your goal should be to hire people whose strengths balance out your weaknesses. For example, if you dislike enjoy working with people but dislike some of the details of running a business, then hiring an organized, detail-oriented individual would be a great way to round out your business.
 
But sometimes, hiring additional people may not be an option, especially during the start-up phase of your business when cash might be scarce. What to do? Well, there's no reason to let certain parts of your business suffer. Instead, think of it as a good opportunity to expand your skills. Expanding your own skills is a great way to invest in your business. After all, no one cares about your business quite as much as you!
 
Once you know what skills you are lacking, time to bone up on them! If you find that you are less than savvy when it comes to computer skills, for example, take a course or spend some time reading up on the subject so that you can improve your skills. If you are not organized by nature, spending some time coming up with a step-by-step plan that will allow you to improve this skill in a manner that works for you will really benefit your business.
 
If there are things you really do not enjoy, tell yourself that in order to enjoy the benefit of running your own business, you are going to have to do them, and do them well, at least for a little while. Use the potential success of your business as motivation.
 
One of the first steps in starting and running your own business is to know your skills. Capitalize on your skills and make an effort to improve upon your weaknesses. It may seem like a small step, but it will make a huge difference to the success of your business!

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The process of creating your business plan will have much to do with the future success of your business. Your business plan is your business's road map. Without it, who knows where you will end up? If your business plan is intended as an operational guide for you, then you'll need to include only the information that is pertinent to running your business at each stage of its growth. If, however, your business plan is going to be used to get funds from a bank, private investor, or venture capitalist, you'll need to create a polished document that answers all of your funder's potential questions.
 
There are five key sections to a comprehensive business plan. They include the introduction, a section on the company, a section on marketing, a section on financials, and a section comprising appendices. Let's go through each section, one by one.
 
Introduction
 
The introduction covers the basics. A cover, title page, summary, and table of contents are basic things that should be included in the introduction.
 
The cover should be simple. It should contain the name of the business, obviously, but can also include a contact name and information. The title page should include the business name, contact person, and full mailing address, as well as telephone numbers, fax numbers, email addresses, and web site addresses. Make sure you include a copyright mark somewhere on the page to ensure ownership!
 
Also included in the introduction is a one-page summary. The summary should include key points from every section of the plan. Some areas your summary should cover include your business structure, your mission statement, the purpose of the business plan, if the business is currently operating or if you are purchasing an operating business, the principle owners of the business, the geographic area of the business, a description of target customers, a description of products or services, business and marketing objectives, short- and long-term revenues, and a section on why the venture will be successful.
 
The final section in your introduction should include the table of contents, which will list the major sections and topics in your business plan, as well as their page numbers.
 
Company Section
 
Your company section should include a mission statement. This is the statement of purpose for your company. A good mission statement states who you are, what you do, why you do it, and what you stand for. It should reflect your values, and should be real, simple, and honest. How long should a mission statement be? Try to get it in one sentence.
 
Your company section should also include a business overview. If you are starting your own business, this section should include your business name, legal structure, and starting date. If you are purchasing an existing business, you'll need to document the business's history including how long it has been around, previous owners, why it is being sold, current customers, suppliers, and vendors, and what challenges the business faces.
 
Other things that should be covered in this area include a description of your product and services, including the benefits customers will receive and why they will choose your product and service over those of competitors; a description of key legal issues—licenses, zoning, insurance, etc.;related to setting up and operating your business; business operations details, such as where your business will be located and how it will be managed; risks and contingencies associated with your products and services; and your company's goals and objectives.
 
Marketing Section
 
The marketing section is one of the most important parts of your business plan. It should include a company analysis, introducing key players and any partners involved in the business. If your business is already operating, the company analysis should include where the company is now, as well as where it will be if company objectives and goals are met.
 
In this section, a market analysis should give an overall overview of the marketplace your business operates in. The market analysis section should be divided into three areas—the market size, the market segmentation, and the marketing environment.
 
A customer analysis should also be included in the marketing section. You'll want to answer questions about your customers such as how they decide to buy, what they look for when deciding what products and services to buy, and how they make choices between competitors. Similarly, a competitor analysis should also be part of this section. Who are the businesses that sell similar goods and services. What is your position in the marketplace in relationship to your competitors?
 
Also included in this section should be marketing objectives, your marketing strategy, marketing budget, and your action plan. Support documents such as research surveys, market studies, spreadsheets, and testimonials should also be included.
 
Financial Section
 
Creating financial statements and projections can be the most challenging part of your business plan, but having this section buttoned down is integral to your success. In this section, you need to cover the basics when it comes to financial planning and forecasting. Things like current and future funding requirements, use of funds, and funding sources should be detailed.
 
Your financial section should also contain a balance sheet that lists your assets and liabilities, which will help you figure out your net equity position. A break-even analysis, cash flow projections, income projections, and a list of equipment and inventory will round out this section nicely!
 
Appendices
 
All the documents that support your business plan should be included in the appendices section. This includes resumes, market studies, financial forecasts, and any other document that can be helpful in supporting your plan.

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Thinking about starting your own business? Well, before you hang out a shingle or sink your life savings into your new business, you are going to have to do a significant amount of market research. It goes without saying that your business needs a good plan. It needs a roadmap. This plan will include your goals and objectives. But you can't come up with a feasible business plan unless you have some insight regarding your business, potential customers, your competition, and how you want to position your product and service in the marketplace. Sure, you can write up a plan on how you would like things to go. But without having the research to back your plan up, your plan is meaningless. Instead of being a road map of how you can get to where you want to go, your plan is, instead, just a fictional account of how you hope things will go.
 
It bears repeating. There are three things you must do before you take the first steps to get your business off the ground. Research, research, research!
 
That's right. You are going to have to research the market. You are going to have to research potential customers. And finally, you are going to have to research your competitors. Your research should reveal five important facts:
  
- If there is a market for your product or service.
- If the market can bear another company of your kind.
- Who your potential customers are, and what motivates them to buy.
- What these customers want and need.
- How you should position your products or services in the marketplace.
 
Once you have this information in hand you'll be able to do two things: 1.) Determine whether your product or service is a viable business idea; and 2.) Figure out what marketing strategies you need in order to enjoy a successful business.
 
Research the Market
 
You can research your market for no or very little cost by getting it from the media, business and industry associations, books and magazines, the internet, and government agencies. You'll want to get answers to questions like: How many people could potentially be interested in my business or hobby? Where would I find these customers? Are there other products or services like mine? Are there product specifications that must be followed? Is there any demographic information available? Basically, there is an endless amount of data you can get from the above sources. The goal is to find or contact the sources that have the type of data you are looking for.
 
Research Potential Customers
 
First of all, who are your potential customers, and do they need your product or service? With a little research on your own, you'll soon find out.
 
First of all, consider your product or service. Who would use this product or service? For example, let's say you've invented a product that allows golfers to hold extra tees, pencils, etc. without stuffing them in their shoes or other places they aren't meant to be. So, who are your potential customers? Golfers, of course! The first thing you need to do is find out where your potential customers hang out. Logical places include the golf course, pro shop, online chat rooms, and golf-related web sites. Go to these places and talk to your customers. What do they think of your product or service? Would they use it? How much would they expect to pay for it? Try using tools like questionnaires, surveys, or polls. And never underestimate the power of just a simple conversation with the right person or people! Soon you'll know not only if your potential product or service appeals to your potential customers, but you'll also know if there is enough interest to put your product or service in action.
 
Research Your Competition
 
First of all, how many companies sell products and services similar to yours? And is there room in the market for another company to sell these product or services? Those are the first questions you should ask yourself when researching your competition.
 
Once you have the answers to these questions, you can look at your competition in a little more detail. Is your competition successful? In which areas do they excel, and in which areas do they not? How would you copy them, and how would you do things differently?
 
Looking at your competition may also help you come up with a niche product or service. How can you do things slightly different from your competition? What will set you apart and have customers wanting your products and services over those of your competition?
 
Remember, research is the key to getting your business up and starting and successful. To ensure the success of your business, research your market, research your customers, and research your competition.

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Where you set up your business, as well as how you set it up, will be a large factor in the success of your business. You office set-up will not only have an impact on you, it will have an impact on your customers. The first thing you should consider when setting up your office is location. Once you have the location, you can concentrate on setting up the interior so that it works for your business and your customers.
 
Location
 
Location, location, location! In the grand scheme of your business, where it is located can make it or break it. What should you consider when choosing your office location? You'll want to consider customer traffic, cost, and ease.
 
- If you are the type of business that relies on customer traffic, retailer, for example, you'll want your location to be located in an area that customers frequently pass by. Indoor and outdoor malls or on busy roads that people must drive on to get from one place to another are all good options. If you are a business-related business, let's say you sell computer equipment, for example, try the business district. If you are not the type of business that relies on customer traffic, if you are an online business, or the type of business that deals with customers over the phone, then you can save a lot of money by choosing a more out-of-the-way location. 
 
-  The cost of the location may be a deciding factor. To this end, think about how much visibility your business needs, and whether or not having it in a high-traffic area is worth it. If you are a gift shop, you may want your business in a highly visible area. However, if you are a destination business, in other words, if your goods and services are so unique that customers are going to seek you out; then you may be able to save a little money situating yourself somewhat off the beaten path.
 
- Regardless of where you choose to locate your business, it should be easy to reach. It should be easy to find with directions, should have good parking for customers, and should be accessible to those with disabilities. If it's a hassle to reach your business, customers will grow tired of the battle and will choose to do business with a better located competitor.
 
Setting Up Your Business
 
Once you've found your location, it's time to prepare the interior of your business. It goes without saying that the interior of your business should be neat, clean, and safe for both you and your customers. However, there are a few additional steps you can take to ensure that your space works well for both you and your customers.
 
- To ensure that you and your employees are working in the best atmosphere possible, make sure that everyone has adequate space, light, and air. If your business calls for interior workstations, try to work it so that every station has a little bit of natural light and a view of the outside. Windows should be able to open to allow fresh air in. Nothing is more stifling and less motivating than dark, airless workspaces! Also, remember that productivity, and ultimately success, is often the result of having the right tools to do the job. Make an investment in the equipment and supplies that you need, from equipment that will help you stay organized like file systems, to telephone and computer systems. It's also a good idea to ensure that your office furniture, as well as your workstations, are ergonomically designed and comfortable for employees. Safe and healthy employees are your business's biggest asset!
 
- You'll also want to make sure that your business is customer-friendly. The first order of business is for your space to be neat, clean, and clutter-free. You want to portray a professional appearance! The second thing you should do is consider your clients, and design a space that you think will appeal to them. If you are a design agency that caters to hip, urban companies, then it goes without saying that your interior should have a hip, urban feel. You'll also want to ensure that your space is big enough for its intended use. If you have a retail store, for example, make sure that the space is large enough so that the items can be prominently displayed, without being crowded. Customers should always have enough room to walk around. To really make customers feel at home try installing a music system, offering coffee and tea, and using aromatherapy or fresh flowers.

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Getting a little help from others who have gone before you; those who have already been there and done that in the business world; can give you an added extra advantage. No matter how driven you are, no matter how well you do your homework, you can't possibly know all there is to know to make your business successful. Well, no worries! There are plenty of people out there willing to give their help. Some of them are state or federal resources; others are private resources. Here's a list you should definitely hit!
 
Government Resources for Small Business
 
Your State's Division of Economic Opportunity
 
Sometimes called other things, like the Department of Business Development, the state department that handles business will have a list of grants and funding sources available to small businesses. You may qualify for these grants or special funding, depending upon what category your business fits into. For example, businesses that support agriculture may be eligible for certain grants, as may businesses started and run by women and minorities. Contact your state department for more specific information.
 
The Small Business Association
 
The Small Business Association, otherwise known as the SBA, is willing to share just about all the information there is on starting and running a business. Check out their web site, www.sba.gov for starters. If you are in need of funding you'll definitely want to check out ways the SBA can help you secure business financing. If you are looking for information about laws and business regulations, the SBA can help with that as well.
 
Another wonderful thing about the SBA is that it connects you to other non-SBA resources on both the state and federal level. Used correctly, the SBA is a great resource that can help your business get off the ground, grow, and be the best it can be!
 
The Internal Revenue Service
 
The Internal Revenue Service, known as the IRS, is often associated with negative connotations. But if you are a business looking to navigate the sometimes confusing world of state and federal taxes, the IRS can be your best friend. The IRS has lots of advice when it comes to business taxation, as well as literature, forms, and publications. You might want to check out the IRS's web site, www.irs.gov, and find the Tax Info for Business section. This page has something called the Business Tax Kit, which includes answers to business tax questions as well as all the forms you'll need.
 
Private Resources
 
S.C.O.R.E
 
For anyone starting a business, S.C.O.R.E. is one of the best things going. The acronym stands for "Service Corp of Retired Executives." What is S.C.O.R.E.? It is a group of very successful business people who are willing to lend their experience to people just starting out. For free! Volunteers at S.C.O.R.E. are willing to sit down with you to discuss just about any aspect of running your business. They'll help you do everything from write your business plan to find sources of funding. Most communities have a local S.C.O.R.E. office. To find one near you, access their web site at www.score.org.
 
Other Entrepreneurs
 
Other entrepreneurs are a great resource when it comes to setting your business up to succeed. You can meet other entrepreneurs through friends and family, or through organizations and support groups for entrepreneurs in your area. Most entrepreneurs are willing to share advice with newbies, including mistakes they made along the way and how to avoid them. Other entrepreneurs can also answer questions about funding options, business taxation, human resource issues, and marketing and public relations. A great way to network with other business people is to contact your local Chamber of Commerce. Most chambers hold monthly or bi-monthly events that allow local business people to rub elbows and lend support. These people have survived some of the same issues you will be facing.
 
Competitors
 
Wait, how can you get business assistance from competitors? Well, sometimes you can't. There are situations, however, for example you are located in different geographical areas, where competitors are willing to share what they have learned. Sometimes these relationships even turn into strategic alliances!
 
Set Up a Board of Directors
 
If you are looking for assistance that can supply with a lots of help in a variety of situations, you'll get a lot of bang for your buck with a Board of Directors. The best Boards comprise people with different experience and backgrounds. Make it a practice to meet once every other month or so, and bounce ideas and questions off your board.

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You've worked hard on your business. You have a great idea, have come up with a good business plan, and can't wait to get started. But before you do, don't forget to attend to the details. Registering your business name, having the appropriate state licenses and permits, and knowing all there is to know about taxes are integral steps you must take in order for your business to be legal and successful!
 
Naming Your Business
 
What's in a name? Everything! Your business name is what potential customers will see first, so it's important to choose the right business name. What should you consider when choosing a name?
 
- Because your business name will be used in print and verbally, consider it a marketing tool. To that end, it should describe your business. For example, let's say you own a mobile veterinary service. The name Vet2Pet is much more descriptive than, say, Kim's Veterinary Service.
- Keep it short, easy to pronounce, and memorable. If your name is Otto Schniewind, and you repair Audi's for a living, Otto's Audi Repair rolls off the tongue and is much more memorable than Schniewind's Audi Repair. 
- Your name should project your company's image. For example, Budget Bonesetters connotes quite a different image than Performance Orthopedic Services.
- Never, ever order printed material with your business name on it until you have registered your business name!
You are going to have to register your business name with your state before you use it. You should know that no matter how perfect you think your name is, it may be rejected because someone else is already using it. Your business registration fee will most likely include a business name search that will determine if anyone else is using your name. It's always a good idea to come up with three or four alternate names and submit them simultaneously.
Where do you go to register your business name? Well, that depends upon where you live. Check with you local Chamber of Commerce for state-specific information.
 
Licenses, Permits, and Certificates
 
The types of licenses, permits, and certificates that are required for you to legally run your business will depend upon what kind of business you are operating, as well as where you are operating it. Never, ever think about overlooking the required licenses and permits. At the very least, businesses operating without the correct licenses and permits have difficulty applying for loans, purchasing goods for resale, and opening bank accounts. They are also subject to fines and closure. Licenses, permits, and certificates you may need include:
 
- Business License. At the very least, you'll need a business license to legally operate your business. Your local Chamber of Commerce can guide you in obtaining the correct license for your business.
- Building Permit. If you are going to alter a building's mechanical system, or are planning on renovating to better accommodate your business, you'll need a building permit.
- Vendor Permit. If you are reselling goods or services, you'll need this permit. Contact your local Chamber of Commerce for details.
- Sales Tax Permit. Depending upon the type of business you run and its location, you may need a sales tax permit. For all the business taxation information you need, check out the Internal Revenue Service at www.irs.com.
- Professional Certification. If you are a doctor, vet, lawyer, plumber, or any other type of business that requires certification, you'll need proof of this before you hang out your shingle.
Other licenses, permits, and certificates that you might need, depending upon your business, include fire safety inspection permits, hazardous materials handling permits, import/export certificates, police clearance certificates, environmental laws, and laws pertaining to food and drug safety administered through the FDA.
 
Taxes
 
Business taxation is extremely complicated! It makes sense to seek the help of a tax professional when it comes to taxation issues. The IRS also has lots of information on its web site, www.irs.com, as well as free publications that explain business taxation issues. However, there are a few rules of thumb that you should know when setting up your business. We'll break these into categories of business earning tax, employee tax, and sales tax. 
 
- Business Earning Tax. How you pay your taxes will depend upon whether your business is a sole proprietorship, partnership, corporation, or LLC. Before deciding which business structure you want to use, it makes sense to look at the tax advantages and disadvantages associated with each structure.
- Employee Tax. Any business that hires employees needs to get an employee identification number (EIN), prepare and submit employee tax forms, and withhold and remit the right amount of both the employee's and employer's portions of social security, Medicare, and employment insurance.
- Sales Tax. Most states have a sales tax in place that businesses must charge on consumer purchases. The tax is then remitted back to the appropriate government agency. You can find out how to get your sales tax number by contacting your local SBA or Business Service Center office.

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There are so many details to attend to while setting up and running a business, no wonder things can quickly go wrong. We've highlighted ten of the most common problems that business owners face, as well as ways to avoid them. With a little knowledge and preparation, your business can run issue-free.
 
Issue 1: Your business has halted to a standstill, and you have no plan, strategies, or goals to get it moving forward.
Quick Fix: Don't wing it! Write a solid business plan. Without it, your business isn't likely to go far. Your business plan should be a roadmap that includes information such as the company description, the product or service, the market, how you plan to market your product or service, and financial statements and projections.
 
Issue 2: You are out of money before your business has a fighting chance of surviving.
Quick Fix: When you secure funds for your business, you should secure enough to pay run your business and pay your bills for at least a year or two. In most cases, your business will not turn a profit before then. One of the biggest mistakes business people make is not having enough money set aside to see them through the inevitable lean times. And some mighty fine businesses have fallen by the wayside as a result!
 
Issue 3: Your business is turning a profit, but you still can't pay the bills.
Quick Fix: Check out your accounting and bookkeeping methods. Accounting and bookkeeping "knowing how the cash flows in and the cash flows out" are integral to the success of your business. If you need help with the basics buy a software program or one of the many books on the topic. Or, if budget permits, hire a qualified accountant or bookkeeper.
 
Issue 4: You are being sued by an employee for unlawful termination.
Quick Fix: Make sure workplace rules and policies are laid out in a company handbook. Always treat your employees with respect and fairness. If an employee is not able to perform the duties in his or her job description, give several written warnings before terminating. Adopt discrimination and sexual harassment policies, and make sure they are followed to the letter. Never terminate anyone for reasons that could be construed as discriminatory.
 
Issue 5: Your business is being shut down for not adhering to certain laws.
Quick Fix: While it's impossible to be familiar with all laws, make sure you have a good understanding of the most common, including business formation laws, consumer protection laws, contract laws, employee hiring laws, environmental laws, license and permit laws, tax laws, and zoning laws. In order to comply with various laws you'll have to keep good records, so be sure to come up with a system of doing so.
 
Issue 6: Someone has stolen and is using your business's intellectual property, in the form of an invention, trade secret, or creative work.
Quick Fix: Take steps to protect your intellectual property from the get-go. If you have a new product, make sure you patent it. Be sure to copyright items like advertising copy, art, articles, books, compilations of data, floral patterns on cloth, jewelry, movies, and software. And if your business uses a word, symbol, name, or other device to identify or distinguish your products and services from those of a competitor, make sure to trademark it.
 
Issue 7: Your customers aren't paying you.
Quick Fix: Make sure your payment policy is clear and understandable, so that your customer knows when you expect payment. If you are not getting cash up front, institute an interest payment on all late payments, and make sure it is clearly stated on all invoices. Try improving your cash flow and cutting down on delinquent payments by offering a discount on early payments. Have a set of demand letters ready to go when payment is overdue. And consider stopping future sales to a customer until all outstanding bills are paid.
 
Issue 8: You printed up letterhead and business cards with your business's domain name, only to realize it had already been taken.
Quick Fix: Because each domain name must be unique, it certainly makes sense to do a little research to determine if the name you want is already taken. To check availability, go to www.internic.net. InterNIC is the central governing authority in the U.S. for domain name registration. Go to the section called WHOIS, and type in your desired domain name. InterNIC will tell you if the name is already taken. If it is not, it will take you through the steps to register it.
 
Issue 9: Someone stole your trade secrets off your web site.
Quick Fix: This one is easy. Don't put your company's trade secrets on your web site. Remember, anyone has access to your web site.
 
Issue 10: Your press releases aren't being picked up by the newspapers and magazines you are targeting.
Quick Fix: Did you know that reporters get tons of press releases every day? Some grab their attention, while others end up in the trash. The key here is to put your press releases n the former category, and not the latter. How do you do that? Make sure your press release is well written and covers the basic info: who, what, when,, where, why, and how. Be sure to tell the media why they should care about your story. And know that in the world of press releases, less is more. Get your point across, but don't make your release too long!
 
Knowing how to avoid these common business pitfalls will have your business up and running successfully for years to come!

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Now that you've decided to operate your own business, you need to figure out the type of legal structure your business will operate under. With the goal of helping you find the right legal structure for your business, we're going to go over the four most common here: sole proprietorship, partnership, limited liability corporation, and corporation.
 
But, before we get into the details of each structure, let's talk a bit about what factors will determine what structure you choose. Here are a few things you should take into consideration when determining your business structure:
  
- The type of business you are starting.
- Your budget.
- How you are planning to finance your business.
- Personal liability issues.
- How many owners there are involved with the business.
- Your long-term goals regarding the future of your business.
- Your family situation.
 
Once you've looked at the needs of your business and have determined the type of structure you think will work best, always get the advice of an accountant or lawyer who has experience with business structures. There's a lot to consider, and the choices can sometimes be confusing!
 
Sole Proprietorship
 
If your business is a home business, sole proprietorship is the most common, not to mention the easiest, structure used. Basically, a sole proprietor business structure means that your business and your personal affairs are dealt with as one entity. Things like your tax return, personal liability, and control of revenue and profits are merged under one umbrella. Caution! This doesn't mean that your business finances and your personal finances shouldn't be separated. Indeed, they should be for both record-keeping and tax purposes.
 
What are the advantages to a sole proprietorship? In a nutshell, a sole proprietorship is so easy and inexpensive to start up that you can decide on your business one day, and have it open the next. There are few legal forms and government regulations to deal with, and you have complete control over any revenues or profits the business generates.
 
What are the cons? Well, the biggest disadvantage is that if anything goes wrong on the business side, you are personally liable. This means you are putting your personal assets on the line. If you need money from a bank or other source they are hard to come by if you are a sole proprietorship, and a sole proprietorship can also be hard to sell for more than equipment and inventory value.
 
Partnership
 
A partnership is a low-cost structure that allows more than one person to open a business. Like a sole proprietorship, business profits are treated as taxable personable income and split among those involved.
 
Advantages to the partnership include the fact that a group of people to get a business up and running with very little money and hassle. All financial obligations are split among several people. A partnership also allows for each person involved to bring certain talents to the table, which benefits the business as a whole. Bookkeeping and record keeping requirements are similar to those of sole proprietorship, and there are no rules regarding how many people can form a partnership. Also, if money is going to be borrowed, more people usually have more borrowing power than one person. Partnerships can be a great way to go if family members want to work together to build a business.
 
The biggest disadvantage to partnerships is that all partners are personally liable for the actions of the others involved in the business. A partnership doesn't offer any legal protection because the business is not a separate legal entity. Liability can also extend to family members who own joint property with those involved in the business.
 
Corporation
 
A corporation is a separate legal entity from the owners of the business. This means the business pays taxes, assumes debt, can sue, can be sued, and must pay taxes on its income before paying dividends to the owners or shareholders. The finances of the business are completely separate from the owners' personal finances.
 
The biggest pro to having a corporation is that the owners and shareholders are no longer personally liable for anything that might go wrong on the business side. If the business is sued, it is the business that is named and not the owner. If the business borrows money and can't repay it, the owners are not personally responsible for paying the debt. In addition, it is much easier to arrange for financing for a corporation, and because they are their own legal entity, they are very easy to sell.
 
The biggest disadvantage of a corporation might be double taxation. In other words, profits from the business are taxed, and then those same profits are taxed again after the shareholders or owners get their income. Corporations are also expensive to form and keep up, and they require lots of time in the form of paperwork. Anyone who builds a corporation must also be prepared to keep on top of state and federal rules and regulations.
 
Limited Liability Corporation
 
The newest business legal structure, a limited liability corporation, combines features of the corporation with features of the partnership. In a nutshell, a LLC protects personal liabilities like a corporation but has the tax advantages of a partnership. LLCs are less expensive to form than a corporation, but provide more protection than a partnership. There are also fewer rules and regulations than there are in a corporation. A LLC is thought by many to be the best of both worlds.

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Your business is only as good as the people behind it. That's right, people drive your business! To that end, it is important to the success of your business that you attract and retain good employees. There are also certain laws within your state regarding hiring and firing, employee wages, and health and safety regulations. In order to be in compliance with state rules and regulations, it is important that you are aware of these laws, and follow them to the letter. Going by the book can help avoid employee problems later on!
 
Hiring Employees
 
Employees make or break your business. That's right. The right employees are a key ingredient to your business success.
 
However, there are many federal and state laws that govern how to find and hire employees. If you don't pay attention to the rules, and follow them, you may find yourself the defendant of a costly lawsuit. Or, equally as bad, you may end up getting stuck with employee who just isn't working out, but is difficult to fire.
 
Legally hiring a good employee begins right with the interview process. Did you know that some subjects are taboo? While you can ask just about any question relating to past and present jobs, skill set, and experience, you can't ask questions pertaining to age, disability, marital status, religious affiliation, sexual orientation, or ethnic background. These questions violate laws requiring equal employment opportunity and prohibiting discrimination in employment such as Title VII of the Civil Rights Act of 1964, The Age Discrimination in Employment Act, The Civil Rights Act of 1966, The Immigration Reform Act and Control Act of 1986, and the Americans with Disabilities Acts.
 
Wow! Those certainly are a lot of laws to familiarize yourself with. But don't worry. No need to read them from start to finish (unless, of course, you are in the business of employment law!). Just make sure to keep your interview questions based on experience, skills, and qualifications, and you should be fine.
 
If you choose to have potential employees fill out employment applications, make sure the questions on the application are legal as well. A good, legal application asks for information such as past and present work experience, educational background, special skills, and gives permission for the company to check references.
 
Once you've decided upon a candidate, employee agreements can diminish the possibility of a lawsuit later on. Agreements should spell out the job position, job responsibilities, wages and benefits, if the employee is an "employee at will," when the employee can be terminated for good cause, when the employee can be terminated without good cause and whether severance will be due, and where and how disputes will be handled.
 
Why It's Important to Have Written Policies
 
Making employees aware of the rules and policies you expect them to adhere to not only shows them respect, it cuts down on potential lawsuits. An employee handbook is a good place to put these policies in one place. A good employee handbook addresses:
 
- Hours and overtime pay.
- Vacation and sick days policy.
- Sexual harassment policy.
- Illegal drugs and alcohol policy.
- Disciplinary policy.
- Your At-Will Employment policy.
- Your non-discrimination policy.
- Your health and safety policy.
 
Firing Employees
 
Sometimes you've tried everything, and the best thing for all parties involved is to terminate the employee. In order to avoid a wrongful termination lawsuit, make sure you have everything in order. While an employee at will doctrine states that you can let an employee go for any reason, at any time, you should know the doctrine has exceptions. Before taking the final step of firing an employee, it's always best if you have a good reason and have given several documented warnings. It goes without saying that letting a employee go should never be construed as harassment or discrimination.
 
Wages
 
Your state has a minimum wage, as well as a overtime policy, that must be adhered to. Not only must you pay your employees according to state and federal laws, you must post those state and federal laws on current posters displayed in areas where employees have access to them. These posters tell employees what the minimum wage is, when they are entitled to overtime, and how they are paid for sick and vacation days. It is important that both employee and employer are up to date on the latest laws, as they change frequently.
 
Health and Safety
 
Each state also has health and safety regulations that must be followed by employers. Federal OSHA laws must be posted on compliance posters in all places of employment where employees can see them and refer to them. Other health and safety laws that must be posted vary by state. Depending upon the business, it is also smart to post relevant compliance posters that promote wellness and safety tips. For example, a construction company might display a poster on safe machinery practices in an area that employees often congregate.

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