Running Your Business: 85 Things You’ll Want to Know
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Taxes and Bookkeeping
Step
Description
Resource
1
Learn the rules for paying estimated taxes.
Paying Estimated Taxes
2
Find out the details of federal employment taxes.
Tax Savvy, by Frederick Daily
3
Learn about the various federal tax deductions related to salaries and business expenses.
Deduct It! Lower Your Small Business Taxes, by Stephen Fishman
4
Familiarize yourself with the basics of business taxes for your legal form of business (Partnership, LLC, S Corporation).
Tax Savvy, by Frederick Daily
5
Get small business guides from the IRS.
IRS website
6
Learn about depreciation and Section 179 of the IRS Code.
Deduct It! By Stephen Fishman
7
Find out what to do if you owe money to the IRS.
How to Deal With the IRS
9
Consider hiring a bookkeeper or accountant if your business has grown big enough or you need someone else with the right expertise.
Legal Guide for Starting & Running a Small Business, by Fred S. Steingold
10
Know what financial records to keep–and for how long.
How Long Should You Keep Business Records?
11
Learn how to handle your taxes if you are operating at a loss.
Tax Savvy, by Frederick Daily
12
Become aware of the key tax issues for employers.
The Employer’s Legal Handbook, by Fred Steingold
Insurance
13
Find out about possible ways to save money on your business insurance.
Obtaining Busness Insurance
14
Know how to make a claim if you suffer a loss.
Small Claims Court and Business Disputes
Contracts and Leases
15
Make sure your contracts are legally valid–and try to write them in plain English.
Contracts 101: Make a Legally Valid Contract
16
Learn how to amend an existing contract.
Sample Amendment to Contract
17
Get the best possible new lease when moving to a new location.
Signing a Lease or Rental Agreement FAQ
18
Avoid creating or signing unfair or illegal contracts.
Unenforceable Contracts: What to Watch Out For
19
Learn the basics of your state’s business contract laws.
Contracts, by Richard Stim
20
Become more familiar with business-to-business contracts.
Contracts, by Richard Stim
21
Find out what you need to do when the time comes to sign a contract.
Ten Tips for Making Solid Business Agreements and Contracts
22
Investigate whether it’s better to buy or lease business equipment.
Business Equipment: Buying vs. Leasing
Loans, Financing, and Cashflow
23
Learn about ways to cut costs if your business is short of cash.
How to Cut Costs and Spend Less in a Cash-Strapped Business
24
Find out how to increase your business’s cash flow.
How to Create More Cash Flow for Your Business
25
Learn how to keep your cash in your business.
How Small Businesses Can Hoard Their Cash: 9 Ideas
26
Find out how to collect on your debts.
Collecting Business Debts
27
Find out about alternative ways to borrow money.
Alternative Ways to Borrow Money When Your Business Needs It
28
Learn about ways to deal with bankrupt customers.
Customer Bankruptcies: Ten Tips to Minimize Losses
29
Figure out if you should pursue a bankrupt customer.
Deciding Whether to Pursue Payment by a Bankrupt Customer
30
Know more about why you should pay your bills on time.
Why Businesses Should Pay Their Bills on Time if at all Possible
31
Lower your energy costs.
Reduce Energy Costs for Your Small Business
32
Familiarize yourself with the rules for late fees and finance charges.
When can I charge late fees or finance charges?
33
Obtain financing from loans or equity.
Raising Private Money: Gifts, Loans, and Equity Investments
35
Make sure to document money you receive.
Promissory Notes
36
Know how to extend credit but still get paid.
Invoicing Customers and Extending Credit
37
Learn the laws about consumer credit.
Consumer Credit Laws and Your Business
38
Familiarize yourself with options for collecting what you’re owed.
Illegal Debt Collection Practices
39
Learn about your state’s debt collection laws.
What to Expect When Your Debt Goes to Collection
40
Be prudent about using credit cards and checks.
Credit Repair, by Margaret Reiter
Marketing and Working with Customers
41
Draft an effective business plan.
Write a Business Plan
42
Find out how to increase customer recommendations.
Encourage Customers to Recommend Your Business
43
Be clear on your business’s target market.
Define a Target Market for Your Small Business
44
Try to do some market research.
Doing Market Research
45
Improve and grow your business image.
Your Business Image: Ten Ways to Build and Market It
46
Figure out the best marketing strategy for your particular business.
A Marketing Strategy for Every Business
47
Find ways to advertise through e-mail without sending out junk.
Email Marketing Without Spam
48
Use your website to market you do and what you sell.
Market Your Products or Services on Your Website
49
Learn which types of list advertising are effective for your business.
Listings: Advertising That Works
50
Create ads that stay within the law.
Avoid Unlawful Advertising: Seven Rules for Your Business
51
Create a social media policy that really works.
Drafting An Effective Social Media Policy
52
Show potential customers what’s special about your business.
Your Business Image: Ten Ways to Build and Market It
53
Innovate by learning to produce–and copy–good ideas.
54
Know how to target the right customers.
Define a Target Market for Your Small Business
55
Be creative in your marketing.
Marketing Without Advertising, by Michael Phillips and Salli Rasberry
56
Learn the legal ins and outs of warranties.
Breach of Warranty Cases in Small Claims Court
Selling Goods & Services
57
Figure out the best way to sell your products — retail, wholesale, or consignment.
Retail, Wholesale, and Consignment Sales
58
Understand the basics of consumer protection law.
Consumer Protection Laws and Your Business
59
Understand the basics of consumer credit laws.
Consumer Credit Laws and Your Business
60
Know the law on shipping products and giving refunds.
Shipping and Refund Rules for Businesses
61
Decide whether it’s better to lease or buy your business equipment.
Business Equipment: Buying vs. Leasing
62
Learn when and how to invoice your customers, and whether to extend credit.
Invoicing Customers and Extending Credit
Websites and eCommerce
63
Learn about what terms and conditions should be posted on your website.
Website Terms and Conditions
64
Make sure to get proper permission when you use other people’s work.
Getting Permission to Publish: Ten Tips for Website Managers
65
Familiarize yourself with search engine optimization and get more traffic to your site.
Increasing Traffic to Your Website
66
Know who owns a website created by independent contractors.
Who Owns a Website Created By Contractors?
67
Learn the proper way to license and get paid for your creative work.
Licensing Artwork: Negotiating and Monitoring Royalty Payments
68
Familiarize yourself with the best ways to license your work.
Questions to Consider Before Licensing
Legal Matters
69
Find out how to handle business disputes and small claims cases.
Small Claims Court and Business Disputes
70
Learn about the mediation process.
Mediation for Small Businesses
71
Know whether you need to hire a lawyer.
Business Lawyers: Do You Need One?
72
Learn about your state’s Small Claims Court rules.
Everybody’s Guide to Small Claims Court, by Ralph Warner
73
Find out how to change the legal form of your business.
Having Employees and Being the Boss
74
Find out the right way to advertise a job and handle interviews.
The Job Description Handbook, by Margie Mader-Clark
75
Create an effective employee handbook and know how to discipline employees for infractions.
Create Your Own Employee Handbook, by Amy DelPo and Lisa Guerin
76
Ensure you’re meeting requirements for record-keeping and payroll withholding.
The Manager’s Legal Handbook, by Lisa Guerin and Amy DelPo
77
Decide on what kinds of employee benefits you want to offer.
Employment Law: The Essential HR Desk Reference
78
Be prepared for health and safety inspections.
OSHA: Complying With Workplace Health and Safety Laws
79
Understand illegal discrimination.
The Manager’s Legal Handbook
80
Approach terminations the right way–avoid wrongful discharge lawsuits.
Illegal Reasons for Firing Employees
81
Understand employer recordkeeping requirements.
The Manager’s Legal Handbook, by Amy DelPo and Lisa Guerin
82
Consider not showing off in front of your employees.
83
Try not to overwork yourself.
84
Work with, not against, the best competition.
85
Respond quickly when bad things happen.
The Manager’s Legal Handbook, by Amy DelPo and Lisa Guerin