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January 2002

Thinking of Owning and Managing Your Own Business?

Here is a helpful checklist based on ideas from Empire State Development's Division for Small Business ...

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Have you talked to an attorney and an accountant?

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Do you know which business structure is right for you? Sole proprietor? Partnership? C Corp? S Corp? LLC?

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Do you know how much money you will need to get your business started?

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Do you understand cash flow and what it will take to carry the business until it turns a profit?

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Have you realistically calculated income and expenses for the next three years?

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Do you know how much money of your own you can put into the business?

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Do you know how much credit you can get from your suppliers?

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Do you know where to borrow the rest of the money you need to start your business?

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Have you figured out what net income per year you can expect to get from the business?

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Have you counted your salary and profit into the money you put in the business?

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Do you need a partner to help finance your idea?

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How much of the business are you willing to share with an outside investor?

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Have you found a good building for your business?

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Will you have enough room when your business grows? If not, what's the next step?

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Does the zoning conform to the kind of business you are planning to do?

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Do you know what equipment and supplies you will need?

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Have you found suppliers who will sell you what you need at a good price?

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Have you compared the prices and credit terms of different suppliers?

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Have you planned a records system to track your income and expenses?

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Have you worked out a way to track inventory so you're not under or oversupplied?

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Have you figured out how to handle billing, payroll and taxes?

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Have you decided whether or not to let your customers buy on credit?

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Do you know what financial statements and tax reports you will need to prepare?

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Do you know what licenses and permits you will need?

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Do you know what federal or state regulations governing your business you need to obey?

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Have you talked to an insurance agent?

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Do you have a marketing plan in place?

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Do you know who your competitors are?

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Are you researching product and service innovations in your industry to remain competitive?

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Have you gone to the SBDC or SBA for good advice?




 

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CORTLAND COUNTY BUSINESS DEVELOPMENT CORPORATION /
INDUSTRIAL DEVELOPMENT AGENCY

Executive Director: Thomas E. Gillson
info@cortlandbusiness.com

37 Church Street
Cortland, New York 13045
Phone: (607) 756-5005   Fax: (607) 756-7901

© 2008 Cortland County Business Development Corporation