how to open and operate a business

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Daily Tasks

Ved Horace Lyons

MIT SLOAN Courses

Ved Ash Martin

clara.oriol@student.ie.edu

Ved Clara Oriol

The Domesday Book

Ved Robert Dabil

how to open and operate a business

pros and cons of hiring a logo designer vs designing it myself

they specialize in designs that grab attention if you pick the right one

designers know what is popular

would an LLC, partnership, or sole proprietorship be more effective?

how to file taxes for said business

be sure to file the correct tax return

keep up with deadlines

ensure all documentation is correct and accessible

meet with a financial advisor

how to determine a good location for said business

consider parking and/or drive through options

think about advertising and recruiting efforts

go where the demand for your business is

find a safe location

think about venders and suppliers

ensure the potential spaces are within budget

how to go about getting a business loan to open said business

follow up and stay on top of paperwork

fill out and submit application

narrow down the right lender for my needs

gather documentation

figure up approval odds before meeting

decide what kind of financing I would need

figure out what each lender I am interested in is looking for

would it be better to hire a manager up front to train and such or easier to do it myself initially?

manager can take the scheduling and training off my plate completely

doing it myself would ensure everyone was trained the way I wanted them to be

hiring a manager up front would give me more time to focus on the business as an entirety

hiring a manager up front would cost more

how to deduce how many employees I would need and what to pay them

after speaking with the bank and determining a business plan and loan, I can estimate how much I can afford to pay employees initially

depending on the hours of operation will be a factor in determining how many shifts I would need

if I decide on a food truck, I wouldn't need as many employees

if I rent or buy a site built space, I would likely need more employees

what is needed from the irs to make this business legal?

decide to offer employee healthcare or not

accounting for business

apply for EIN

figure up business taxed

get a business structure together

pros and cons of buying a mobile food/coffee truck

smaller space means fewer employees

cheaper alternative to a site built space

having to get permission to park certain places

mobile to park in different places for better business

pros and cons of renting a space

when renting there is a landlord to fix issues with the building. lower cost of maintenance

if I bought the property, it could be whatever I envision for my business

if the business didn't survive, I could get out of a lease easier than selling the space

if I buy, the space would be exclusively mine

cost of rent is more expensive in a site built space

how to draw up a business plan

get a rough financial plan together

look up commercial listings to get an idea of what type of space I would need

get with several different banks to explore my options

decide what kind of business I want to open

find a niche