Small Business

There are four basics of marketing. (the four P's) Product is the item or service you sell. Price is the amount you charge for your product or service. Promote are the ways you inform your market as to who, what and where you are. Provide are the channels you use to take the product to the customer. A major part of marketing invovles researching your customers to find out their need, and then fill it. Also, discover what your cusomers want and what they will be willing to pay for it.

There are four basics of marketing. (the four P's) Product is the item or service you sell. Price is the amount you charge for your product or service. Promote are the ways you inform your market as to who, what and where you are. Provide are the channels you use to take the product to the customer. A major part of marketing involves researching your customers to find out their need, and then fill it. Also, discover what your customers want and what they will be willing to pay for it.

The price of goods or services is based on three basic production costs: direct materials, labor and overhead. After you determine this unit cost, you will need to determine a unit price to cover your production costs and achieve your desired profit margin. This amount should be acceptable in the marketplace. It must be profitable and competitive. The basic economic concept of supply and demand should also be considered in the pricing equation. Speak to your local CPA about your pricing strategies.

A college professor was overheard telling his class, "There are three basic principles for a successful business: location, location, location". You can have the best business in the world, but if it is located in a desert, your business will probably fail. Time and effort devoted to selecting your business location will mean the difference between success and failure. The kind of business you are in, the potential market, the availability of employees and the number of competitive businesses in your neighborhood should all be determining factors in your choice of location.

Generally, you may lease or buy the location for your business. Supply and demand will figure into your decision. A surplus of commercial and retail space may give you the opportunity for some favorable leasing rates, but owning might also be to your advantage. Owning provides you with the tax benefits of capital appreciation of the property, interest expenses write-offs, equity buildup in the property, the potential for you to lease or rent space for additional revenue and having greater control over the property. Speak to your local CPA about the tax ramifications of buying or leasing and their recommendations of a reputable commercial real estate firm in your area.

If you’re planning on sharing responsibilities, profits and losses, resources and liabilities, then you should make a formal agreement. When everything is going right and you are making money you have a lot of best friends. When things are going great, you do not want one person saying they deserve more than the other. When, and if, your business is losing money, you will want a formal agreement. It is really in everyone's best interest to have a formal agreement when a business venture is involved. You may want to consider a partnership or corporation. Speak to your local CPA about the formation of the business entity.

When you buy a franchise, you are purchasing a business which operates under the name and image of a large company. The concept is that you get the best of both worlds. The freedom of running an independent business and the security of working for a big company. The relative freedom and security will vary depending on the franchise. Generally, you will benefit from regional or national advertising. You get associated goodwill revolving around the larger company’s reputation and image. All franchise opportunities should be thoroughly investigated prior to purchasing one. Speak to your local CPA about your franchising opportunity.

When you buy a franchise, you are purchasing a business which operates under the name and image of a large company. The concept is that you get the best of both worlds. The freedom of running an independent business and the security of working for a big company. The relative freedom and security will vary depending on the franchise. Generally, you will benefit from regional or national advertising. You get associated goodwill revolving around the larger companies reputation and image. All franchise opportunities should be thoroughly investigated prior to purchasing one. Speak to your local CPA about your franchising opportunity.

The Social Security Act was signed by President Franklyn D. Roosevelt on 8/14/35.
Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made the same month. Regular ongoing monthly benefits started in January 1940.