Gregory F. Kishel & Patricia Gunter Kishel 
How to Start, Run, and Stay in Business 
The Nuts-and-Bolts Guide to Turning Your Business Dream Into a Reality

A new 25th anniversary update of the entrepreneur’s bible

For twenty-five years, entrepreneurs have relied on this friendly,
comprehensive guide to the basics of successfully operating a small
business. Now, this new Fourth Edition of How to Start, Run &
Stay in Business completely updates the bestselling classic for
today’s entrepreneur. It features all the reliable, straightforward
advice readers expect and also includes entirely new information on
online business and marketing as well as new Internet
resources.

Material on legal and financial issues, international business,
customer service, and state and federal tax regulations has been
fully revised. Plus, new charts, illustrations, questionnaires, and
checklists make the book more practical and useful than ever.
Inside, you’ll find world-class guidance on every vital aspect of
small business success, including:

* Preparing a business plan

* Finding the right location

* Deciding on an ownership structure

* Record keeping and taxes

* Financing and capital

* Inventory and distribution

* Hiring and staffing

* Managing and motivating people

* Marketing and promotions

* Risk management

* And much more

In addition, a wealth of helpful resources covers all your outside
needs, from attorneys and accountants to trade associations and Web
site designers. Whether your business is brick-and-mortar,
mom-and-pop, home-based, or online, How to Start, Run & Stay in
Business, Fourth Edition provides all the information you need to
make your entrepreneurial dream a reality.

Table of Content

Preface ix

1 Getting Started 1

What’s in It for Me? / Do I Have What It Takes? / Goal Setting / What Kind of Business? / Starting versus Buying a Business / Checklist for Going into Business

2 Preparing Your Business Plan 17

When to Use a Business Plan / The Plan / Planning Resources / Guidelines for Successful Planning / Planning Checklist

3 Determining the Best Location 29

Choosing the Community / Choosing the Site / The Environment / Making a Traffic Count / Geographic Information Systems Mapping / Rating the Site

4 Your Building 41

Looks / Livability / Layout / Amenities / Rating Your Building

5 Structuring the Business 50

Sole Proprietorship / Partnership / Corporation / Limited-Liability Company / Government Regulation / Structuring the Business Checklist

6 Recordkeeping and Taxes 72

The Value of Good Records / Recordkeeping Systems / Taxes / Tax-Related Decisions / Recordkeeping and Taxes Checklist

7 Financial Statements 84

Summarizing Financial Data / The Importance of Financial Statements / The Balance Sheet / The Income Statement / Interpreting Financial Data / Financial Ratio Checklist

8 Obtaining Capital 95

Determining Your Initial Investment / Sources of Capital / Venture-Capital and Angel Resources / SBA Business Plan Questionnaire / Financing Checklist

9 Inventory and Distribution 116

Controlling Your Inventory / The Optimum Level of Inventory / Merchandise Turnover / Universal Product Codes / Just-in-Time Management / Inventory Shrinkage / Managing Your Distribution Network / Inventory and Distribution Checklist

10 Setting the Price 130

Pricing and Customers / Pricing and Competition / Pricing and the Economy / Pricing and Profit / Pricing Methods / More about Markups / Pricing Strategy / Pricing Strategy Checklist

11 Staffing 141

Analyze Each Job / Prepare Job Descriptions / Check Recruitment Sources / Use Application Forms / Conduct Interviews / Verify Information / Make the Hiring Decision / Outsourcing / Staffing Checklist

12 Managing and Motivating 157

Developing Your Own Management Style / Knowing When to Delegate / Finding Ways to Motivate / Developing a Corporate Culture / Running an Ethical Business / Leadership Checklist

13 Developing Your Promotional Strategy 169

Advertising / Publicity / Public Relations Resources / Preparing an Advertising Budget / Promotional Strategy Checklist

14 Selling and Servicing 191

A Positive Approach to Selling / Maintaining Good Customer Relations / Staying Organized / Customer Service Checklist

15 Safeguarding Your Business 205

Risk Management / Types of Insurance Coverage / Recognizing Warning Signals / Insurance Checklist

16 International Marketing 218

Why Go Global? / Evaluating Foreign Markets / Utilizing Market Research Data: Secondary versus Primary Data / Sources of Information / Choosing Your Entry Strategy / International Marketing Checklist

17 Franchising 234

The Definition of Franchising / The Price / The Advantages and Disadvantages of Franchising / The Franchise Agreement / How to Find Franchise Opportunities / Evaluating a Franchise / Franchising Checklist

18 Getting Help 245

Sources of Outside Help / Accountants / Advertising Agencies / Attorneys / Bankers / Chambers of Commerce / Colleges and Universities / Government Agencies / Insurance Agents / Libraries / Management and Marketing Consultants / Temporary Help Services / Trade Associations / Website Designers/Managers / Publications / SBA Field Offices / Small Business Development Centers (SBDCs) / Small Business Resource Websites

Index 275

About the author

GREGORY F. KISHEL and PATRICIA GUNTER KISHEL are MBAs, business consultants, and coauthors of several Wiley books. They are also the authors of How to Start and Run a Successful Consulting Business; Start, Run, and Profit from Your Own Home-Based Business; and Start and Succeed in Multilevel Marketing.