Terms

Business Planning - A written document that clearly defines the goals of a business and outlines the methods for achieving them. A business plan describes what a business does, how it will be done, who has to do it, where it will be done, why its being done and when it has to be completed. And, it should be complete, neat and accurate.

Capital/Finance - One key to a successful business start-up and expansion is your ability to obtain and secure appro- priate financing. Raising capital is the most basic of all business activities and it can be a complex and frustrating process if you are not informed, well prepared and have planned effectively, raising money for your business. You should explore all of your options before making a decision such as: Personal Savings, Venture Capital Firms, Friends, Relatives, Banks and Credit Unions.

Government - Local, state and federal governments all have regulations with which businesses must comply. Go to Page 4 for the most common requirements and the agencies responsible for them. This is not meant to be a comprehensive listing and it would be wise to consult with your attorney to ensure you are in compliance with all requirements for your type of business. When calling a government agency, it is best to be prepared to state your need as specifically as possible. Agencies are very specialized, so be ready to spend time talking to several different agencies for different needs and a good idea to jot down the name of the person you speak with and to take notes on what is said so you can reach the same person again to ask further questions and to assist you in your follow-up.

Taxes - Today´s business owner is faced with an increasing amount of administrative requirements and paper- work. A White House commission on new business listed as one of its six goals to "eliminate or reduce onerous requlations and reporting requirements that inhibit new companies´ growth in some cases threaten their survival." One administrative requirement is the proper reporting and payment of various federal and state taxes. Because regulations change and every business situation is unique, we strongly recommend making an accounting professional part of your team from the beginning.

Law - As an owner of a small business, one must be aware of the legal aspects of hiring and firing employees.