Whether #OperatingABusiness or #StartingABusiness, the owner has an initial responsi-

bility for everything . . . . funding, location, marketing, services, products, etc. Sure, if you

buy a franchise, they may be responsible for the location, initial marketing, training, etc.

Still, the owner makes the final decisions.

If you start a business with one or more partners, it is important not only that there is

transparency, but that each party understands what their responsibilities are. Also, all this

needs to be in writing and signed by all parties. You don’t want future arguments like “he said

this” or “she said that”.

Whether you are leasing, renting or buying a location, be sure all agreements are in writing

before doing anything to the property. Sure, you are anxious to get started, but sometimes

real estate agreements fail due to circumstances beyond your control. Let”s say you have

already started building out the location. That could be an expenditure you cannot recover

if a bank would disapprove financing for the rental/lease/purchase for any reason, thereby

requiring you to find another location.

When  funding is coming from more sources than your own account, don’t start spending

or obligating it until everything is assured. A banker could say to you “everything looks good”,

but later a senior officer disapproves and requires changes.

As you grow, you most likely will add employees. They may be very experienced, but do

they know what you expect of them? Clearly communicate your expectations before the final

hiring. And, another responsibility will be for you to develop a typed (printed) list of company

rules and regulations. Each employee must sign and be given a copy. This agreement should

cover tardiness, sickness, drugs, harassment, vacations, alcohol, dress, etc., and be posted.

Then there is the subject of safety. Each City and State can have individual rules that have

to be posted. And, fire departments make inspections to make sure you haven’t neglected to

provide what they feel are necesssary protections. It is your responsibility to follow through.

                                         Be Ready For Success!

Buy the book  Employ Yourself Now, Enjoy Yourself Now — 7 Steps to Start and Operate

a Business in Less Than 90 Days.  As a bonus, you will receive (free) a 1/2 hour personal

small business phone consultation with the author (value $65.00).







Comments are closed.

Home - About the Book - Jack Terry's Blog - Shop Here - About the Author - Contact Me

Copyright 2021© | Employ Yourself Now | All Rights Reserved

Silver Knight Author Websites Silver Knight Solutions LLC Silver Knight Web Store