Small Business and Self-Employed Business Owners Help Center

A 10 Step Guide to Successful Small Business Management

Print out the Step-by-step Checklist

Make your business run better and more profitably

Table of Contents

Ten Building Blocks
to Success:
 1. Starting a Business
 2. Financing a business
 3. Company Name
 4. Office Equipment
 5. Hiring
 6. Business Insurance
 7. Advertising
 8. Efficiency
 9. Pension Plans
 10. Succession Plans

Checklist for Success

 More Useful Advice:

▪ Life Insurance

▪Disability Insurance

▪Medical Insurance

▪Long Term Care

▪Travel Insurance

▪Dental Insurance

        Resources

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Step 2: Financing

If you need financing there are many options available, each with pros and cons. Choose those that work
best for you. Business credit can be gained by building up a positive credit report.

(I) Personal Finances. Safest route, if you have the resources. Finance your own business.

(II) Home Equity Loan. Once you're approved and have those checks in hand use them carefully.
The loan is technically a lien against your house and must be repaid. Minimum monthly payment is usually the interest owed for the prior month and is tied to the Prime lending rate. The interest is tax deductible, unlike interest on a credit card. Places to apply:

                    The Bank where you have your mortgage

                    The Bank where you have your checking and savings

                    Online. One good source is Countrywide Lending at www.countrywide.com

(III) Personal Credit Card. This is a bit risky. Many businesses use credit cards for general expenses incurred during the month. Taking on more credit card risk must be used cautiously. Two features that work in your favor:

     (1) Cash back Bonus. Forget Frequent Flyer Miles which take a long time to accumulate, have
     restrictions on usage, and have limits on the purchase of an airline ticket. Go for cards with Cash Back, like
     Discover Card's Cash Back Bonus is from 1% to 5% depending on the purchase. Use the bonus to
     reduce future bills. Check it out at http://www.discovercard.com/discover/data/cashback.

    (2) Interest Free Credit. many cards have introductory offers of zero percent interest for up to 15
     months. After that, the regular interest rates apply. These rates are much higher than Home Equity Rates so
     try to pay off quickly. For the most recent list of credit card offers go to:
    http://www.discovercard.com/discover/data/cashback.

(IV) Debt Consolidation. if your have bad debt or need help consolidating debt you'll find help at:
Debt Consolidation Care. Their website has expert advice, forums and FAQs on the subject.

(V) Bank Loans. Go to your bank or commercial lender and apply for a business loan which will require some sort of collateral. Explain that you are raising capital (funding) for a new business venture and need a business loan or commercial loan for financing equipment and At the same time apply for an SBA Loan. See next section.

(VI) Small Business Loans. The SBA doesn't lend money it is a guarantor of loans made to banks. Ask your bank for more information.

(VII) Small Business Grants. If you google those three words you'll see many websites devoted to government grants for small businesses.

Move on to Step 3: The Company Name.

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Dental Practices:
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Buy, Sell, Valuation