DavidGass.com

You might not realize it, but the most read business book of all time is not, Think and Grow Rich, Rich Dad Poor Dad, or EMyth. All are great books and provide amazing advice. However, the most read business book of all time is the Bible.

Yes, it’s true.

I am a believer of God, Jesus Christ and have a tremendous amount of faith. That being said, I’m not a religious fanatic that places his beliefs on others every chance I get, or am I one that quotes scripture in the work place.

I am a follower however of the advice I learned reading the Bible. I believe if everyone just took some advice from the scriptures such as something as basic as the Ten Commandments, the business world would be much better off.

As a child I learned a lot from Sunday School. Learned right from wrong, good decisions from bad ones, ethical behavior, integrity and just how to treat people with respect. I believe many of us have read or heard stories from the Bible and now we as business people need to live by those lessons we learned.

Respect those around you and conduct business with a high degree of ethics and integrity.

The following is a list of items a business owner should look into when starting or running and business. This is not intended to be a complete list. There may be more items for you to consider in your specific type of business or location.
1. Become a student of Entrepreneurship
2. Choose a business and decide determine what your unique business advantage is
3. Decide on services or products to sell
4. Research competition
5. Determine a clear system for delivering a quality product / service
6. Determine demand for product / service
7. Prepare a business plan
8. Develop a marketing plan for your products/services
9. Choose Business Name
10. Choose and set-up business structure
a. Corporation
b. S-Corporation
c. C-Corporation
d. Limited Liability Company (LLC)
e. General Partnership
f. Limited Partnership
g. Sole-Proprietorship
11. File any additional Fictitious Business Name(s)
12. Obtain the federal tax identification number
13. Obtain the state tax identification number
14. Open a business bank account
15. Select an accountant
16. Select an attorney
17. Determine how and where you will get initial capital and how long it will last
18. Apply for business loans
19. Apply for business credit
20. Develop Business Credit Separate from Personal Credit of Officers and Directors
21. Establish a line of credit for your business
22. Purchase needed equipment or supplies – use credit to build profile and score
23. Obtain the necessary business licenses and/or permits
24. State Business License
25. County/City License
26. Certificate of Occupancy
27. Investigate government requirements
28. Businesses face a number of government requirements, particularly if the business has employees. You should investigate your business’s obligations for the following:
a. Unemployment insurance
b. Workers’ compensation
c. Federal tax
d. State and local tax
e. Self-employment tax
f. Payroll tax requirements (such as FICA, federal unemployment tax, and state unemployment tax)
g. Sales and use tax
29. The Federal Occupational Safety and Health Administration (OSHA) outlines specific health and safety standards employers must provide for the protection of employees. Many states have similar standards.  For state information contact your local OSHA office.
30. Check zoning requirements
31. Lease office space
32. Set up your business accounting
a. Decide on software or manual
b. Determine accounting method – cash / accrual
33. Create business materials
34. Protecting Your Intellectual Assets
a. Trademarks:  To register a trademark contact: U.S. Department of Commerce Trademark Office 2021 Jefferson Davis Highway Arlington, Virginia 22202 (703) 305-8341 or (800) 786-9199
35. Patent
a. To register a patent, contact:  Asst. Commissioner for Trademarks, Patent Applications Washington, D.C. 20231 (800) 786-9199   Also, visit their web site at http://www.uspto.gov Contact:  Superintendent of Documents P.O. Box 371954 Pittsburgh, Pennsylvania 15250-7954 (412) 512-1800
36. Copyrights; Contact:  U.S. Library of Congress James Madison Memorial Building Washington, D.C. 20559 (202) 707-9100 – Order Line (202) 707-3000 – Information Line
37. Bar Coding; The Uniform Code Council, Inc.
a. (not a government agency) assigns a manufacturer’s ID code for the purposes of bar coding.
b. many stores require bar coding on the packaged products they sell. For additional information contact: Uniform Code Council Inc., P.O. Box 1244, Dayton, Ohio 45401, (513) 435-3870.
38. Determine Business Insurance Needs
a. Liability Insurance — Businesses may incur various forms of liability in conducting their normal activities. One of the most common types is product liability, which may be incurred when a customer suffers harm from using the business product. There are many other types of liability, which are frequently related to specific industries. Liability law is constantly changing. An analysis of your liability insurance needs by a competent professional is vital in determining an adequate and appropriate level of protection for your business.
b. Property — There are many different types of property insurance and levels of coverage available. It is important to determine the property you need to insure for the continuation of your business and the level of insurance you need to replace or rebuild. You must also understand the terms of the insurance, including any limitations or waivers of coverage.
c. Business Interruption — While property insurance may pay enough to replace damaged or destroyed equipment or buildings, how will you pay costs such as taxes, utilities and other continuing expenses during the period between when the damage occurs and when the property is replaced? Business Interruption (or “business income”) insurance can provide sufficient funds to pay your fixed expenses during a period of time when your business is not operational.
d. ”Key Man” — If you (and/or any other individual) are so critical to the operation of your business that it cannot continue in the event of your illness or death, you should consider “key man” insurance. This type of policy is frequently required by banks or government loan programs. It also can be used to provide continuity in operations during a period of ownership transition caused by the death or incapacitation of an owner or other “key” employee.
e. Automobile — It is obvious that a vehicle owned by your business should be insured for both liability and replacement purposes. What is less obvious is that you may need special insurance (called “non-owned automobile coverage”) if you use your personal vehicle on company business. This policy covers the business’ liability for any damage which may result for such usage.
f. Office and Director — Under some circumstances, officers and directors of a corporation may become personally liable for their actions on behalf of the company. This type of policy covers this liability.
g. Home Office — If you are establishing an office in your home, it is a good idea to contact your homeowners’ insurance company to update your policy to include coverage for office equipment. This coverage is not automatically included in a standard homeowner’s policy.
h. Other business insurance
i. Insurance Coverage For Small Businesses
ii. Worker’s Compensation Insurance
iii. Other Insurance Coverage
iv. Excess Liability Coverage
v. Employment Practices Liability Coverage
vi. Life Insurance
vii. Unemployment Insurance Tax
i. Businesses are required by the state to pay unemployment insurance tax if the company has one or more employees for 20 weeks in a calendar year, or it has paid gross wages of $1,500 or more in a calendar year. The taxes are payable at a rate of 2.7 percent on the first $8,500 in annual wages of an employee.
39. Workers’ Compensation; If a business employs three or more people, workers’ compensation insurance must be carried to provide protection to those injured in on-the-job accidents. The State Board of Workers’ Compensation aids people who need claim assistance.
40. Immigration Act; The Federal Immigration Reform and Control Act of 1986 requires all employers to verify the employment eligibility of new employees. The law obligates an employer to process Employment Eligibility Verification Form I-9. The Immigration and Naturalization Service Office of Business Liaison offers a selection of information bulletins and live assistance for this process through the Employer Hotline. In addition, INS forms and the Employer Handbook can be obtained by calling the Forms Hotline.  For Forms: (800) 870-3676  Employer Hotline: (800) 357-2099
41. Minimum Wage
a. Virtually all business entities are subject to the federal minimum wage, overtime and child labor laws. Information on these laws and other federal laws, may be obtained from:
i. U.S. Department of Labor Wage and Hour Division
42. Determine Approach to Handle Payroll and Human Resources
a. Payroll Company such as ADP
b. Employee Leasing
c. Doing On Own

After several years of working with small business owners I have learned there is no better way to grow a company than with: Leverage! Leverage is the most productive way to grow a company. So what is leverage? The use of other people’s resources.

Leverage can be broken down into one word: TIME

T – The use of other people’s Time

I – The use of other people’s Intellect

M – The use of other people’s Money

E – The use of other people’s Experience

You can leverage your time by using other people’s time. By hiring employees you are doing this, as well as asking for help from friends and family. You don’t have to do everything yourself. Sometimes it pays to work with others.

I have hired some really smart people to work in my organizations. By hiring someone who already has the knowledge and intellect, it saves me from having to learn it. Plus, you can’t be an expert in all aspects of your business. Hire someone who has the knowledge of accounting and taxes, so you don’t have to do that. Hire someone who has the knowledge of computers and software. The list goes on and on.

The use of other people’s money is the ability to leverage credit and financing to increase your company’s bottom line. Don’t go out and give away equity in your business if you don’t need to, just to get a capital infusion. In many cases you can leverage other people’s money by using credit and financing.

I can’t even count the number of times I have saved money by just asking others to think of a better way based on their experience. Look to those that have been through similar circumstances as you and get their perspective on how to handle specific situations. Listen to what they did and what worked or didn’t work. Experience is vital.