The document outlines the steps to starting a business, including finding a passionate problem to solve, choosing a management structure like an LLC, carefully budgeting operating costs, developing a sound business plan and strategy, and considering target markets and competition. It emphasizes the importance of financial statements like the income statement, balance sheet, and cash flow statement to track finances and stay on top of income and expenses. Maintaining responsible finances allows businesses to see issues coming and adjust their strategy.

1. Starting a Business
The first step in starting a business should
be to find something you love to do. Its not
work if you are passionate about your job.
The next step is to define your industry's
problem. What is your business going to
provide to help people and fix the
problem?

2. Starting a Business
Now choose what type of management
style you will employ.
● Sole Proprietorship
● Partnership
● Corporation
● LLC

3. Starting a Business
● Calculate all operating costs.
● It is a good idea to budget around twice
as much as you think you will need.
● Always plan for the unexpected.

4. Starting a Business
● Come up with a sound business plan
and strategy.
● Find the best ways to implement this
strategy.
● Having a plan is always a recipe for
success.

5. Starting a Business
Things to consider about your business.
● Your target market
● Your competition
● Marketing your new company
● Perform a SWOT analysis for your
business
– Strengths, Weaknesses, Opportunities,
and Threats to your new company.

6. Important Financial
Statements
These help keep track of your business
finances. They are a snapshot at your
operations and allow you to stay on top
of your income and expenses.
● Income Statement
● Balance Sheet
● Cash Flow Statement

7. Income Statement
Revenues Expenses
● Receipts of sales ● Cost of Goods Sold
● Returns on investments ● Operation Expenses
● Franchising fees collected ● Financing Expenses
● Rental property income

8. Balance Sheet
There are three
sections:
Assets Equity
Current ● Stock
Long term ● Retained Earnings
Other (tangible,intangible)
Liabilities
Current
Long term

9. Cash Flow Statement
It is the summary of the actual or
anticipated incomings and outgoings of
cash in a firm over an accounting period
(month, quarter, year).

10. Finances
● Keeping track of your new business'
finances to the letter is the best way to
stay on top of everything. Being more
responsible with your money will allow
you to see any pitfalls coming and adjust
your strategy.