As you start a company plan ahead give yourself the

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Unformatted text preview: Your bank is your boss. Your fixed costs are your boss. • The myth of“independence”: Owning a business doesn’t make you independent — not needing money makes you independent. As long as you need money, you can’t be independent. Think it Over The folklore of business start-ups generally underestimates the risks. Imagine yourself missing mortgage payments when you can’t cover your business costs and facing employees when you can’t make payroll. Those negative images are also part of business ownership. Don’t go into a business based on the folklore and myths. There are plenty of good reasons to do it. As you start a company, plan ahead. Give yourself the benefit of a real estimate of start-up costs. HURDLE: THE BOOK 4.2 ON BUSINESS PLANNING • If you can’t afford to lose the money, then don’t put it at risk. • If you can’t convince somebody else to put up the money, think again about the business you want to start. Try running through the easy-to-use online starting costs calculator at About Business Names We are talking about the name of your business in this section, not your trademarks, or service marks, logos, or slogans. We are not attorneys, we do not give legal advice, so be sure to check with an attorney early on as you build your business. Trademark law protects product names, logos, trade names, and even some slogans as trademarks or service marks. Copyright law protects works of art, fiction, movies, literature, sculpture, and other creative works. Business law, however, does not fully guarantee you the exclusive use of your business name. To get close to exclusivity, you have to be first, you have to be national, and you have to be alert. Owning and Establishing a Business Name The most common misunderstanding about business names is about registering, protecting, and reserving business names. You can’t reserve a business name completely; you can’t have exclusive use. A business name is a lot like a personal name, in that the first or oldest John Smith cannot claim exclusive use of that name....
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This note was uploaded on 01/26/2014 for the course BUINESS 102 taught by Professor Unknown during the Winter '09 term at University of Phoenix.

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