4 answers
Trenton-Andrew
Student
Palmer, Alaska
1
Question
Asked
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what training and advice can you give about running a business?
I am going to open up multiple locations some day, and operate tourist locations, I will be attending college after culinary arts training. but still unsure what I will learn in college. #business #culinary #management #entrepreneur #college
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4 answers
Doug Winder
Marketing Director
4
Answers
Calgary, Alberta, Canada
Updated
Doug’s Answer
Congratulations! Running your own business is one of the most exciting and satisfying endeavors you can take on!
Typically, the most difficult thing for a small business is cash flow. This refers to your ability to collect your revenues/income in a timely manner and be able to meet all of your obligations (expenses). Lots of small businesses have failed even though on paper they look profitable (i.e. they have more assets than liabilities) because they aren't able to meet their expense/liability obligations. Lending institutions are often reluctant to offer loans or significant amounts of credit unless you have secured assets you can put up as collateral, or you have a long-standing history of a successful business.
Since it sounds like you are planning on having multiple physical locations and likely staff at each location, cash flow is something you really want to plan for in advance as much as possible. This could be through detailed budgeting, determining your collection terms (do you collect money in advance, at the time of the product/service delivery, or payable in 30 days, for example).
For each potential location you plan on opening an office, I would research on the website of the local municipality what requirements there are to operate as a business in their jurisdiction (they often have lots of information, tools, and resources for small businesses). Another good resource would be your local chamber of commerce. For example, you may need a business license, a minimum amount of insurance coverage (especially if you are transporting tourists), certifications, or similar requirements.
Some things to consider:
* Start with a business plan. Not only will this help you organize your thoughts and get prepared, but it will be required if you apply for a loan. There are lots of different templates online - look for one that closely aligns with your type of business. Be sure to focus on what value your business offers your target customers.
* Legal business name. Does someone else have a similar name? Protect the name you create if it provides value.
* Are you starting the business by yourself? With a partner?
* Will you be a sole-proprietor or will you need to incorporate your business? There are legal and tax consequences for both of these and there will be costs involved if you incorporate.
* Do you need a logo?
* Do you need a website? Is the URL you want available? Can you develop the content yourself, or do you need to hire someone to help you?
* Search up any of the licenses required or restrictions that may be in place at your local municipalities' web site
* Budgeting is key (related to cash flow above). Remember to include taxes that you may need to pay (including employer taxes at the time of payroll, regular remittances of service taxes, and annual personal or corporate taxes).
* Keeping accurate records and bookkeeping can be an important part of a business, and one often overlooked. These can help when it comes to budgeting, preparing your taxes, managing your cashflow, managing inventory, etc. Programs such as QuickBooks can be a huge help.
* Will you need to hire any staff? If so, what skillsets will you need? How much are you able to pay them - does it correlate with market rates for other similar jobs? How will you onboard or train staff? Do you need to have any documentation in place (dress code, expectations, hours, etc.)?
Typically, the most difficult thing for a small business is cash flow. This refers to your ability to collect your revenues/income in a timely manner and be able to meet all of your obligations (expenses). Lots of small businesses have failed even though on paper they look profitable (i.e. they have more assets than liabilities) because they aren't able to meet their expense/liability obligations. Lending institutions are often reluctant to offer loans or significant amounts of credit unless you have secured assets you can put up as collateral, or you have a long-standing history of a successful business.
Since it sounds like you are planning on having multiple physical locations and likely staff at each location, cash flow is something you really want to plan for in advance as much as possible. This could be through detailed budgeting, determining your collection terms (do you collect money in advance, at the time of the product/service delivery, or payable in 30 days, for example).
For each potential location you plan on opening an office, I would research on the website of the local municipality what requirements there are to operate as a business in their jurisdiction (they often have lots of information, tools, and resources for small businesses). Another good resource would be your local chamber of commerce. For example, you may need a business license, a minimum amount of insurance coverage (especially if you are transporting tourists), certifications, or similar requirements.
Some things to consider:
* Start with a business plan. Not only will this help you organize your thoughts and get prepared, but it will be required if you apply for a loan. There are lots of different templates online - look for one that closely aligns with your type of business. Be sure to focus on what value your business offers your target customers.
* Legal business name. Does someone else have a similar name? Protect the name you create if it provides value.
* Are you starting the business by yourself? With a partner?
* Will you be a sole-proprietor or will you need to incorporate your business? There are legal and tax consequences for both of these and there will be costs involved if you incorporate.
* Do you need a logo?
* Do you need a website? Is the URL you want available? Can you develop the content yourself, or do you need to hire someone to help you?
* Search up any of the licenses required or restrictions that may be in place at your local municipalities' web site
* Budgeting is key (related to cash flow above). Remember to include taxes that you may need to pay (including employer taxes at the time of payroll, regular remittances of service taxes, and annual personal or corporate taxes).
* Keeping accurate records and bookkeeping can be an important part of a business, and one often overlooked. These can help when it comes to budgeting, preparing your taxes, managing your cashflow, managing inventory, etc. Programs such as QuickBooks can be a huge help.
* Will you need to hire any staff? If so, what skillsets will you need? How much are you able to pay them - does it correlate with market rates for other similar jobs? How will you onboard or train staff? Do you need to have any documentation in place (dress code, expectations, hours, etc.)?
wow, amazing information. thanks man I hope to get more information from other professionals as well. but allot of this I had no idea about so I am going to take notes, reiterate to help my understanding of each requirement, and to answer your question regarding my plan, I intend to be the only owner of it. not a small business forever, and I will have on board training. what would be the best classes to take in college?
Trenton-Andrew
In terms of courses to take at college, ones that I think would be more relevant for a future business owner would be: Marketing (good background in concepts, understanding your customer, messaging/positioning); Accounting (primarily managerial accounting can help with bookkeeping, budgeting, understanding cashflow, how to read an income statement, etc.); and potentially economics (micro and macro). Economics can get a bit cerebral, but having a basic understanding of supply and demand, elasticity, how markets work, etc. can be beneficial for thinking about how your business fits in and how you can set yourself up for success.
Doug Winder
Great response! I agree.
Lise Barrera
awesome, how would I also go about looking into insurance for my businesses? I don't want to have an employee hurt on the job and lose money because of a workplace accident, I will also be taking classes in safety, disaster relief, and will be looking into the OSHA protocols so I do not fail my inspections, have minimal to no hazards, and I will be having my business in a wild environment, so what should I look into for predator preparations and prevention? also the legalities to it would be a nice addition for providing information.
Trenton-Andrew
For insurance, I would Google "commercial insurance" & reach out to a couple providers for what they offer & recommend, & then get at least 3 quotes. You could ask them about legalities as well. For predators, I would research predators around your locations (try to be exhaustive: wildlife, reptiles, amphibians, insects, poisonous plants, etc.). Google searches will give you options for preparedness & prevention, but I would also reach out to your local fish & game office. For hazards, be sure to think through all that could exist in your environments (extreme temperatures [hot/cold/sun], steam, landslides, steep slopes, brush, tripping hazards, quick sand, bogs, moving water, stationary water, heights, slippery surfaces, vision impediments, noise, power sources, sharp objects, etc.
Doug Winder
thank you for your insights, some of this I overlooked and will be waking notes to my local fish and game, I will reach out to my local regionals as well to get any additional information of the geographic locations, I have a small list of animals already, did not get the plant and vegetation list yet, that was very helpful. I will also look for several quotes so I can find the best deals and calculate expenses so I can start estimating and narrowing down my ideal revenue so I can go about getting the certificates required and licenses I will have covered by some federal grants, what is your professional opinion on hiring expeditors? I would like information for them as well so I can have someone who can shop and man the ports for when my vessels arrive or depart.
Trenton-Andrew
Hahaha - "hiring expeditors" - if I had these, I think I would be a rich man! ;-). In all seriousness though, using your network is your best option (LinkedIn especially). Write a compelling job description (if it is exciting, interesting, lots of benefits - such as good hours, working outside, etc. it will stand out from the pack). Then consider posting it on public job sites (such as indeed.com, etc.). Then, having a strong onboarding process can really help people feel confident and comfortable (clear expectations, any training they need to take, background on the company, individuals they should meet with, etc.)
Doug Winder
if you are looking to get rich, invest your money into 'AMC ENT' stocks and join the apes hodl. at least 10 shares will get you rich. but I would recommend more. it will go up to 500k margin calls are about due, they were busted for manipulating the market and fraud. do some DD on it and get back to me with what you found. because of your awesome information I don't mind sharing that. shares are getting scarce so dig in the dips and get rich with us man. best of luck and I will ask more questions in the future, just have to write all this down, reiterate, get some grants written while I am in school and I will have my businesses funded by my resources. I hope to hear about you investing, if not. hope your plans work out for the best.
Trenton-Andrew
Nicholas Nosek
Packaging Manager
1
Answer
Dublin, Ohio
Updated
Nicholas’s Answer
There is going to be a ton of relevant information you will learn in college, but one thing you will need to develop on your own is your people skills. You will need to understand how to treat all walks of life. Certain people are self motivated while others need a little more push. Understanding how to push the right buttons to get results will be key as you will need quite a few people to make your business a success.
Shahul Hameed Haider Ali
Search Analyst
2
Answers
Kuala Lumpur, Malaysia
Updated
Shahul Hameed’s Answer
1. Create A Plan. Before you can make an employee training program, you must first determine what you want employees to learn.
Otherwise, you might ...
2. Host Regular Training Sessions. 3
3. Use Employees As Trainers.
4. Cross Train Workers.
5. Set Training Goals.
Otherwise, you might ...
2. Host Regular Training Sessions. 3
3. Use Employees As Trainers.
4. Cross Train Workers.
5. Set Training Goals.
Robert Mingus
Culinary Director
67
Answers
Poplar Grove, Illinois
Updated
Robert’s Answer
So running a business can be rewarding IF you have the knowhow to do so. Running a business is a 24/7 job. I can guarentee you will get no sleep at first. If you can TRUST those who you hire then it should be ok.