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
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.)?
Otherwise, you might ...
2. Host Regular Training Sessions. 3
3. Use Employees As Trainers.
4. Cross Train Workers.
5. Set Training Goals.