Running a small business isn’t easy, actually running any type of business isn’t easy. If you have to start one from scratch, there’s a lot you need to know. If you don’t have the experience, education, or knowledge on how to start a business, but you’d still like to participate in the American dream of owning a company, then I’d like to recommend a very good book to you, one, which will give you some background and information to help you decide if this is the right move for you. The name of the book is;
“How to Run a Small Business” by JK Lasser Tax Institute, 1955.
Although this book was written well over five decades ago, I’d like to point out that it is fundamentally sound even today with high-speed Internet, mobile communication, and all the other wonderful technologies that small businesses have. The reality is that running a business hasn’t changed that much in all those years. Plus, I’d like to point out that this book does not have all the hype that is in all the books explaining how to run a business today; if you ever go to the local bookstore or go onto Amazon online and purchase such a modern business book, you’ll know what I mean.
This 1955 book by JK Lasser Tax Institute starts out recommending that you seek professional consulting and watch out for unavoidable failures. There is also a chapter on buying an existing business, rather than trying to start one from yourself. The first section of the book is broken into a couple sections with chapters on starting your own business, and another one on potentially buying a franchise. When buying a franchise the authors recommend to consider various types of financing, and I have to say their advice is right on the money, seeing as before I retired I was in the franchising sector.
The authors suggest when you are starting a business to consider if there is room in the market place for an additional competitor, and choosing between a retail business, manufacturing business, or a service business. They suggest you need to determine if you’re going to need a location or if this will be a very small business you can run out of your home.
There are chapters on; legal form of business, tax decisions, efficiency of the office, insurance, planning, facilities and equipment, management, extending credit to customers, dealing with fraud and theft, profiting as a wholesaler, selling and marketing your products, pricing, and dealing with over regulation in our government. There is also a very interesting chapter on test marketing your products and services. Interestingly enough, this is a huge book, but one I recommend to you as a reference for your business library, all the advice in this book is great, and I didn’t see anything that I didn’t agree with. Please consider all this.