It is important to obtain cost estimates from reputable firms. Liability insurance costs vary and may prove prohibitive for some types of businesses. Keep in mind that the purpose of insurance is to protect assets against unlikely, but potentially devastating, losses. There are federal, state, and local taxes that must be paid by a small business. Estimated tax expense should be listed on the income statement.
Suppliers Identify appropriate suppliers that meet desired criteria.
Political and Legal Aspects Insure compliance with the law by checking with proper authorities. Modify the business idea, if necessary, to conform to county, city, state, or federal regulations. Turn-around delivery time is very important to help avoid carrying too much or too little inventory. Good inventory control increases collection on sales and reduces theft. You will now be able to organize, summarize, and simplify collected information in a meaningful way.