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From YouTube: Business Formation 101 (English) - 12/15/2021
Description
Learn the basics to starting and operating a small business in Boston. Spanish video available - https://youtu.be/HBdX8ECBQFQ
0:00 Intro
2:22 Overview
3:39 State Filing
10:11 Licensure
15:24 Business Planning & Financing
31:44 Starting Up Shop
A
Hi
and
welcome
to
this
business
formation
workshop.
I
want
to
thank
the
city
of
boston
for
giving
us
the
opportunity
to
present
to
you
today
we're
very
hopeful
that
the
knowledge
you'll
gain
as
part
of
this
workshop
will
help
to
jumpstart
the
process
of
forming
and
founding
new
small
businesses
and
communities
throughout
boston.
My
name
is
alex
and
I'm
a
small
business
consultant
with
revf
a
business
technical
assistance
firm
based
here
in
boston.
A
Our
work
is
centered
around
assisting
small
business
owners
with
every
aspect
of
their
operation
from
founding
their
business
to
strategic
planning
to
online
and
digital
marketing.
Before
I
started
my
work
with
rev
b,
I
was
a
small
business
owner
like
you,
and
I
have
been
lucky
enough
to
be
involved
in
founding
several
small
businesses
since
2016.
A
today.
My
hope
is
that,
by
sharing
our
experience
and
research
with
you,
we
can
set
your
businesses
off
to
the
right
start
and
enable
you
to
become
successful
entrepreneurs
in
the
long
term.
So
today.
The
first
thing
I
want
to
do
is
introduce
you
to
ty
allen,
a
boston-based
entrepreneur
whose
company
sugg
sells
delicious
tropical
fruit
pastries
in
the
boston
area.
I've
been
working
with
tai
for
several
months,
advising
her
on
her
process
of
starting
up
her
business.
A
Ty's
product
is
simple.
She
sells
tarts,
cakes
and
pies
that
she
makes
from
scratch,
but
developing
a
process
to
get
her
pies
from
her
kitchen
and
into
the
hands
of
her
customers
was
not
simple.
Originally
tai
was
planning
on
baking,
her
pastries
at
her
home.
She
didn't
have
too
many
customers,
so
her
home
kitchen
was
all
she
needed
to
produce
her
supply,
but
she
ran
into
problems
that
faced
many
businesses.
A
How
could
she
make
sure
that
she
was
following
the
rules
set
by
her
landlord
and
her
local
government?
How
could
she
make
sure
she
was
complying
with
federal
and
state
rules
that
regulate
food
businesses?
Tai
ended
up
needing
to
go
through
a
permit
process
in
order
to
get
permission
to
operate
her
business.
She
needed
a
home
occupation
permit
from
her
town
to
allow
her
to
run
her
business
from
home,
and
she
also
needed
to
file
for
state
and
federal
taxes
and
ensure
that
her
business
was
registered
with
the
state
of
massachusetts.
A
It
wasn't
an
easy
process
for
her
to
figure
these
things
out,
but
if
she
hadn't
her
business
wouldn't
have
been
able
to
operate
at
all
today,
shugsuge
is
still
a
startup
and
tai
is
still
working
hard
to
grow
her
business
and
customer
base,
but
the
progress
she
has
made
over
the
past
year
has
been
inspiring
and
her
hard
work
has
started
to
pay
off
today.
I'll
share
with
you
the
knowledge
you
need
to
get
your
state
filings
your
licenses
and
your
business
permits
in
order,
so
your
business
can
run
smoothly
and
safely.
A
A
But
how
does
that
happen
that
a
product
can
magically
be
transformed
into
a
business?
Well,
that
is
the
second
component
that
a
business
requires
the
process.
Your
business
process
is
simply
the
method
you
use
for
connecting
your
product
to
your
customers,
one
of
the
most
important
responsibilities
that
an
entrepreneur
has
is
to
make
sure
you
have
filed
the
correct
information
with
the
right
organizations
and
that
you're
compliant
with
the
legal
requirements
for
doing
business.
A
This
is
especially
important
because
businesses
in
different
industries
will
need
different
licenses
licenses
and
permits,
depending
on
the
requirements
of
their
business.
If
you're
a
child
care
center,
you'll
have
different
needs
than
a
restaurant.
First,
we'll
start
with
the
fundamentals
of
forming
your
business
that
will
apply
to
all
businesses,
regardless
of
industry.
A
A
So
the
first
step
in
filing
your
business
with
the
government
is
by
applying
for
and
obtaining
a
federal
tax
id
called
an
e.
I
n
an
e
I
n,
which
stands
for
employer
identification
number,
is
like
a
social
security
number
for
businesses.
It's
the
number
that
the
government
uses
to
connect
information
to
your
business,
especially
your
taxes.
A
A
A
A
Just
like
with
the
federal
tax
id
the
massachusetts
state's
tax
certification
has
a
free
online
registration
system
do
not
pay
to
file
your
massachusetts.
Tax
status.
All
you'll
need
to
do
is
to
provide
a
social
security
number
and
a
business
address,
but
why
should
you
worry
about
federal
and
state
tax
ids?
Well,
in
almost
all
states,
businesses
are
required
to
pay
taxes
on
their
income.
A
The
third
step
in
filing
your
business
legally
is
to
file
a
certificate
of
organization.
If
the
federal
tax
id
is
like
a
business's
social
security
number,
then
the
certificate
of
organization
is
the
business's
birth
certificate.
Many
of
you
may
have
heard
of
articles
of
incorporation
before
that's
also
a
correct
term
for
this.
A
A
Finally,
there
is
one
other
kind
of
certificate
that
you
should
acquire
before.
Starting
up
your
operations,
this
is
called
a
business
certificate
or
a
doing
business
as
certificate.
The
business
certificate
allows
you
to
do
business
using
the
name
of
your
business
instead
of
doing
it
in
your
name
yourself.
This
means
that
you
can
write
checks
and
open
a
bank
account
in
the
name
of
your
business
instead
of
in
your
name.
A
Most
importantly,
business
certificates
are
legally
required
by
most
towns
and
cities
in
massachusetts.
This
is
because
filing
a
business
certificate
helps
towns
and
customers
to
identify
the
owner
of
a
business
in
case
of
legal
conflict
without
a
business
certificate.
Your
business
is
not
in
compliance
with
local
commerce
regulations
and
you
will
be
fined
for
not
filing
one.
A
A
Now
many
businesses
get
confused
about
business
certificates
and
certificates
of
organization
they're
different,
but
you
might
ask:
do
I
need
a
certificate
of
organization
or
a
business
certificate?
If
I
have
a
business
certificate
already,
do
I
need
to
file
for
a
certificate
of
organization?
So
let
me
just
end
the
confusion
right
here.
We
strongly
recommend
that
you
file
both
a
certificate
of
organization
with
the
state
and
a
business
certificate
with
your
city
or
county.
That
way,
you
avoid
any
other
confusion,
get
both
of
them.
A
A
So
I'm
going
to
talk
about
four
major
kinds
of
licenses
and
permits
today,
some
of
them
are
required
for
all
businesses
and
some
are
only
needed
for
specific
industries,
but
all
of
them
are
very
important.
So
the
first
kind
of
license
that
I'm
going
to
be
talking
about
today
may
not
be
necessary
for
every
business,
but
it
will
be
extremely
important
for
many
businesses,
zoning
and
land
use
permits
are
permits
that
are
issued
by
local
governments
to
regulate
construction
in
buildings.
There's
a
good
reason
for
this
commercial
construction
and
contracting
is
complicated
stuff.
A
Everyone
involved
will
have
to
remain
safe
and
secure,
but
even
after
a
construction
is
over,
it's
important
to
remain
compliant
with
the
local
rules,
around
construction
and
zoning.
So
in
massachusetts,
the
process
of
zoning
and
land
use
permitting
can
be
very
complex.
So
what
kinds
of
construction
work
will
need
to
be
covered
by
a
zoning
permit?
A
Well,
you
don't
need
a
permit
to
install
a
cash
register
or
to
place
a
sofa
in
the
back
office,
but
you
will
need
one
if
you
have
an
any
sort
of
construction
going
on
that
affects
the
type
of
building
your
business
is
located
in.
Each
different
construction
project
will
need
to
be
permitted
separately.
Zoning
permits
will
be
filed
online
with
your
local
city
government
or
your
county
government.
In
a
few
cases
online,
there
is
a
short
form
for
minor
projects
and
a
long
form
for
major
construction
projects
and
installations.
A
A
No
alarm
bell
rings
saying
that
the
location
is
not
properly
zoned
for
your
business,
but
then,
when
you're,
trying
to
construct
a
kitchen
for
your
restaurant
or
change
the
floor
layout
to
be
more
conducive
for
a
child
care
business,
for
example,
suddenly
your
construction
contractors
tell
you
they
won't
be
able
to
complete
the
job
setting
you
back
by
months.
So
what
is
the
solution?
The
solution
is
that
you
should
always
check
your
building
zoning
and
land
use
permits
before
making
any
commitments
to
a
lease,
always
pay
attention
to
the
zoning
regulations
of
your
building.
A
In
addition
to
zoning
and
land
use
permits,
there's
also
building
permits,
building
permits
are
different
than
zoning
permits.
Zoning
permits,
grant
you
permission
to
change
the
type
and
the
function
of
a
building
or
a
portion
of
a
building
building
permits.
Allow
you
to
actually
make
those
changes
physically.
So
this
covers
any
internal
and
external
construction
at
the
business
location
in
order
to
receive
a
building.
Permit
you'll
need
to
file
online
with
the
city's
inspectional
services
division
and
before
filing
you'll
need
to
have
your
construction
plan
and
project
specifications
straightened
out
beforehand.
A
Finally,
we
have
an
assortment
of
operational
permits
that
are
important
for
different
businesses
from
different
industries.
So,
first
there
are
health
permits,
and
these
are
issued
by
a
city
government's
inspectional
services,
division
to
businesses
in
specific
industries
such
as
food
service,
restaurants
and
health,
businesses
like
surgical
clinics
or
dental
offices.
A
A
The
fire
prevention
permit
process
makes
sure
that
all
businesses
are
following
local
rules
regarding
fire
prevention
and
safety
and
finally,
there
are
also
specific
licenses
for
different
types
of
businesses.
One
important
license
that
I
want
to
point
out
today
is
the
child
care
program
license.
This
license
is
required
for
businesses
that
provide
early
childhood
education
and
child
care
services.
It
ensures
that
all
child
cares
are
operated
in
an
environment
safe
for
children
operated
by
people
who
have
the
proper
training
to
care
for
a
group
of
children.
A
A
So
how
do
we
talk
about
our
product
when
we're
writing
a
business
plan
or
pitching
our
idea
to
lenders
and
investors
in
any
business
plan,
we'll
need
to
know
a
few
basic
things?
First,
what
is
your
product?
Is
it
an
item?
Is
it
a
service
software,
or
maybe
it's
an
idea,
and
where
does
it
come
from?
Is
it
produced
in
a
factory
overseas?
Maybe
the
product
is
made
by
hand
at
home.
A
A
What
about
your
process?
What
kinds
of
questions
should
you
answer
when
planning
your
process?
If
your
process
is
the
way
that
you
connect
your
products
to
your
customers,
then
who
are
your
customers?
Where
are
they
located?
Are
they
your
neighbors,
or
can
they
be
located
miles
away
and
how
many
miles?
What
do
they
like?
I
mean
if
I
sell
hamburgers,
do
they
want
cheese
on
their
burger
pickles
and
how
much
are
they
able
to
pay?
A
Can
they
afford
to
shell
out
thirty
dollars
for
an
extra
fancy
burger,
or
would
they
prefer
a
standard,
five
dollar
burger?
What
about
the
way
that
customers
receive
your
product?
Do
you
deliver,
or
will
they
pick
it
up?
Do
you
sell
online
or
do
they
need
to
call
you
to
place
an
order?
And,
finally,
how
do
they
even
find
out
about
your
product
in
the
first
place?
Are
you
going
to
run
commercials
on
tv
or
post
on
social
media?
A
A
Different
industries
sell
different
products
and
they
require
different
processes
for
connecting
to
customers.
If
I
sell
tacos
I'd
probably
produce
those
tacos
in
a
commercial
kitchen-
hopefully
they're
not
manufactured
in
a
factory
overseas
and
what's
the
process
of
connecting
my
tacos
to
taco
eaters.
Well,
maybe
at
my
taco
restaurant
customers
can
walk
in
and
order
at
the
counter.
I
might
also
offer
pickup
and
delivery,
maybe
through
a
delivery
app
like
doordash,
and
I
notify
customers
that
my
tacos
are
available
by
putting
a
poster
in
the
window
and
by
posting
ads
on
social
media.
A
What
about
a
different
industry
like
consumer
goods?
I
can't
produce
footballs,
for
example,
in
the
same
kitchen
where
I
produce
my
tacos,
my
footballs
are
manufactured
overseas
and
I
import
them
to
sell
them,
but
it's
too
expensive
for
me
to
operate
a
brick
and
mortar
store
just
to
sell
footballs.
Instead,
I
sell
them
online
and
have
them
delivered
to
customers
through
a
shipping
carrier,
but
similarly
to
my
taco
shop,
I
advertise
them
online
and
on
social
media.
A
What
about
a
business
that
doesn't
sell
a
physical
product
at
all?
If
I
want
to
sell
a
mobile
app,
then
the
app
will
have
to
be
developed
by
me
or
by
someone
willing
to
develop
it
for
me,
and
I
have
to
sell
it
on
an
app
store.
Customers
will
download
it
onto
their
phones
directly.
You
can't
download
a
taco
and
I
promote
the
app
online
as
well.
A
A
They
also
need
to
be
physically
present
for
service
to
be
provided.
I
can't
provide
dental
service
over
the
phone
and
I
can't
ship
dental
service
through
ups,
identifying
the
different
elements
of
your
process
like
this.
It
might
seem
tedious
or
repetitive,
but
it's
essential
to
know
in
detail
the
full
life
cycle
of
your
product,
from
production,
to
payment,
to
delivery.
A
So
we've
talked
about
business
planning
and
the
practical
activities
that
you'll
need
to
iron
out
in
order
to
start
your
business,
but
one
element
that
was
missing
from
this
last
section
is
money:
where
does
the
money
come
into
your
business?
How
much
money
will
there
be,
and
will
it
be
enough
to
continue
operating?
A
All
of
these
issues
are
wrapped
up
in
your
revenue
model.
So
how
do
we
convert
a
product
and
a
business
process
into
a
profit?
Well,
how
does
the
money
you
spend
producing
your
product
get
converted
into
more
money?
Your
profit,
a
revenue
model,
explains
how
you
will
turn
a
profit.
The
way
that
you
will
set
up
your
business
so
that
you
can
charge
your
customers
enough
to
cover
all
your
costs
and
leave
money
left
over.
So
how
do
we
construct
and
talk
about
a
revenue
model?
A
The
answer
to
that
question:
how
do
we
plan
out
our
revenue
model
has
four
steps.
The
first
step
is
to
identify
your
product.
I
have
a
product
or
a
service
that
people
are
willing
to
pay
me
for
without
a
product,
there's
no
business,
but
why
are
people
willing
to
pay
you
for
that
product?
Well,
your
product?
It
has
value
because
it
does
something
for
someone
else
that
makes
it
desirable.
A
So,
for
example,
tacos
can
be
eaten
but
they're
different
than
other
kinds
of
food
and
they're,
not
essential.
There's,
no
reason
why
someone
would
need
a
taco.
They
just
need
food,
but
someone
can
choose
tacos.
They
can
choose
and
be
chosen
by
customers
because
they're
desired.
The
value
of
your
product
can
be
spoken
like
this.
People
will
pay
me
because
my
product
helps
them
to
do
something.
A
So
how
much
value
does
your
product
have
different
products
are
valued
differently
by
different
people,
but
the
overall
value
that
they
agree
on
is
called
the
price
and
that's
where
we
get
prices.
Therefore,
we
can
say
that,
because
of
the
value
that
a
product
gives
to
a
customer,
that
customer
is
willing
to
pay
the
price,
but
simply
labeling
a
product
with
a
price
does
not
make
that
product
worth
anything
either.
There
must
also
be
payment.
A
It
used
to
be
that
payment
was
a
simple
transaction.
A
shop
owner
would
hand
a
product
over
to
their
customer
and
they
would
receive
a
bit
of
cash
in
return,
but
nowadays
there
are
many
choices
that
people
must
make
when
making
payments
cash
or
card
debit
or
credit.
And
what
about
your
business
model
specifically?
Does
it
make
more
sense
for
someone
to
pay
you
the
full
price
now
or
should
you
break
the
payments
up
into
installments,
like
you
would
for
a
car
or
a
house?
A
A
So,
let's
run
through
this
series
of
decisions
with
an
example,
let's
say
that
I
own
a
flower
shop
and
my
product
is
fresh
local
flowers.
Once
the
process
of
growing
and
harvesting
and
packaging,
my
flowers
is
complete.
I
still
need
to
sell
the
flowers
to
my
customers
and
what
is
the
value
of
flowers?
Why?
Why
do
people
pay
for
flowers?
There
are
flowers
outside
right
now,
free
of
charge.
You
can
pick
them
yourself.
A
What
is
different
about
these
flowers
that
I
sell
at
my
shop?
Well,
I'll
tell
you.
These
flowers
have
value,
because
people
like
to
give
them
as
gifts
and
they're,
not
just
any
flowers,
a
fistful
of
wild
flowers
stolen
from
the
park.
It
might
be
nice,
but
they're
likely
to
be
covered
in
dirt
and
insects
and
they
don't
come
in
nice
packaging
but
like
like
the
flowers
from
my
shop.
Not
only
that,
but
the
flowers
I
sell
are
locally
grown
freshly
picked
and
customers
have
a
selection
of
several
different
species
and
colors.
A
The
value
of
my
flowers
is
in
my
service.
It's
what
distinguishes
these
flowers
from
dandelions
in
your
yard,
because
of
that
value
that
I
provide
my
customers
are
willing
to
pay.
Let's
say
three
dollars
per
flower:
that's
a
lot
for
one
flower
that
you
could
have
picked
yourself,
but
it's
the
price
people
are
willing
to
pay.
A
A
A
So
we've
run
through
the
business
plan
and
the
revenue
model,
but
we
need
to
be
realistic
as
well.
Not
every
business
survives
forever.
We
all
know
of
businesses
that
have
gone
bankrupt,
even
businesses
that
we
loved
when
we're
figuring
out
your
revenue
model.
We
also
recommend
making
an
attempt
to
show
your
financial
feasibility
when
we
ask
about
financial
feasibility.
A
We
may
as
well
ask
attractive
to
whom,
in
this
case,
we
mean
attractive
to
people
who
will
do
business
with
you
that
could
be
business
partners,
investors,
banks,
who
want
to
offer
you
a
loan
and
organizations
willing
to
give
you
a
grant
if
your
business
is
attractive
to
those
people?
It's
because
the
business
is
showing
that
it
can
turn
a
profit.
A
In
order
to
understand
financial
feasibility,
you
must
understand
profit
when
money
flows
into
your
business,
because
customers
are
paying
for
products.
That's
not
profit,
that's
a
revenue,
revenue
flows
into
your
business
and
then
you
subtract
from
that.
The
costs
of
producing
your
product,
like
labor
equipment
materials,
that
kind
of
thing
the
money
that's
left
over
after
you
subtract.
Your
costs
is
your
profit,
but
we
can
think
about
this
in
reverse
as
well.
A
If
you
price
your
items
like
this,
then
you're
guaranteed
to
make
a
profit
right
right,
but
only
if
there
are
customers
willing
to
pay
that
price-
and
this
is
just
the
price
for
one
product.
What
happens
when
we
look
at
all
of
the
products
that
you
sell
all
of
the
revenue
and
all
of
the
costs
together?
Well,
let's
do
that
when
you're
evaluating
your
financial
feasibility
keep
in
mind
that
you
have
to
land
in
what
I
call
the
small
business
sweet
spot.
A
A
If
your
revenue
is
less
than
your
cost
limit,
that
means
you
aren't
bringing
in
enough
money
to
pay
for
your
costs
and
your
business
is
losing
money.
Your
revenues
must
be
above
the
cost
limit
in
order
to
have
financial
feasibility
above
the
cost
limit
is
our
second
limit.
The
capacity
limit,
the
capacity
limit,
stops
your
revenue
from
growing
any
farther.
So
why
is
that?
Well,
let's
say
that
I
manufacture
cars
and
I
sell
those
cars.
I'm
sorry,
let's
say
that
I
manufacture
cars
and
I
can
only
manufacture
10
cars
per
year.
A
My
goal
every
year
is
to
sell
all
10
of
those
cars
at
a
price
that
is
higher
than
my
cost.
But
what
if
I
have
a
hundred
people
who
want
to
buy
my
cars?
Will
I
earn
revenue
from
a
hundred
customers?
Well,
no
because
my
capacity
is
limited.
I
can
still
only
sell
10
cars,
even
if
I
have
a
hundred
or
a
million
potential
customers.
A
For
this
reason,
your
revenue
will
always
be
limited
by
your
capacity.
So
how
can
you
be
financially
feasible?
Well,
as
long
as
you
take
more
revenue
than
you
spend
in
expenses,
you
can
turn
a
profit,
and
if
you
exist
inside
of
this
green
box,
this
small
business
sweet
spot
where
the
business
is
profitable
and
you
the
business
owner,
can
earn
a
sustainable
income
from
that
profit.
Then
you
have
what
we
call
financial
feasibility
for
now,
long-term
financial
feasibility.
A
This
brings
me
to
the
final
subject
in
the
business
planning
section,
because
even
if
you
have
an
excellent
business
plan,
a
functional
revenue
model
and
you've
determined
that
your
business
is
financially
feasible.
You
still
don't
have
everything
that
you
need
to
begin.
Your
business
plan
is
a
seed,
but
you
need
soil
to
start
growing.
A
The
soil
that
all
new
businesses
need
is
startup
financing.
This
is
the
money
that
you
need
to
begin
operating
your
business.
All
businesses
require
money
up
front
in
order
to
begin
operation,
so
there
is
no
such
thing
as
a
zero
risk
business
where
the
owner
doesn't
need
to
put
up
anything
in
order
to
begin
that
doesn't
exist.
A
So
where
do
we
get
the
money
to
start
a
business?
Well,
there
are
three
traditional
routes,
your
personal
savings,
your
private
loans
and
grants.
Each
of
these
options
represents
a
trade-off.
If
you
use
your
personal
savings
to
start
a
business,
then
you
won't.
You
won't
need
to
repay
that
money
to
a
bank,
but
you
won't
be
able
to
use
that
savings
for
something
else
like
buying
a
house
or
a
car.
A
Grants
might
not
need
to
be
repaid,
but
grant
money
is
limited
and
it's
hard
to
find,
and
usually
it's
pretty
hard
to
get
it's
pretty
competitive.
It's
a
rare
business
that
can
collect
all
of
its
startup
funding
from
winning
grant
money.
So
why
do
I
have
these
icons
of
different
tools
at
the
bottom
of
this
slide?
Well,
I
want
to
show
you
that
you
have
multiple
tools
in
your
toolbox.
A
A
Many
businesses
also
end
up
using
money
from
loans
or
grants
to
fund
their
first
few
months
of
operation.
It's
common
knowledge
that
many
small
businesses
won't
make
a
profit
for
the
first
few
months
or
even
years
of
operation.
In
that
case,
you
might
use
some
of
your
startup
financing
to
fund
operations
while
you're
working
towards
profitability,
and
finally,
there
is
property
and
equipment.
A
Maybe
maybe
you
need
to
purchase
a
big
machine
or
a
vehicle
in
order
to
get
started
like
a
new
towing
company
will
need
to
buy
a
new
tow
truck,
or
maybe
you
have
a
business
that
needs
to
scale
up
in
order
to
become
more
profitable.
In
this
case,
loans
and
grants
can
help
to
pay
for
acquiring,
bigger
and
better
equipment
that
will
make
your
business
stronger.
A
A
Finally,
we'll
discuss
some
important
business
systems
that
all
entrepreneurs
will
need
to
establish
before
their
businesses
can
operate
properly
and
I'll
call
this
section
setting
up
shop.
Okay,
so
in
this
section
we're
going
to
cover
four
main
topics:
business
insurance,
business,
banking,
business,
bookkeeping
and
human
resources.
A
We'll
begin
with
insurance,
just
like
people
need
health,
insurance,
car
insurance
and
home
insurance
to
protect
themselves
and
their
property.
Businesses
need
insurance
to
protect
their
people
and
property.
There
are
many
kinds
of
business
insurance.
First,
we
have
general
liability
insurance,
even
if
you
don't
need
any
other
kind
of
insurance
be
sure
to
get
general
liability
coverage.
A
This
protects
your
business
from
unforeseen
accidents
and
incidents,
legal
conflict
and
mistakes.
If
you
forget
to
de-ice
the
sidewalk
in
front
of
your
business
and
a
customer
falls
and
breaks
their
leg.
Well,
general
liability
insurance
will
help
you
to
cover
their
medical
bills,
but
general
liability
coverage
doesn't
protect
you
from
everything.
A
This
kind
of
insurance
makes
sense
for
certain
businesses
that
have
a
higher
risk
profile
than
others
like
restaurants
or
businesses
that
rely
on
a
single
machine
or
piece
of
equipment
to
operate
service
businesses
like
a
dentist
office
or
a
chiropractor.
They
might
need
professional
liability
insurance
which
protects
your
business
in
the
case
that
services
are
performed
incorrectly.
A
A
Even
if
you
didn't
do
anything
wrong,
there
may
be
expensive
legal
fees
that
you
need
to
pay
and
that
insurance
might
help
you
to
cover.
Finally,
businesses
with
lots
of
important
equipment
and
property
should
also
consider
commercial
property
insurance
to
protect
the
business
from
damage
or
theft
of
that
property.
A
So
how
do
you
find
good
insurance?
How
do
you
know
if
you're
getting
a
good
price
for
your
insurance
policy?
Well,
there
are
four
tips
that
we
recommend
people
follow
when
seeking
out
insurance.
First
assess
your
risks.
What
kinds
of
accidents
or
liability
could
occur
that
you
may
be
unable
to
handle?
A
Second
find
an
insurance
agent
that
can
help
to
advise
you
on
which
policies
you
might
need
and
which
policies
will
work
best
for
you.
Thirdly,
choose
a
policy
that
fits
your
budget
and
your
requirements
and
keep
in
mind
that,
while
insurance
can
be
expensive,
legal
fees
or
property
damage
will
be
much
more
expensive.
A
A
A
A
A
Business
credit
accounts
might
be
similar
to
personal
credit
accounts,
but
perhaps
with
larger
credit
limits,
a
business
line
of
credit
can
be
used
to
pay
for
business
expenses
on
a
credit
account.
So
each
of
these
accounts
are
different
tools
that
can
be
used
for
different
things,
but
the
most
important
thing
to
remember
is
to
use
these
accounts
to
separate
your
business
transactions
from
your
personal
transactions.
A
A
These
documents
are
important
for
banks
to
verify
your
business
status
and
to
evaluate
your
credit
limit.
You'll
also
need
to
have
obtained
the
business
operation
license
appropriate
for
your
operation,
as
well
as
any
contact
contracts
of
ownership
that
you
have
that
govern
the
ownership
of
your
business.
A
If
you
have
business
partners,
then
having
a
well-defined
agreement
about
profit,
sharing
responsibilities
and
liabilities
for
your
business
is
a
critical
step
to
access
many
business
resources
when
selecting
a
business
banking
account,
it's
important
to
make
sure
that
the
bank
you
choose
is
one
that
provides
the
exact
services
that
you
need.
So
there
are
two
general
types
of
banks
for
businesses.
Traditional
banks
are
classic
choices
for
businesses
with
lots
of
transactions.
A
On
the
other
hand,
there
are
online
banks
for
businesses
and
they
have
become
more
popular
recently
and
they
include
options
such
as
blue
vine,
mercury
and
novo.
So
these
banks
offer
a
different
type
of
service.
They
don't
have
a
physical
bank
branch
office
for
you
to
visit,
but
their
online
service
is
likely
able
to
perform
a
lot
of
the
same
functions.
A
In
addition,
some
online
banks
tend
to
have
more
favorable
terms
for
account
holders
such
as
lower
transaction
fees
or
even
promotional
programs
that
allow
for
a
zero
payment
introductory
period
capital.
One
is
a
hybrid
option:
it's
somewhere
between
a
traditional
bank
and
an
online
bank
which
performs
much
of
the
same
functions
like
online
banks,
capital
one
doesn't
have
any
physical
branch
offices,
but
they
do
provide
atms
and
in-person
facilities
here.
In
boston,
we
have
several
capital,
one
cafes,
where
account
holders
can
get
assistance
with
their
banking
information.
A
Business
banking
is
critical
for
you
to
manage
the
movement
of
money
in
and
out
of
your
business,
but
simply
relying
on
a
bank's
online
interface
to
watch
your
account
activity
is
typically
not
good
enough
for
businesses
that
need
detailed
financial
information
to
pay
their
taxes,
manage
payroll
and
make
well-informed
strategic
decisions
in
addition
to
a
business
bank
account.
You
also
need
to
manage
your
business's
bookkeeping.
A
If
you
have
a
business
bank
account
most
banks
allow
you
to
connect
your
account
information
directly
to
online
accounting
and
bookkeeping
software.
The
account
activity,
information
that
your
bank
records
is
important
to
keep
track
of,
but
it's
also
difficult
to
use
and
understand,
without
using
some
tools
to
interpret
the
meaning
of
that
financial
information
business
bookkeeping.
Software
can
make
this
process
much
simpler.
A
Whether
you
choose
to
handle
your
banking
business
accounting
with
online
software
or
by
hiring
a
private
accountant
or
by
managing
the
information
manually
on
your
own.
Your
bookkeeping
process
should
be
doing
certain
things
for
your
business.
I'm
going
to
focus
on
the
ways
that
bookkeeping
software
can
assist
businesses
simply
because
online
services
for
business
accounting
tend
to
be
the
easiest
to
use
and
the
most
affordable
option
for
small
business
owners.
A
Your
business
bookkeeping
software
should
automatically
record
your
transactions
and
categorize
those
transactions.
By
doing
this,
your
software
should
also
be
able
to
generate
accounting
statements
like
a
balance
sheet
and
an
income
statement
for
your
business.
These
are
the
most
important
financial
statements
for
businesses,
doing
strategic
analysis
on
their
finances.
A
They're
also
the
most
important
for
analyzing
things
like
payroll
waste
and
taxes.
Finally,
really
high
quality
software
will
help
you
to
monitor
your
growth
and
manage
your
budget
more
effectively
by
indicating
areas
of
the
budget
that
are
over
or
under
used
and
showing
the
growth
in
your
revenues,
profits
and
expenses
over
the
long
term.
A
So
I
should
say
that
I'm
not
sponsored
by
quickbooks
or
any
other
software
company.
However,
it
is
a
fact
that
quickbooks
online
accounting
software-
it's
the
most
popular
currently
available
for
small
business
owners
and
many
people
would
argue
that
it
is
the
best.
But
there
are
alternative
services
such
as
freshbooks
and
xero,
which
perform
the
same
function
as
quickbooks
when
you're
exploring
these
different
options
for
business
bookkeeping,
keep
in
mind
a
couple
of
factors.
A
First,
do
they
connect
with
your
other
online
services,
like
your
online
bank
account
or
your
pos
system?
Secondly,
do
they
make
sense
for
the
price
many
of
these
services
offer
different
subscription
levels?
Can
you
afford
the
top
level
the
full
service
suite,
or
is
it
a
good
idea
to
stick
with
the
free
or
lower
price
subscription,
while
your
business
is
small,
keep
these
questions
in
mind
when
exploring
business
bookkeeping.
A
Many
people
have
a
preconception
about
human
resources
as
being
boring
or
tedious,
and
it
can
be
especially
for
organizations
that
lack
a
deliberate
approach
to
employee
and
people
management,
regardless
of
how
you
feel
about
human
resources.
It
is
a
critical
area
of
entrepreneurship
that
small
business
owners
must
engage
with
for
our
last
section
today,
we'll
walk
through
some
of
the
basics
of
hiring
and
managing
the
employees
that
your
business
will
need
to
be
successful.
A
Unless
your
business
is
a
true
one-man,
show
right
a
true
sole
proprietorship,
where
only
you
and
your
labor
is
necessary.
Eventually,
your
business
will
need
to
bring
in
new
employees
to
help
you
grow
your
capacity
and
increase
your
revenues,
so
hiring
new
people
is
one
of
the
main
strategies
that
small
businesses
use
to
grow.
But
how
does
a
business
go
about
hiring
new
workers?
Well,
there
are
several
steps:
first,
ensure
that
you
have
registered
your
business
with
state
labor
regulators,
so
who
are
they
in
massachusetts?
A
This
will
be
the
state
department
of
revenue
where
you
register
as
an
employer
and
later
where
you
register
each
of
your
employees.
In
addition,
you
must
register
your
business
with
the
department
of
unemployment
assistance.
Where
you
sign
up
for
unemployment
insurance,
you
must
be
covered
by
unemployment
insurance
by
law.
A
A
A
Large
corporations
like
walmart
or
amazon
and
target
they
haven't
faced
the
same
limitations
in
pay
and
so
they've
been
able
to
attract
more
workers
away
from
small
business
employers.
The
situation
of
each
small
business
is
different
and
each
small
business
owner
will
have
to
make
individual
determinations
about
worker
pay
to
impact
their
hiring
success.
A
However,
there
are
a
few
guidelines
that
employers
should
focus
on
regardless
of
the
overall
state
of
the
economy.
So
when
recruiting
new
employees
be
sure
to
have
a
clear
job
title,
many
employees
are
seeking
new
employment
online
and
the
job
title
that
they're
searching
for
online
will
greatly
influence
the
likelihood
that
they
will
even
discover
your
job
posting
in
the
first
place.
A
You
also
need
to
clearly
outline
the
responsibilities
of
a
position.
What
tasks
will
the
employee
actually
need
to
complete
as
businesses
expand
and
grow?
The
relationships
with
their
employees,
it
may
be
possible
to
scale
up
the
responsibilities
of
individual
recruits,
but
expressing
a
clear
and
comprehensive
list
for
your
job.
Posting
is
critical
to
being
transparent
and
welcoming
of
new
hires.
A
A
Finally,
and
most
importantly,
with
fierce
competition
for
good
employees,
it
is
imperative
that
you
make
a
strong
case
for
why
employees
should
want
to
choose
to
work
with
you.
It
may
be
that
employees
are
entertaining
multiple
job
offers
when
they
come
to
you.
What
makes
your
company
attractive
to
workers
trying
to
decide
between
multiple
positions,
if
you
can't
offer
them
as
much
payment
as
your
competitors?
Well,
are
there
benefits
to
working
for
you
beyond
the
paycheck?
A
A
A
One
way
is
by
competing
in
a
pool
of
employers,
that's
smaller
and
more
specific
to
your
local
area.
Local
employment
programs,
schools
and
non-profits
might
offer
job
boards
online,
where
you
can
also
appeal
to
employees
searching
for
work
on
the
internet.
Most
importantly,
reach
out,
through
your
personal
network,
to
find
employees
who
may
be
connected
to
people.
You
know
and
trust.
A
A
Each
business
will
have
different
needs
from
their
employees
and
therefore
different
higher
different
tools
necessary
for
managing
those
employers,
those
workers.
There
are
many
requirements
for
hiring
and
managing
employees,
including
the
way
you
manage
their
pay,
their
benefits,
their
time
off,
hiring
firing
and
filing
relevant
paperwork
with
the
government,
while
no
single
tool
can
handle
all
of
these
functions.
For
you,
online
hr
management
software
can
help
to
automate
the
process.
A
So
we've
come
to
the
end
of
our
workshop
today
and
let
me
reopen
the
presentation
slide
here.
We've
come
to
the
end
of
our
workshop
today.
I
really
want
to
thank
you
for
joining
me
today.
It's
really
been
a
pleasure
to
be
speaking
with
you
all
today,
thanks
so
much
for
staying
until
the
end.
We
at
rev
b
hope
that
this
information
can
be
helpful
for
you
in
establishing
your
new
businesses.
A
The
process
of
founding
and
operating
a
business
is
an
arduous
and
complicated
journey,
but
also
remember
that
small
businesses
form
a
fundamental
part
of
our
communities
and
broader
society.
The
work
that
small
business
owners
and
entrepreneurs
do
impacts
everyone
around
us
and
small
businesses
perform
services
that
none
of
us
could
go
without
while
the
work
may
be
challenging
and
unpredictable
unpredictable.
It
is
also
humbling
and
noble
and
sometimes
glorious.
I
wish
each
of
you
the
best
of
luck.