Going Into Business in West Virginia - West Virginia Department of ...

Table of Contents
Chapter 1 Getting Started................................................................................................................ 5
Knowing Yourself.............................................................................................................. 7
Personal Considerations ............................................................................................... 8
Financial Considerations ............................................................................................... 9
Chapter 2
Chapter 3
Chapter 4
Finding a Business........................................................................................................11
Developing Your Own Business................................................................................12
Buying an Existing Business ......................................................................................12
Buying a Franchise ........................................................................................................14
Choosing a Business Location.................................................................................17
Location Evaluation ......................................................................................................18
Deciding on a Legal Structure.................................................................................23
A Look at Legal Organizations ..................................................................................24
Advantages and Disadvantages of Forming a Corporation...........................24
Advantages and Disadvantages of an S Corporation.......................................26
Limited Liability Company (LLC)...............................................................................28
The Pros and Cons of Partnerships..........................................................................29
General vs. Limited Partnerships..............................................................................30
Joint Venture....................................................................................................................31
Advantages and Disadvantages of Sole Proprietorships.................................31
Chapter 5 Selecting Your Insurance ..........................................................................................33
Plan On It...........................................................................................................................34
Dare to Prepare...............................................................................................................35
Shopping for an Insurance Company ....................................................................35
What are the Basic Kinds of Insurance..................................................................36
Chapter 6
Identifying Your Market.............................................................................................39
Who is Your Customer.................................................................................................40
4 Step Marketing............................................................................................................40
What is Your “USP” Unique Selling Proposition..................................................44
Marketing Worksheet....................................................................................................45
West Virginia Development Office–Small Business Development Center
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