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		Welcome to the My Own Business, Inc. (MOBI) newsletter! My Own Business, Inc. is a 501(c)(3) nonprofit organization providing free educational coursework on our website www.myownbusiness.org to foster successful entrepreneurs. Each issue will give you information and ideas to help achieve your entrepreneurial goals. Highlights of this issue include: Feature Article "So you want to start a business. So you want to be your own boss" by Nathan H. Hurt, P.E., member of My Own Business Hall of Wisdom, former president of American Society of Mechanical Engineers New Session on International Trade "Top ten do's and don'ts for laid-off workers without bright prospects" By Phil Holland, founder of My Own Business, Inc.
		So you want to start a business. So you want to be your own boss. By Nathan H. Hurt, P.E. Member, My Own Business, Inc. Hall of Wisdom and former president of American Society of Mechanical Engineers. Be an entrepreneur. Who am I to tell you how? I have never started a business. I always worked in the corporate world, managing engineering projects, managing manufacturing facilities, and directing profit centers until striking out as a free lance consultant in engineering and management. But as I read session 7 in the textbook, "My Own Business" I realize that the financial aspects you will confront are little different from those of large corporations. Neither can ignore the financial tools that help keep track of the business's finances. Financial tools, coupled with an understanding of how to use them, will assist you in the proper management of your business. Without this understanding and without a dedicated commitment to using financial tools, you reduce you chances of success. Your business will be judged by the classic financial measures, the balance sheet, the profit and loss statement, and the cash flow statement. These three measurements will define the financial health of your company. The balance sheet tells how much the business is worth; the profit and loss statement tells if the business is profitable or not; and the cash flow statement lets you know of the flow of money in and out. (To me, in the first months of operation, the cash flow is of paramount importance.) If you company is healthy it will have a significant net worth, be profitable and be able to pay the bills on a timely basis. Why are these three measurements important? Because the business world that you will be dealing with will use them to determine how well you are doing and if they want to do business with you. You will need them if you go to a bank for a loan or a line of credit, if you need to be evaluated as a potential customer, if you file a business income tax, You will find that the bank, the vendor and the IRS speak the language of these financial measurements. Are there guidelines for interpretation of these measurements? Sure. Are they important? Yes, but in a transitory way, such as when they are used to further a specific goal, like getting a line of credit. Instead of listing goals for each of the three measurements, I think it more important that you, as a business owner, feel comfortable with the values portrayed by each measurement. Understanding of the three measurements will whet your appetite to learn more, which, in turn, will lead to your strategic use of credit, and how to make choices tying operational activities to the best use of funds. The fundamental measurements are the financial tools. Just as you know how to manufacture your product and market it, you should know these tools. They will help you make better decisions. Grasp them and use them as you would the other means that helps you be successful in owning your own business.
		New Session On International Trade Thinking about the global market? If your answer is yes, then have a look at our new International Trade Session. The session covers important aspects of International Trade such as import, export, advantages, disadvantages, resources, common mistakes, and more. The session was put together with the gracious assistance of renowned expert Sharon T. Freeman, Ph.D., President of the All American Small Business Exporters Association, and author of several books on the subject. Dr. Freeman has over 25 years of experience in more than 100 countries working in both the public and private sector.
		Helping People in Transition By Phil Holland Founder of My Own Business, Inc. More working Americans than ever are victims, or about-to-be victims, of downsizing; also known as "reduction in force", "made redundant" or "your job just went overseas." Scary questions begin to arise: Where do I go from here? How am I going to make my mortgage payment? For a laid-off worker who doesn't have bright prospects of replacing his or her job, there is a possibility not to be overlooked: why not go into business for yourself? For those still in jobs but fearful of losing them (the signs are usually evident) there is the possibility of starting a moonlight business now, while still working. As Harvey McKay has said, "Find something you love to do and you'll never have to work a day in you life." Here is a list of top ten do's and don'ts for people in transition, provided by www.myownbusiness.org, a 13-session free on-line course conducted as a public service to point out the basic do-s and don'ts for start-up businesses. TOP TEN DO'S 1.  Begin saving money by living very modestly. 2.  Begin a study on what business would be best for you. 3.  Begin working part-time in the kind of business you would like to start. 4.  Talk to your family about the prospects of starting a business together. 5.  Learn basic accounting. 6.  Learn computer and up-to-the-minute communications tools. 7.  Learn how to operate a web based E-Commerce business including marketing. 8.  Prepare a written business plan for your intended business. 9.  Ask qualified people in your intended business to critique your business plan. 10.  Begin a diet and exercise discipline to build up health and endurance capabilities. TOP TEN DON'TS 1.  If you're still working at a job, don't quit until your business is in place and running. 2.  If you're still working at a job, don't go into direct competition with your employer. 3.  Don't incur any new financial obligations above basic necessities. 4.  Don't sign any legal business document without your lawyer's approval. 5.  Don't depend on information from franchisers or brokers: do your own research. 6.  Don't be in a hurry: wait for the fat pitch opportunity. 7.  Don't depend on your banker to provide start-up capital. 8.  Don't commit to a concept without proving it first on a small basis. 9.  Don't commit to a business in which you must have the lowest cost to survive. 10.  Don't pick a business that is too high a risk. Go for the 2 foot hurdle.
		Share Your Success Story Your sharing your Success Story in the FYI Newsletter offers a double benefit: You can gain widespread recognition by and promoting your business to the more than 210,000 visitors who view the My Own Business site over 928,000 times each month. Also, your success story will provide lessons and inspiration to the many others who are striving to achieve success. We really want to hear from you. Visit our Success Stories page and share your good news at myownbusiness.org/alumni.
		New Updates to My Own Business We have been hard at work and are proud to introduce the following course enhancements: Our new session on International Trade is now live! Enhancements are continually being made to all 13 sessions to keep each session up to date and full of valuable information. In March of 2006, we plan to launch our new Certificate Course along with a new session on Business Licenses and Permits. Try out our New Entrepreneurial Quiz on our homepage to see if you are ready to go into business.
		Dear MOBI Column We welcome your questions to be answered in this Newsletter feature! Here is our Q and A for this edition: Question: I'm thinking of adding an online component to my existing business. I refurbish lawn mowers. Some friends say I can do this myself, but I've never made a website before, and don't know what to look for in hiring one for me. My neighbor's kid says he could do it for me (he's made some video-game related websites before), but I'd prefer to go with a Pro. Any suggestions on where to get started? Answer: I am glad to hear you are looking into creating a website for your business. A website is a great compliment to any business. Your website is accessible to anyone at anytime anywhere in the world with an Internet connection. Here are some tips for you on getting started: Secure a domain name in your name that is easy to remember and descriptive of your business. I recommend a name with a ".com" extension. Research your competition. Have a look around on Google.com or Yahoo.com and see what your competition does. What do you like about their web sites, what are their websites missing? How can you do it better? If possible hire a professional web designer. A good way to find a designer is to find a site you like and contact the owner to get a referral to the developer. A referral system is a great checks and balances for reputable developers. Top designers typically get all their clients from referrals. Make sure the website is user friendly and easy to navigate. What use is a beautiful website if no one can find what they are looking for? The image you portray to your consumers is very important so make sure it's a professional informative one. When hiring a designer for your website, make sure the deliverables include the source documents in case you need to hire another developer. Get the Photoshop, PDF, illustrator files and a copy of the website as delivered on CD-ROM. Request all the usernames and passwords for your website in the event you need to access it in the absence of the designer. This can be done once the site is finished. Contact your web designer on a monthly basis to check on how things are going and to discuss any future updates and or changes. Keep search engine optimization and marketing in mind. If you want anyone to find your website you are going to need make sure it's indexed on the top search engines. See our e commerce section for info on this as well as a list of search engine marketing firms. Be warned this is not inexpensive but well worth the money if you are planning on doing business on the internet. Any website intending to do business online must have a plan for search engine marketing. Thomas Mix, Executive Director of My Own Business, Inc.
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