Getting Recognized Checklist

  1. Website URL (.com world) Type your business name into web. If it is taken, change your name. If not…count your blessings. If not, the web will automatically send you to a URL purchasing company like www.GoDaddy.com or www.Networksolutions.com (notice the .com). Purchase the name immediately! It will cost you about $20-$40. (Don’t be suckered into purchasing other .net, .org, .edu, .gov, etc., you want to do business and it is a .com world. If you don’t purchase it, it will go into a pool of searched but not purchased URL’s. The next time you search it may have been purchased and is now for sale! Big bucks now!
  2. Purchase URL
  3. Trademark If you want to go big-time, you will want to trademark your business. To save money do your own research. Here’s how

    • Check www.uspto.gov
    • Look in the Trademark Section
    • Click on TESS
    • Type in your business name It will tell ifyou if the name is dead/live and who has it. If no one has it…count your blessings. If someone has it you can contact them and see if they would be willing to share the name. If so, construct a contract and your on your way. If they say no…it’s over. Change your business name. You will not get the name unless you purchase it.
  4. Get a trademark Attorney: Important to note…if you don’t know what you are doing, find someone who does!


Business Plan

Simple Business Plan Components

  • Executive Summary
    • Snap shot of business
  • Business Description & Vision
    • Mission statement, goals, and objectives
  • Definition of the Market
    • Industry outlook, target market
  • Description of Products and Services
    • Describe products and services
  • Organization & Management
    • How is the company organized
  • Marketing and Sales Strategy
    • Who are your customers, how you going to reach, and promote to them
  • Financial Management
    • Costs of business, projections, assets, and balance sheets

Above is a very brief description of a business plan.  Depending on how big you want your business to be, will determine the extent to which you need to expand it.  A good number of successful trainers have never developed a plan, they just work one becoming a better trainer, excel in the position they are in and are very happy.

Business types

Sole Proprietor

Small one man show

…good for starters

General Partnership

…good for a group of starters

Limited Liability Corporation (LLC)

Small or large but limited taxation but personal assets protected

…good for established trainers with residual income

S Corporation

Fewer than 100 employees generally, board of directors and tax issues, liability with business…Good for single club owners

C Corporation

Similar to S Corporation, but with more regulation on how business is run

…Good for a chain of clubs

Even Simpler Version:

    • SWAT
    • Strengths – What are you great at?  What sets you apart?
    • Weaknesses – What is holding you back?
    • Assets – What thing do you have going for you? (education, experience, product, etc.)
    • Threats – What are things that potential could hurt you (club closing, injury, economy, etc.)

Sole
Proprietorship
General
Partnership
LLC  S Corp C Corp
Owners don’t have to be citizens or residents
Can report profits/losses on personal tax returns
Not required to hold annual meetings or record meeting notes
May have unlimited owners
Permitted to distribute allocations under guidelines
Created by a state-level registration that protects company name
Business duration can be perpetual
May be owned by another business rather than individuals
May issue stock to attract investors
Owners can split profits/losses with business to lower tax rate

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