Business licenses and permits are issued at all levels of government - federal, state and local (city, county, or town).

Not sure what kind of license or permit you need for your business venture?

Business License - This is the basic license that you will need to operate a business legally. If the business is located within city limits, a license must be obtained from the city; if outside, it is procured from the county. Contact your city's business license department to file an application.

Health Department Permits - If your business involves the preparation and/or sale of food, you will need a county health department permit.

Special State-Issued Business Licenses or Permits - You may need special licenses if your business involves the sale of certain types of products including liquor, lottery tickets, gasoline and firearms.

Special Federal Business Licenses or Permits - You may also require special business licenses from the federal government if your business involves investment advising, drug manufacturing, preparation of meat products, broadcasting, manufacturing tobacco, alcohol or firearms.

Types of Business Licenses and Permits

Investors who want to beat the market should be followers of the business cycle.

Business Cycle Phases

The phases of the business cycle are characterized by changing employment, industrial productivity, and interest rates. Some economists believe that stock price trends precede business cycle stages. As a result, the phases of the business cycle provide the strategic framework for economic activity and investing. The business cycle affects employees, employers and investors.

· Lower prices spur demand. Higher interest rates increase the costs to businesses and individuals. Companies must pay more to borrow money for capital investments or to fund daily business operations.

The business cycle has implications for markets and investors. Companies that do well when the economy is experiencing good times are called cyclical stocks.

Sam Stovall's states that different sectors are stronger at different points along the business cycle.

The hard part is to identify phase of the business cycle.

Sector Rotation Strategy

Sector rotation can produce excellent opportunities and must be carefully examined when evaluating the business cycle.

The business cycle offers investors a good way to beat the market. A sector rotation strategy that follows the business cycle, offers an excellent way to align one's portfolio.