Starting
Your Own Business:
What Does It Take?
How
many times have
you, or someone
you know, said something
like "I've
always wanted to
have a business
of my own. Something
I'd really enjoy
doing. Be my own
boss."
Lots
of people have the
dream, but they
get bogged down
in the details of
how to go about
it. While this article
isn't meant to serve
as a complete business
start-up guide,
it will give you
an idea of some
of the steps involved
in starting your
own business.
1.
Hire Professionals
The most important
professionals you'll
need at the beginning
are a lawyer and
an accountant. The
lawyer can help
you decide if you
want to be a corporation,
partnership, sole
proprietorship,
or some other type
of company. A good
accountant can help
you make this decision
based on which will
be most advantageous
to you from a tax
angle. A lawyer
can also help you
register your business
and get any licenses
and permits you
will need, and can
advise you about
patenting your idea
or protecting your
intellectual property
by requiring everyone
you discuss your
business with to
sign non-disclosure
or confidentiality
agreements.
2.
Make a Business
Plan
You may need to
hire a writer or
other business professional
to help you write
a business plan.
You'll need one
to help yourself
get organized as
to what your business's
main purpose or
goal will be. This
could be anything
from serving hot
dogs to people outside
the home improvement
store to providing
technology support
to major players
in the business
world. Either way,
you need a plan
that sketches out
how you will proceed
toward your goal
and an estimate
of how much money
you'll need to get
there. What will
your equipment costs
be? Will you be
hiring employees?
How about renting
office space? All
of these cost estimates
should be included
in your Business
Plan.
3.
Get Financing
How much start-up
money will you need?
Do you have savings
you can use? Friends
or business associates
who might want to
invest in your venture?
Or do you need a
bank loan? Whatever
the situation, you'll
need to present
a copy of your business
plan to bankers
or investors if
you need to borrow
money to get your
company rolling.
4.
Set Up Your Record-keeping
System
A good accountant
can advise you on
the best record-keeping
software for your
business, and help
you set up a system
for keeping track
of payables, receivables,
sales tax, payroll,
employee benefits
plans, and so forth.
You will be relying
on the accountant
for at least your
yearly tax return
for your business,
and possibly for
quarterly payroll
and sales tax returns.
Your accountant
can also get you
an EIN number (Employer
Identification Number).
5.
Find a Location
Depending on your
business, location
may be very important.
If you need to be
visible to the public
(say your business
is a bookstore or
restaurant), then
you'll have to think
long and hard about
where you should
set up shop. Location
can make you or
break you-and the
rent is due no matter
which way your fortune
turns. You will
also need to get
a phone, get the
utilities turned
on, install your
furniture and equipment,
and get a sign or
two that shouts
"Hey look!
We're here!"
6.
Set Up Accounts
with Credit Card
Companies
Every brick-and-mortar
business these days
takes plastic or
they don't stay
in business. You'll
pay a small percentage
for every credit
or debit card transaction
a customer makes.
You will need to
invest in a method
for checking the
validity of debit
and credit cards-like
those "Slide
Card Here"
machines at cash
registers everywhere.
7.
Hire Employees
You may not need
to do this step
if you're a one-person
operation. Maybe
you can get by with
just one part-time
person to answer
phones and do some
of the paperwork.
Of course, it depends
on your business.
You can probably
run a small bookstore
by yourself, but
even a tiny restaurant
means you'll need
a cook, several
servers, someone
at the cashier,
and so forth. You'll
need to have them
complete various
forms for the IRS,
and you may want
to run background
checks or at least
check some references
before you hire
anyone.
8.
Promote Your Business
Decide how you will
let people know
you exist, what
you can do for them,
and why they should
come to you instead
of someone else.
Common forms of
advertising are
TV and radio commercials,
newspaper ads, flyers,
and coupons that
appear in booklets
distributed by local
companies.
The
list above might
make you think twice
about starting a
business of your
own. Perhaps you
aren't looking to
make such a financial
commitment regarding
the hiring of professionals,
finding a location
And it's also a
big, big risk.
But
let's look back
at the way this
article began: "I've
always wanted to
have a business
of my own. Something
I'd really enjoy
doing. Be my own
boss."
YOU
CAN! Without all
of the headaches
of traditional business.
There
is a very simple
way of attaining
this goal that has
worked well for
millions of people.
You can have your
very own business
in your home, and
you can cross off
all or most of the
steps listed above.
The best part of
exploring home-based
business opportunities
is that there is
little
risk
and the
upside is tremendous.
Many
of the inconveniences
and pressures of
the traditional
business are wiped
away with the home
business. The biggest
roadblock to starting
or buying a business
is that they require
a considerable up-front
cash investment.
In addition to the
large investment,
the time commitment
you must make when
starting a business
can ultimately turn
out to be far greater
than what you have
experienced in any
job, and the return
is not necessarily
worth the extra
time or the financial
risk.
There
is another option.
Fill
out the form below,
and I will provide
you with additional
information about
the opportunity
that is truly shaping
my life and allowing
me the freedom to
live out my dreams
without all of the
headaches and costs
of traditional business.