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.