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.