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.
Sincerely,