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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.
Sue DeBrule
1-800-606-0613
Email
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