Your Own Business:
What Does It Take?
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."
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.
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
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.
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.
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
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!"
Set Up Accounts with Credit Card
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
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.
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.
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.
let's look back at the way this
wanted to have a business of my
own. Something I'd really enjoy
doing. Be my own boss."
CAN! Without all of the headaches
of traditional business.
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
upside is tremendous.
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
is another option.
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.