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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.
Kevin Morrill
352-345-4356
kmorrill@positivityfactor.com
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