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 PlanYou 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 FinancingHow 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 SystemA 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 LocationDepending 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 CompaniesEvery 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 EmployeesYou 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 BusinessDecide 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.
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.”
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.
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