| File this one under, "Don't make the same mistakes I | | | | asking anyone to fund you. |
| made." If one person learns something from my | | | | - Set up a proper accounting system from the word |
| mistakes, it will have been worth writing this article. | | | | "go." Quick Books might be good enough or it might |
| Starting a business is just like building a house in a lot | | | | not. What do you plan on doing? The best bet is to set |
| of ways. You need to start with the right foundation. If | | | | up some sort of web-based system so that you can |
| the foundation is shaky, problems will arise. It might take | | | | enter your debits and credits from anywhere. Keep |
| years, but there will be problems just as surely as the | | | | every receipt. When you hand this over to your |
| sun will rise. In fact, no matter what you do in business, | | | | accountant, you will be glad you took the time to do it |
| you will encounter challenges. Why make these | | | | right. I wish I had. |
| obstacles worse by building on a shaky foundation? | | | | To tell you the truth, I did not do any one of those four |
| Here is a checklist that I wish I had followed before | | | | things correctly when I started my business. It cost me |
| starting my business: | | | | a lot of time and money. So often we get caught up in |
| - Define your core business, but do not let it limit you. If | | | | the day-to-day tasks that we forget that our |
| you can't explain in one short sentence what need | | | | enterprise is actually a system. Minding the health of |
| your business fills, you may be on the path to failure. | | | | the system is you job as an entrepreneur and boss. |
| At the same time, take note of all possible fallback | | | | Here is one more thing that you need to do: |
| positions or ancillary products and services that you | | | | Ask yourself, "Do I really want to do this?" Make no |
| can offer. | | | | mistake -- once you start a business, you are all-in. |
| - Set up the right legal structure. Corporation, | | | | Make sure that what you are doing is something that |
| S-corporation, LLC, LLP, sole proprietorship? Talk to an | | | | you can enjoy on some level. If it is not something you |
| attorney and find out which is right for you. | | | | can enjoy, ask yourself how long you will have to do it |
| - Obtain financing. No matter how frugal you may be | | | | before handing the management off to someone else |
| or what field you are entering, you will need money to | | | | and basking in the profit of your work. It's OK to start |
| get started. The best way to get money is to have a | | | | a dry cleaning business even when you hate doing |
| solid business plan and a little bit of savings that you | | | | laundry -- just make sure that you will not be doing that |
| are willing to commit. Go to a bank or a venture | | | | for the rest of your life. If you figure you can make a |
| capitalist with a good plan, and make sure you have | | | | million bucks in five years, it might be worth it. That's |
| enough cash to keep you going for at least six | | | | your call and nobody else's. |
| months, preferably a year. Be sure to check your own | | | | May you prosper! |
| credit rating and improve it if at all possible before | | | | |