| Like many people, do you dream of one day owning | | | | you have enough financial capital available to give your |
| your own business? | | | | business and your efforts time to be successful. Early |
| Perhaps you've been working in the same area of | | | | on it is doubtful that your business will be able to return |
| business and you know you've acquired the | | | | a great deal on the money you've invested in your |
| necessary skills and would like to use them in your | | | | start up costs plus afford you a good salary. |
| own business, or perhaps you just have a hobby that | | | | Of course, in order to move your business forward |
| you've been passionate about and feel there is a | | | | and get it to the point of sustaining a profit, you'll need |
| market for it. | | | | to plan on some type of advertising or marketing |
| So... have you ever thought about starting your own | | | | expense into your initial start up costs of owning your |
| business? | | | | own business. If you build it they will then come is a |
| If you're thinking about moving your dream from inside | | | | very risky strategy, so you'll need to devise an |
| your head to a more tangible reality, there are some | | | | advertising and marketing plan and budget. |
| initial questions that you will need to examine as you | | | | All of these reasons are why you need to take a |
| begin to move forward. | | | | detailed look at what it is going to cost you in order to |
| Probably the first question that you'll need to examine | | | | effectively start your own business... and keep you or |
| right out of the gate is one of start up costs. | | | | you and your family supported during the initial launch |
| Regardless of the type of business you're thinking | | | | into the marketplace. |
| about taking on, there will be some type of start up | | | | Another area to consider sooner rather than later, is |
| costs involved. | | | | what type of legal entity will your business take on? |
| Certainly the type of business that you are considering | | | | Will you have a sole proprietorship, a partnership, an |
| opening will dictate the amount of start up costs, but | | | | LLC, an S-Corp, or something else? Also you will want |
| nonetheless, all business ventures no matter how small | | | | to take a look at what type of insurances may be |
| will have some cost associated with them. Even if you | | | | necessary in order to protect yourself and your |
| are considering a small work from home business you'll | | | | business. |
| likely need a business phone number, some type of | | | | When it comes to opening and operating your own |
| home office setting, internet service, computer and | | | | business the scenarios are limitless. But the first step |
| software, etc. | | | | beyond having a passion and the expertise to run your |
| If your start up costs are going to be more extensive, | | | | business is to evaluate the cost of starting up and |
| you'll need to know what type of credit history you | | | | getting your business off the ground. |
| have and what your credit score is and if you might | | | | These early decisions you make will have a huge |
| be eligible for some type of small business loan. | | | | impact on your chances of being successful so the |
| Transitioning out of your current job and into owning | | | | more honest well researched detail you have the |
| your business is ultimately quite a distance to cover. | | | | better your chances for success. |
| You need to make sure as part of your planning that | | | | |