| So you've decided to start your own business - | | | | cost and workload, but also the profits and the |
| congratulations! It's a huge leap from letting someone | | | | business decisions? Perhaps the decision will be made |
| else take care of taxes, accounting, payroll, inventory, | | | | to incorporate, with its financial safeguards but more |
| and/or a myriad of other activities necessary to run a | | | | complex and costly structure? At this stage, legal |
| business. However, running your own business has its | | | | advice is recommended, if only so that you fully |
| advantages, too. You get to be your own boss, set | | | | understand the advantages and disadvantages of |
| your own hours and days to work, and are responsible | | | | your chosen structuring plan. Many lawyers will provide |
| for your own success. It can be a great way to free | | | | a free or reduced-rate primary consultation, though |
| yourself from the tedium of 9-5 and work at doing | | | | often not more than an hour. When the structure is |
| what you love, but you have to begin by asking a few | | | | finalized, a name for the business should be decided |
| questions: | | | | upon, if not already having been done so in advance. It |
| 1. Are you doing what you love, or just doing something | | | | should be easy to remember, avoid initials and single |
| you're good at? A desire to get away from the | | | | letters (B & L & R, Inc. will be difficult to remember for |
| regular working world can be a good motivation to | | | | customers) and try to say something about the |
| work for yourself, but you have to be excited to get | | | | business (Bob's House of Hobbies is easier to |
| up in the morning to do what it is you have chosen to | | | | remember and spell). |
| do for a living. | | | | Next, a business plan is a vital step in laying out all |
| 2. What is it you are planning to do? What niche is it | | | | these topics and proposals in a standardized format. A |
| going to fill? Is there a need for what you can provide? | | | | good business plan serves as a formal statement of |
| Will the market bear another entry? | | | | the new company's goals, financing, structure and legal |
| 3. What technical skills or talents do you have? Just | | | | considerations. It acts as a "resume" to prospective |
| being able to do something may not be marketable | | | | investors and is the primary documentation they will |
| enough to convince customers or financiers that you | | | | use to evaluate whether or not your business will be |
| are a good financial investment. | | | | worth investing into. It also provides the proprietor(s) |
| 4. Who are your competitors in your chosen | | | | with a chance to see the workings of the new |
| profession and how are you going to do it better? | | | | business in black and white. A basic business plan |
| Why should customers come to you? What do you | | | | should at the least contain a balance sheet, income |
| have to offer that no one else does? | | | | statement and statement of cash flow, as well as a |
| Once you are satisfied with the answers to these | | | | proposed financial budget for the first year, or as long |
| questions, it is time for the decision of what kind of | | | | a period as necessary if a year is impractical. |
| business structure you will use. Will you be a sole | | | | So with these quick tips, plan for success, and good |
| proprietor, responsible for every facet and the | | | | luck in your chosen endeavor! |
| penultimate authority as to how to run the business? | | | | © 2006, Wholesale Pages UK. All rights reserved. |
| Will you enter in with a partner, the better to share the | | | | |