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