| © 2008 Suavv Magazine / DMLJ Publishing |
 |  |  |  |  |  |  |  |  |  |  |  |  |  |
CAREER & WEALTH
CAREER & WEALTH
TM
Starting your own business is not as hard as it may seem, but there are
some steps that make it a much less difficult process. Starting your own
business can be challenging, but it can also be fun. And if you follow these
well thought out and organized steps, you will be well on your way to
success.
The first question you may ask yourself is how to go about starting your
own business? First you must decide what you want to do. Make a list of
all the skills you possess which could be anything from work experience to
every day tasks that you do but often take for granted. Even tasks such as
driving a car, shopping, cleaning, cooking, or professional work experience
such as secretarial procedures, office management duties or healthcare
management are all skills that can help when deciding to be your own
boss.
Think about what you enjoy doing and whether or not it is something that
you can offer the community as a service. Once that is decided, everything
else that you need to do can be followed strictly by the book. So, if you
happen to choose a cleaning service or a day care then you would
concentrate in that area of interest and begin getting the ball rolling.
Here are some steps that should start you in the right direction to follow the
dream of owning your own business:
1. Decide what service you will offer.
2. Research the area you live in/near and find out if it's a service that is
needed.
3. Work out a budget listing start up costs. Some possible expenses could
be licensing, office supplies, phone service, book-keeping services and a
fax machine.
4. How much money can you live off of until you get your first income from
your business? Where can you cut corners to stretch you money?
5. Will you need to hire staff for your business or can you work solo?
6. Make a list and keep checking items off or adding items in. Frequently
check your list.
some steps that make it a much less difficult process. Starting your own
business can be challenging, but it can also be fun. And if you follow these
well thought out and organized steps, you will be well on your way to
success.
The first question you may ask yourself is how to go about starting your
own business? First you must decide what you want to do. Make a list of
all the skills you possess which could be anything from work experience to
every day tasks that you do but often take for granted. Even tasks such as
driving a car, shopping, cleaning, cooking, or professional work experience
such as secretarial procedures, office management duties or healthcare
management are all skills that can help when deciding to be your own
boss.
Think about what you enjoy doing and whether or not it is something that
you can offer the community as a service. Once that is decided, everything
else that you need to do can be followed strictly by the book. So, if you
happen to choose a cleaning service or a day care then you would
concentrate in that area of interest and begin getting the ball rolling.
Here are some steps that should start you in the right direction to follow the
dream of owning your own business:
1. Decide what service you will offer.
2. Research the area you live in/near and find out if it's a service that is
needed.
3. Work out a budget listing start up costs. Some possible expenses could
be licensing, office supplies, phone service, book-keeping services and a
fax machine.
4. How much money can you live off of until you get your first income from
your business? Where can you cut corners to stretch you money?
5. Will you need to hire staff for your business or can you work solo?
6. Make a list and keep checking items off or adding items in. Frequently
check your list.
7. Will you continue working full time or will you quit your job and devote
your time to your new business? More specifically ask yourself if you can
afford to quit your job and work full time at your new business. Many people
decide to work part-time at a new business and stay with their full time job
so they can keep a steady income coming in while the new business gets
off the ground.
8. Apply to your State for a Trade Name. This will cost approximately fifty to
one hundred dollars.
9. Once you've decided on what type of business you are creating then
you'll have to apply for your licensing. For food service of any type, bakery,
sub shop, pizza shop, etc., apply with the Department of Food Protection.
Follow these guidelines for any type of business whether it’s food service,
cleaning service, marketing and so on. Call your appropriate State Office. If
you get the wrong office don't fret, they will guide you to the correct one.
10. Decide whether your business will be in-home or out of home. In-home
is much less expensive and you can still claim part of it on your year end
taxes. Factor in the costs carefully.
11. Decide whether you want to incorporate or be a sole-proprietor.
Incorporating costs money. Staying a sole proprietor costs nothing and it
only means that you individually own your business.
12. Once you've applied for a license with the appropriate State Agency you
will be assigned an EIN number. This will be used for tax and identification
purposes. Also it will be used to open up a business checking account. At
this point finding a book-keeping service is recommended. A book-keeping
service is fairly inexpensive and you'll find that it will be one of your greatest
resources. They will be the one's to assist you with the many tax questions
you will have and with your payroll should you need to hire employees.
13. Decide whether you will be applying for a start-up loan or not. Most
small businesses use savings to fund the new business or they use their
weekly paychecks.
14. Keep every purchase as low cost as possible. Be frugal, be cheap.
Money is the name of the game here and don't spend any that you don't
have to. Instead of purchasing new, buy used. Have friends and family buy
you supplies for birthdays and Christmas. Be creative....lessen costs as
much as possible!.
15. Advertising. The big worry right? Wrong. If you have access to a phone,
a photocopier and a fax you have a world of advertising at your fingertips.
Make flyers on your computer and have friends, family and everyone you
know post flyers up all over the area you are targeting. Use the local
markets, post offices, telephone booths, telephone poles, libraries,
shopping malls to your benefit. It's free and just takes a little energy and
time. Have all your friends spread the great news! Word of mouth is the
greatest advertisement of all and it's free!
your time to your new business? More specifically ask yourself if you can
afford to quit your job and work full time at your new business. Many people
decide to work part-time at a new business and stay with their full time job
so they can keep a steady income coming in while the new business gets
off the ground.
8. Apply to your State for a Trade Name. This will cost approximately fifty to
one hundred dollars.
9. Once you've decided on what type of business you are creating then
you'll have to apply for your licensing. For food service of any type, bakery,
sub shop, pizza shop, etc., apply with the Department of Food Protection.
Follow these guidelines for any type of business whether it’s food service,
cleaning service, marketing and so on. Call your appropriate State Office. If
you get the wrong office don't fret, they will guide you to the correct one.
10. Decide whether your business will be in-home or out of home. In-home
is much less expensive and you can still claim part of it on your year end
taxes. Factor in the costs carefully.
11. Decide whether you want to incorporate or be a sole-proprietor.
Incorporating costs money. Staying a sole proprietor costs nothing and it
only means that you individually own your business.
12. Once you've applied for a license with the appropriate State Agency you
will be assigned an EIN number. This will be used for tax and identification
purposes. Also it will be used to open up a business checking account. At
this point finding a book-keeping service is recommended. A book-keeping
service is fairly inexpensive and you'll find that it will be one of your greatest
resources. They will be the one's to assist you with the many tax questions
you will have and with your payroll should you need to hire employees.
13. Decide whether you will be applying for a start-up loan or not. Most
small businesses use savings to fund the new business or they use their
weekly paychecks.
14. Keep every purchase as low cost as possible. Be frugal, be cheap.
Money is the name of the game here and don't spend any that you don't
have to. Instead of purchasing new, buy used. Have friends and family buy
you supplies for birthdays and Christmas. Be creative....lessen costs as
much as possible!.
15. Advertising. The big worry right? Wrong. If you have access to a phone,
a photocopier and a fax you have a world of advertising at your fingertips.
Make flyers on your computer and have friends, family and everyone you
know post flyers up all over the area you are targeting. Use the local
markets, post offices, telephone booths, telephone poles, libraries,
shopping malls to your benefit. It's free and just takes a little energy and
time. Have all your friends spread the great news! Word of mouth is the
greatest advertisement of all and it's free!
1 2