We are not going to fill you up with lots of extraneous 'stuff' just to make 'sales', nor are we going to sugar coat anything. Starting a new business is tough. You just can't open your door and hang out a shingle anymore. There are many decisions to make.
So, you've got this great idea for a business and you want to get started.
What do you do first?
- Have you done some Market Research to see who your competition is?
- Have you researched who your customers are going to be?
- Have you created your Pricing for your products or services?
- Have you determined your Company Organization? A Sole Proprietorship? A Partnership? An LLC? An S or C Corporation?
- Have you selected a name for the new company? And, is it available to Register with the State?
- Have you determined your Start Up Costs? Created a Budget?
- Have you determined How you are going to reach clients and let them know you are now available to them?
- Are you going to be Hiring People?
- Are you going to use Sub-Contractors?
- What Equipment will you be needing, and how will you pay for it?
- Where will your business be located? Need an Office? Working from your Home?
- Have you determined your Accounting Set Up?
- Is someone advising you?
There are 2 places you should visit on the Net, after you have your Business and Marketing Plan ready. Your State Government Portal, (Ohio) - (Michigan)an (Indiana) and the IRS.
The IRS actually provides hundreds of free pdf files you can download that answer just about any question you might have about starting and running a business. It really is useful information. These sites help you determine which type of company you want to register; a Sole Proprietor, an LLC, a Partnership, a Corporation, etc. Information they provide helps you decide according to the way each entity is taxed and the forms that need to be filed.
Our Web Resources for Businesses provides you with a multitude of links, including Federal and State sites to assist you in locating needed forms and advice.
If you get to feeling overwhelmed, don't despair. You can always contact us and we will help you.
Mistakes New Business Owners Often Make:
- Not understanding the intricacies of the Organization they chose to create; the differences between Incorporating and an LLC for example. 2 very different, yet similar entities.
- Not getting their Accounting set up properly so that money and liabilities can be tracked accurately.
- Misunderstanding Tax Liabilities and Forms
- Not realizing that the heart and soul of their business is their Accounting - without it, how does one know if they are operating a profitable business or not?
- Not researching all the Freebies that are available to them - or taking advantage of Freebies that end up costing them something.
- There are a lot of firms out there that prey on new businesses, especially in the area of Marketing. Beware and do your homework. This is the fastest way to lose your money.
How do you avoid making these mistakes?
- Spend some time on the Internet doing some research. A lot of it is still free. Just beware and read the 'fine print". You don't have to spend a fortune on how to grow rich books - just understand the laws and the forms.
- Spend some time with pencil and paper working out your plans. You can download Business and Marketing Plan Templates at the Microsoft website. Fill them out. You'll be amazed at what you will learn about business and yourself!
- If it sounds too good to be true, it probably is a scam.
- If your feet don't hit the floor in the morning with a burning desire to get going on your business, you should take another look at what you are committed to.
- Find a Mentor, someone who has been a successful business person who is wise enough in various areas to guide you. We can assist you in this area, or you can try SCORE; Volunteers share their wisdom and lessons learned in business. Their volunteers are working/retired business owners, executives and corporate leaders. Do realize, however, their site is sponsored by other companies who will charge you for various services you may be able to do yourself at a fraction of the cost, or at no cost. You may also want a local mentor, one who knows the culture of the community.
