Starting Your Own Business: Where To Begin?

Written by on August 20, 2013 in Career - No comments | Print this page

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Entreprenuer Meme: Emotional ImagesMany people have dreams, ideas, and innovations that they wish to bring to reality.

The idea of being able to be your own boss, manage your own schedule, and create your own ideas is an idea that most only daydream about.

Starting your own business can be overwhelming, especially if you’ve never researched the way businesses operate. However, with a little initiative and dedication, your business can be well on its way to fruition.

It’s important not to overwhelm yourself in the beginning. Start with the basics, and go from there. Each and every successful business owner has started at the bottom, and worked their way up.

No idea is too small or too silly. Believe in what you’re proposing, and dedicate your time to it and success can follow. President and co-founder of Micro Solutions Enterprises, Yoel Wazana, has become a successful name in the imaging supplies industry.

With one simple idea change, he managed to revolutionize the way his company would do business forever. Don’t ever be too shy to put your ideas on the table when proposing your business.

So how do you begin the journey to starting your own business, and what steps should be taken in the beginning? With these few simple steps, you’ll be able to begin the proper planning process for your business.

Step 1: Write it Out

Every solid business plan begins in writing. In order to properly review your ideas as a whole, you need business plan. This is an essential map to your future business. It’s where you outline the plans for your business and where the company will go. In this plan be sure to cover the following:

-Summary of your Business
-Organization and Management
-Funding and Budget
-Marketing and Sales
-Market Analysis (research the business industry and your competitors)

Step 2: Educate Yourself

The best way to become successful in your business is to be taught by professional businessmen and women. Look into online or on site training courses, college classes, and certification programs.

Some of these programs are free, or run for a minimal fee. They can provide valuable information necessary for future success. Another great way of educating yourself on the business world is by picking up a few good books and doing your own at-home research.

Step 3: Finance

It takes money to make money. Fortunately for prospective business owners everywhere, there are ways to attain the funding you may need to get your business off the ground.

Government and private loans are available for business starters. In some cases, grants are also available. Research all of the available ways to get a small business loan or grant, and take hold of the best option.

You can also start fundraisers and promote your up and coming business to your future target audience. In some cases, setting up a donation fund for your business could help kick start some revenue.

Step 4: Identify Yourself

When dealing with your own business, you must also deal with taxes. You must identify which form business you will operate in order to be properly taxed:

-Sole Proprietorship
-Partnership
-Limited Liability Company (LLC)
-Corporation
-S Corporation

These business forms should be researched ahead of time and put into your business plan. Planning out the legal structure of your business as early as possible can save many headaches in the long run.

Step 5: Name Yourself

Once you identify the legal form of business, it’s time to identify who you are…your business name! If you plan on doing business under any name other than your own, you must register that name with the federal government.

This is called a “Doing Business As” Name. This name is required on all government forms and applications, permits, licenses, and your tax forms. Filing can be done either through your home states’ government, or your county clerks office.

Step 6: Taxes

There’s no escaping taxes in the business world. It’s important to file for a “Tax Identification Number” as soon as possible, and register for state based taxes. The Tax ID number is something that is used to identify your business to the IRS. It’s important to register this as soon as possible.

Registration can now be done online, making this process much easier. Along with federal taxes, you will also have to pay state and local taxes. Research the requirements for your specific state, and follow the registration process for your business.

Step 7: Licensing

Acquire a list of the necessary federal, state, and local permits and licenses that are needed for your particular business. No business can properly run without granted permission on the books.

It’s important that you research which license and permits your business will need. Depending on the services you will provide, or products being sold there may need to be more than one type.

Once you’ve begun to lay out these steps, you’re well on your way to self starting your own business! Choosing a business location and researching laws on hiring employees should also be considered once all of these steps are taken care of. There are many resources available to people looking to enter the business world.

With some dedication, research, work and patience you can achieve success. It’s important to remember that “Rome wasn’t built in a day.“ Every business can face challenging times or road blocks. If you keep pushing forward and stick to your business plan you can overcome them. Once the ball is rolling, it’s up to you to keep the momentum going.

David Bloomer is a freelance writer who has started several successfully businesses.

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