Steps for your own business

Introduction:
Thinking of starting a business? My hat is off to you, and I hope this blog can provide resources for you to start. Since my retirement from industry, six years ago, I was a volunteer SCORE (Service Corps of Retired Executives). During these years, I have met many customers who dream of starting their own business. Their motivation to start a usiness may vary, but their common goal is the desire to succeed and be their own boss. My experience gave me a good idea of who will succeed and those who will not be successful. These are the people who are prepared and have a strong urge to be successful. From my experience in training and I have prepared a roadmap proposes to establish your own business. Do take advantage of your local SCORE volunteer when planning your business. The service is free and the volunteer can be found through your local Chamber of Commerce.

The business idea
The idea of creating your own business can come from many sources: your hobby, your work experience, your desire or a situation where you found a service was not reached. To confirm that you have a solid plan, you should: - Describe the company in a paragraph or less. -- Decide if the product or service is unique ... Less expensive or faster, etc.? -- Decide whether this meets your personal goals? -- Commit to invest many hours to make your business? There are many other questions that you need to answer truthfully you and then discuss it with your spouse and close friends. Once you are comfortable with the answers, then you are ready to move onto the next step. The Small Business Administration has a list of questions to help fulfill this part of the trip. Http: / / www.sba.gov Above all, your company has to "solve the problem of your client." This objective is a business successful. If this target is met, then all your other needs can be met.

Begin to prepare your business plan:
You need to do some basic work before preparing your business plan.
Finding a name of the company: You must remove a name of the company that represents your dream of a business without infringing on another company. Your state, the secretary of state can easily tell you if you have a unique name. You will find that it is important that you get deeper into your business plan. Try to draw the most attractive name you can identify.

The search for a potential Place: Does your business will be a showcase, the website, at home or perhaps in a van? Entrances to your business plan, it will lease or rental fees, insurance and other costs ease. Just as important, you must determine traffic past your selected location and how many potential customers that your company will attract. The most attractive locations will attract more business, but it will be more expensive. A local commercial real estate agent is of great value to assist you in making this decision.

You need a logo: I think all companies should have a logo. It will be added to the checks, business cards, literature and other materials. In my opinion, he put the business together. The logo will be used on business cards, letter heads, websites and all other forms of advertising. Take a look at http://www.logomaker.com/index.html logo for a very reasonable.

Business Structure: you must decide on your legal structure of enterprises. The options are: Corporation Sole Proprietorship CS Partnership Corporation Limited Liability Corporation (LLC) For the majority of my customers, the limited liability company is the best fit. For a reasonable price, you can have a company that has limited liability for business debts, which protects your personal property. You can form your LLC with the state, the secretary of state. A good web site to examine the four structures: http://www.quickmba.com/law/org/

Employer ID Numbers (EIN): You must obtain an identification number by the employer (EIN) from the Federal Government. The number is issued by the IRS and it is free. Http: / / www.irs.gov/. At a minimum, this will save your using your Social Security number for identification. The IRS site has lots of good information about small businesses that can be beneficial for you.

Write your business plan: The business plan is the most important document for starting your business. The Small Business Administration has a model that can be used to write the business plan. The business plan http://www.sba.gov document should be the objectives of the company, its financial structure, and it Roadmap. This document will be used to keep all participants on the same roadmap. It is the most painful yet important document, you will be learned. This document should be examined by your spouse, good friends, and SCORE Counselor. A good site to find examples of business plans is http://www.bplans.com/. This site shows examples of successful business plans and provides good information for starting a business. Again, I have to stress that you need to keep the overall objective of "What am I solve problems for the customer" in front of you. If you complete the rest of this goal will fill in.

Financing: You have completed the business plan and will now decide if you need financing to start your business. How much do you need? Most of the clients that I see can actually finance their business with a credit card. They need funding record 650 or better to get a map and probably can use the map to a maximum of $ 10, 000.00 financing. Maybe you can provide the money from your savings or taking a financial partner.

If you need more money to finance your business, to prepare for the battle. Banks are hard and you are competing for time with people who will be much more important business with the bank. This is what you will need: A business plan polished A list of start-up costs spent three years personal tax returns. A statement of personal history of Equifax credit reports (1-800-658-1111), Experian (1-800-682-7654) and Tran Union (1-316-636-6100)

Be prepared to answer all questions about your financial situation and needs. Be prepared to prove that you are conservative in your plan. Asking for use or lease of equipment or other innovative techniques to save money. Remember that the banker is generally interested in helping start a small business if they have a strong plan and warranty. You have to be prepared because his time is limited.

Other steps for success: Fortunately, you have shown through these obstacles and be ready to open your business. You are to be congratulated because it is a great achievement. You are your own boss and in charge of your future. Do not celebrate too for the time being, though, as you always have to hire employees, choose the technology you need to manage your business and drown in many other details. May it be fruitful and beneficial.