Leadership

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Let's talk a little about what a small business is and some of the steps you will need to take to start your own.

As I've already explained small businesses due to their nature, are usually sole proprietorships, partnerships, or privately owned.

Small businesses are often located in private homes. It is convenient and the government gives the home entrepreneur many tax breaks.

Running a small business is an exciting opportunity.

But, before you spend a lot of money on your small business it's important that you know the facts, so take some time, get on the internet and research the basics. If possible talk to a few experts and be sure that entrepreneurship is right for you.

- Conduct a feasibility study of your business idea.

Describe what your typical customer, your product and your competitors are. Who will your suppliers be? What will you charge for your product? How will you market your product?

- Write a complete business plan.

Do this using the information you gathered from
your Feasibility study. This is vitally important and often an overlooked step that needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals.

- Get your financing in place.There are many ways to finance your business, from your
own savings to personal credit cards to bank loans.

- Decide what kind of structure your company will have.

From a legal standpoint, there are three basic choices, sole proprietorship, partnership and incorporation.

- Choose a name for your company and check on name availability.

Naming your company is highly individual, so choose your name carefully. You'll need to do Newly Upgraded Automated Name Search report, which checks your name choices for uniqueness against a database of other business names.

- Determine whether there are special permits or
licenses that your business will need. Check with county court house or your local tax collectors office for the proper forms.

-Set up your business bank account and record-keeping system.Your banker will need to see your business documents, and you may want to set up more than one account so you can keep track of your finances better. Record-keeping is required.

- Purchase supplies and office equipment.

Too many things to list here, and of course, each business has different needs. You might need a fax machine and printer. You'll probably need a computer. You'll definitely need paper,
pens, pencils and a calculator.

Being armed with the facts and information you need from the beginning is a giant step towards ensuring the success of your small business. So take your time and do your research.

When you get your own business going and you become known in the IM circle you will be inundated with emails. A word to the wise
Is ‘be careful. Be choosy. Always know where to locate your delete key’. To unsubscribe go the very bottom of their email to find the code you need to click.

The writer has been in IM for quite some time and
she will be glad to answer your questions either
by 863-773-4555 or [email protected].
Leave a msg and I'll return your call

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