How do you start a business?

[crystalmcvea]

I have read through here for months...but what Im really needing is something showing me EVERYTHING about a business. Yall sound so professional...and I feel so clueless. Like, when do you get insurance. How you do you run your business? I know this is a pain for yall...but I sure would appreciate if anyone has the time to sit down and show me step by step...THANKS!

[Tess]

I have read through here for months...but what Im really needing is something showing me EVERYTHING about a business. Yall sound so professional...and I feel so clueless. Like, when do you get insurance. How you do you run your business? I know this is a pain for yall...but I sure would appreciate if anyone has the time to sit down and show me step by step...THANKS!

Well I dont know about step by step. It really is a sort of learn as go thing. You could always take a class in biz management. There are just so many variables involved, and everyone runs their buisness' differently. I would suggest you start at your county courthouse.

[Trish]

A lot of it will depend on your state/county on what you need (business license, resale permit, etc). You can probably Google your county or state website and read through to find where to get started!

[foxhill]

Crystal I bought a book called "Small Time Operator" written by Bernard Kamoroff, CPA. It covers starting a business, keeping your own books, taxes, licenses and registering etc. I found it really helpful! Also, you should have a local Small Business Association (SBA) that can help you with business plan and setting up a business. They can also help you get business loans etc.

[GinnyRit]

As Jennifer said, contact your local SBA office. They're there to help you get started and it's a free service. I just met last week with a counselor; they usually spend about 2 hours with you at a time and can get you started from the very beginning.

Find your local office here: SBA Website

You can also google and find your state's tax website and business requirements.

Good luck!

[deanna]

The thing that I have learned the most about is how not to get taken advantage of. This is my second business - the first one never came to fruition. But it taught me numerous things:

1. Don't pay an attorney to get your Fed. Tax ID # - you can do it over the phone after filling out a form online on the IRS website. It is very easy - and very FREE!

2. Decide whether you want to be a sole proprietorship or an LLC. This is important! Entrepreneur online is a great resource. It can answer a lot of questions about that. Office Depot online is a great info source, too believe it or not! They have a whole business section. An accountant can help you, too...which leads me to #3.

3. Get a good accountant - one that is knowledgable about the runnings of a business. He/She can answer a lot of questions about businesses, but remember, some charge you for their time so get most of your answer off the internet first from a reputable website to save yourself some $$.

4. Keep track of EVERYTHING! Find a good organized way of managing your receipts (anything business related that you buy counts), tracking your mileage and your cell phone (if used for business). Your accountant can even show you more ways to make the deductions add up.

MOST IMPORTANT! (should be #1 I guess...)

5. Take care of the insurance issue BEFORE you take care of anything else. Tell them you are THINKING of starting a candle making business. A lot of people here can help you with insurance issues - there is a lot in the archive section, too.

If you plan on opening a retail location that is a different story! I would be happy to go into details relating to licenses and inspections and the DREADED lease process!

I hoped this helped a little! I would be happy to share more of what I know! Let me know!

[drcobane]

This is kind of long but usefull because all SBA agents will ask you these and more. I posted a small part of 32 pages they use the more negative responses the harder it will be. I checked here in CO until it treached 500-/+ equity that I was claiming I use my Social security number and claimed it on my long form tax sheet. Above that get a CPA to help with the DBA and Such. SBA will direct you to these but not fill out the forms or notarize the ones that need nortized.

If you want a copy of the long form and a sample business plan PM me and I will send it.

PERSONAL SKILLS AND EXPERIENCE

Certain skills and experience are critical to the success of a business. Since it is unlikely that you possess all the skills and experience needed, you will have to hire personnel to supply those you lack. There are some basic and special skills you will need for your particular business.

By answering the following questions you can identify the skills you possess and those you lack (your strengths and weaknesses).

YES NO

1. Do you know what basic skills you will need in order to have a

successful business?

2. Do you possess those skills?

3. When hiring personnel will you be able to determine if the applicants'

skills meet the requirements for the positions you are filling?

4. Have you ever worked in a managerial or supervisory capacity

5. Have you ever worked in a business similar to the one you want

to start?

6. Have you had any business training in school?

7. If you discover you don't have the basic skills needed for your

business will you be willing to delay your plans until you've

acquired the necessary skills?

Personal Conditions

This next group of questions though brief is vitally important to the success of your plan. It covers the physical emotional and financial strains you will encounter in starting a new business.

1. Are you aware that running your own business may require working

12?16 hours a day six days a week and maybe even Sundays and

holidays?

2. Do you have the physical stamina to handle the workload and

schedule?

3. Do you have the emotional strength to withstand the strain?

4. Are you prepared if needed to temporarily lower your standard

of living until your business is firmly established?

5. Is your family prepared to go along with the strains they too

must bear?

6. Are you prepared to lose your savings?

A SELF?ANALYSIS

Going into business requires certain personal characteristics. This portion of the checklist deals with you, the individual. These questions require serious thought. Try to be objective. Remember, it is your future that is at stake!

Personal Characteristics

1. Are you a leader?

2. Do you like to make your own decisions?

3. Do others turn to you for help in making decisions?

4. Do you enjoy competition?

5. Do you have will power and self-discipline?

6. Do you plan ahead?

7. Do you like people?

8. Do you get along well with others?

IS YOUR IDEA FEASIBLE?

1. Identify and briefly describe the business you plan to start.

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

2. Identify the product or service you plan to sell.

______________________________________________________________

3. Does your product or service satisfy an unfilled need? Yes _____ No _____

4. Will your product or service serve an existing market in which

demand exceeds supply? Yes _____ No _____

5. Will your product or service be competitive based on its quality,

selection, price or location? Yes _____ No _____

Answering yes to any of these questions means you are on the right track; a negative answer means the road ahead could be rough.

[Trish]

drcobane, that was an interesting read. Thanks for posting it!

[Landa]

Thanks for this post. Right Now, I just wanna start small selling stuff out of my home. The only thing I have done is the name thing and I registered that for 25 bucks with my state. I am at a loss as to what to do next. I dont plan on opening a store or anything.

[drcobane]

There is so much more I have run everything to comic book business to a strip club

Now I run a computer tech and cooler (water crystal) and smelly jar

I am venturing into bath and candles once I perfect my lab

Opening a business is all limited to your mind. You think small you will be small. Treat people how you want to be treated

ANd from my Management 216 teacher

"One final word; some of you expressed conflicts you are now having with co-workers and family members. And you expressed opinions that you can't resolve those conflicts. Baloney. That's a bunch of BS and you know it. If you are having a conflict with another person, resolve it. Call him or her up and say, "I'm sorry." Doesn't make one damned bit of difference whose fault it was. You have to move on. Don't let your energy be drained by what you perceive as some slight or some irreconcilable difference. Life is just too short to let that kind of stuff into your own.

You're going to be a manager. Act like one."

[pamperme]

Thanks for this post. Right Now, I just wanna start small selling stuff out of my home. The only thing I have done is the name thing and I registered that for 25 bucks with my state. I am at a loss as to what to do next. I dont plan on opening a store or anything.

You need to check with your local city as well..mine you have to have a city permit to do it out of your home and be zoned commercial..that is if you want people to come to your house and buy..you have to have a separate are where they can enter the house and not have access to your 'living areas'...make sure you have insurance to cover it as well..does not fall under your home owners ins.