Are you ready to start a small business of your own? Starting a
small business of your own is a perfect idea if you dislike your
job, or cannot stand taking orders from other people. But before
marching into your manager's office and quitting your job, take
a moment to assess your situation.
Starting a small business is not an easy job and you must be
extremely focused, structured and organized to make it a
success. This can be achieved if you provide dedication, hard
work, good decision-making, and enough resourcefulness to get
the job done.
This comprehensive guide will help you to start a small business
of your own by offering expert advice on each and every aspect
of setting up and running a prosperous business. The first step
in starting a small business is writing a business plan which
will serve as your guide. Your plan must cover all the aspects
you need to start a small business. That is, the plan must
contain a clear and precise description of your product or
service, estimated start-up and operational costs, and a
complete detail on how you will market your product or service.
The elements of a business plan must include - Introduction,
Marketing, Finance, Management and Operations. The business plan
is a flexible document that can be changed according to the
development of your business.
Financing is the very next step after your business plan is
completed. You have to find the capital to start a small
business. Most small businesses have three options for financing
- friends or family members, investors or bank loans. You can
inquire about the grants that are provided for individuals to
start a small business. Most grants are offered by local
governments and nonprofit organizations which in turn help local
businesses. Check the loans, services and grants booklets to
verify whether your business would qualify for any grants or
loans.
Now that you have the business plan, money needed and the
enthusiasm, you're ready to start your own business. You have to
also take the legal issues into consideration before starting a
small business of your own. That is, you have to choose a legal
structure - Sole Proprietorship, Partnership, or Corporation.
Before choosing a legal structure, keep in mind that your
financing decisions will have an effect on what legal structure
you choose. You can now file with your state to incorporate and
obtain a federal Identification number for filing sales tax
forms, and state income tax.
Now it's time to get on the road to making some money. The final
thing you have to decide is - Where are you going to run your
business? You can choose your home office or a commercial space
according to the service you are going to offer your customers.
Also, if you are hiring employees, check with the state
Department of Labor to verify what your responsibilities are. It
is mandatory to acquire copies of forms I-9 and W-4 from the
IRS. I-9 certifies that the employee is a U.S. citizen or
resident alien while form W-4 determines the amount of taxes
which will be withheld from the employee's pay. Make sure you
have all your tax forms in order or there will be trouble with
the IRS.
Copyright 2005
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