Small Business 101: Getting Started

smallbusinessTake a look at the time on your watch, clock, or cell phone. As you go about your daily routine, the time isn’t going to stop and it surely won’t slow down. Why? Because time waits for no one!

“I can’t do it on my own. I don’t have enough time or resources. I’m not ready to take the leap.” Doubt often scares people to the point where they change their mind about something that they have wanted to pursue for years, convincing them to continue to put it off.

Ditch the excuses! You may not know where to begin or may even think that you are not at a certain level of financial freedom in order to own your own business.

It’s actually quite easier than you think and only requires three agendas – an idea, a plan, and an action.

Start your business using the following steps … but not exactly in this order since the process is often different for everyone.

  1. What is your passion? Discovering your true passion will take starting a business from being a chore to an exciting adventure. While you should research the particular industry that you are interested in, there’s no better way to start a business than by just jumping right in. Taking risks is part of what an entrepreneur does!
  2. Write a business plan. Your business plan will be the backbone of your company and should include detailed information about your branding, along with your short-term and long-term goals. More importantly, obtaining loans or gaining investors will often require this.
  3. Obtain financing, if necessary. Will your business be brick-and-mortar or online? Start-up costs are inevitable, and you may think that a credit card or bank loan is the only means of financing. You’re wrong! Think outside of the box – look for investors who may be interested in your business, search for grants through the Small Business Administration, or pre-sale your product to jump start the flow of income.
  4. Declare ownership. Whether you will operate as a LLC, corporation, or non-profit, you must determine how your business will be structured.
  5. Get a business license and other required permits. In order to operate as a legitimate business, you will need to get a business license. This step will also involve obtaining your Tax ID number, along with a resale license if applicable.
  6. Launch your business. One of the hardest things about growing your business is that you need to run your business at the same time. Create demand for your brand by marketing in your community using flyers, word-of-mouth advertising, and networking with local business owners and patrons. Business may not pick up as fast as you want it to, but trust me … consistent and persistent marketing will pay off in the end.

Launching your business can seem like an overwhelming task, but there are several resources available to assist you, such as:

  • your local city’s website as they contain pertinent information for small business start-ups
  •  SBA.gov, the U.S. Small Business Administration’s website, for loan and grant information
  • your bank’s website as they have small business packages for lending and banking services

And if you are looking for an affordable opportunity to be your own boss, check out the Liberty Tax franchise site to jump-start your way to business ownership

Disclaimer: Tax Lounge is an informational source for industry news and related topics. We take every effort to provide you with the most honest and accurate tax information, but this information should not be a substitute for professional tax advice. Use our office locator to find your local tax office or click here to subscribe to our free newsletter.

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