|Consider the following to
1 Make absolutely sure there is a market for your product or
service, research the need for your product or service through your
local chamber of commerce or library. Librarians are helpful with
finding research information.
2 Use online business guides, for top business links.
3 Interview several veteran business owners in your prospective
field, listen to both the positive and the negative aspects of owning
and operating the type of business you are interested in. It is only
AFTER many business owners start a business that they find the negatives
far out way the positives. Be willing to listen to the negative aspects
of your prospective business, so you will not fall into an "I wish I had
4 Take business classes in your prospective field. Many community
colleges or small business incubators at major colleges offer small
business colleges. Consultants also offer classes, many can be found
5 Obtain a business lawyer for advice. You can sign contracts after
you talk with a lawyer or before. An experienced business owner will
tell you to speak with a business attorney before you sign a contract.
Speaking to an attorney after you sign a contract, is usually too late.
6 If you have to sign a lease for your business operation, make
absolutely sure you consult with a business lawyer before you sign..
Business leases have many hidden clauses that are unfavorable to small
businesses. This includes leases for equipment as well as occupation of
real estate property.
7 Obtain a Certified Public Account (C.P.A.) for advice in setting
up a financial records system required taxes to pay, and other business
advice. There are many inexpensive and easy-to-use accounting software
programs on the market.
8 Before hiring an attorney or C.P.A., interview several or ask
reputable business owners in your field for a recommendation.
9 Consider an L.L.C. (a Limited Liability Company), to limit your
personal liability. An L.L.C. is an inexpensive and relatively easy form
to fill out. Contact your state department of corporations for
instructions on how to sign up for an L.L.C. (contact information can
usually be found on your states website), obtain a form book from the
library or office supply store for instructions on how to add the
articles of organization, this is a guide you will use to organize your
business. Keep this for your records. Consult with an attorney if you do
not understand the articles of organization or you need to include
10 Set up your business as cost-effective as possible. That is, be
very careful not to overspend, especially at the beginning. It takes
time for most businesses to become profitable; so don't quit your day
job. In most cases that is a few years away.
11If you are not funding your business with your own funds, do
thorough research to find various forms of funding available for your
type of business.
12 Consider a mentor to guide you through the process before
starting your business and during your business life. A mentor is
someone who is a veteran in your field, is not your competition, and has
the desire to help someone do the great things he/she has done in your
field. You can usually find a mentor in an organization or association
affiliated with your business. Attend meetings in your business field
and get to know the people at the top.
13 After you have done through research and spoken to several
business owners in your field, write a Business Plan. This should be a
well-researched, well-thought-out, business plan. This will be your
guide throughout the life of your business.
14 Visit your local city offices and chamber of commerce for all of
the required permits and licenses to operate a business in your city.