Small Biz Startup

YES, WE CAN!

10 Tips To Start Your Business

In starting your small business, you'll have lots of details to check and fine-tune. Here is a checklist of 10 things you should do as you prepare to be your own boss.

1. Choose a business.
What are your passions, interests, hobbies? What are you good at? Make a list of INTERESTS and another list of SKILLS/TALENTS. Find a common denominator on those lists and that could very well be a great choice for your new venture. (Example: you love decorating/interior design & you're good at it--consider starting your own service..or... Everyone loves your spaghetti sauce--would you enjoy making it and bottling it for sales in local markets and online? You love sports--why not explore starting a personalized products company that deals in putting logos and monograms on jackets, caps, etc.)

2.Pick a name you can live with as you grow and expand. For example, Gary’s Hedge Fund sounds like a great name for a whoesale nursery that sells hedges and shrubs, but what about when Gary expands into flowers, herbs, fences and more? Gary’s North Fork Landscaping might make it easier so that he won’t have to change his website name, etc. (Use an easy, cost effective web hosting service such as Web Hosting from Google.com to set up a basic website.)

3. File a "doing business as" form with your county clerk's office so that you can open a business bank account. The county clerk is usually located in the largest town/city in your county.

4. Open a business checking account. You'll need to have already completed completed the "doing business as" form process and have all the proper notarized items in order to open a business checking account in the name of your new small business.

5. Prepare a marketing plan and outline ways you will generate business.

6. Brush up on basic accounting and bookkeeping techniques and choose a system--that you plan to follow. When you file your taxes, however, it is worth it to use an accountant that specializes in small business so that you can maximize deductions, etc.

7. Call the local Small Business Administration office in your area. Ask about their free programs, literature and seminars. Go online and find other local resources. Visit www.sba.gov/.

8. Go online to brush up techniques you need to know: marketing, advertising, etc.

9. Write a business plan. It can be 2 or 20 pages, but a good business plan will help you answer all the questions you need to know about your business.

10. Investigate all options to generate business. Should you offer discount coupons on your website? Participate in local nonprofits that need help? Book yourself on local TV shows? Add a podcast to your blog? All of these techniques will be explored on this blog.

*If you are going to be working with food preparation, investigate whether or not you need a food handler’s license.
Your county clerk or local hospital can help you on this one.

*Investigate getting a tax resale number so that you don’t have to pay taxes on goods you purchase—(because you’ll be charging tax when you sell these items). This will enable you to purchase goods on a wholesale basis. Google your State Office / Department of Taxation and Finance.

It will also be a valuable tool if you need to borrow money from a bank.

Small Biz Startup

Tuesday, January 20, 2009

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