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Starting a Business
Congratulations! You have decided to start a business. Now the hard work begins…
Do You Have What It Takes to Own a Business?
Business owners often spend long hours getting their businesses off the ground. Many have to work with a "shoestring" budget. Are you ready to do that?
Take an entrepreneur test at:
www.communityfutures.com/cms/Entrepreneur_Test.15.0.html
http://marriottschool.byu.edu/cfe/startingout/test.cfm?format=print
What Business Should I Open?
Is there something that you are passionate about? Do you see a problem that can be solved with a product or service that your company can produce or offer?
These are just two of the questions to ask that may lead you to a successful business. For others, check out some of the websites listed below.
What Should I Name the Business?
A business name should reflect the business. Oftentimes, names are ambiguous and pretty much worthless. You should be proud of your business – let other people know the name and what it stands for. And for those of you who plan on marketing your products or services (all of you), doesn't a name that helps your marketing effort make sense? For example, the same company could be named "The ABC Company" or "Disappearing Tree Cutting Company" See what we mean? (And remember, short is good – don't use "The Abracadabra Magic Disappearing Tree Cutting Company"!)
What Corporate Structure Should My Business Be?
There are all kinds of choices here – from sole proprietorship to C corporation to LLC to …
A good idea is to talk with your attorney or accountant. What, you don't have one yet?
What about a Business Plan?
A business plan is like mapping a route to a destination. First, you must know where you're going, and then you plan the route. That's what a business plan does – it defines what your successful business is going to be, and how you're going to get there.
What Else Do I Need to Do Before I Open the Business?
Have you thought about registering your business name, and trademarking a tag line? Do you have a Federal Tax ID number? What about Workers' Compensation? Do you need a vendor's license? What about state and local taxes? And this is just a start – a good idea to check with your accountant. (Yes, you can obtain much of this information on your own. But your accountant can tell you what you need to do for your specific business – then either (s)he can do it for you, or once you know what you need, you can do it.)
The following websites contain all kinds of useful information, not only if you are starting your business, but also if you've had it for awhile. Check them out!
