10 Steps to Starting a New Business
Starting a New Business
Small Business Entrepreneur or Solopreneur
**The following information is generic and will not apply in certain states be sure you consult with local government agencies once you've read this article on 10 Steps to Starting a Small Business.
Starting a business can be as simple as you like. If you've never done it before the following is list of what to start with. For further information we recommend you consult with a small business consultant or contact the author of this article Ron@WorkingBeyondRetirement.com.
- If you're starting a business to make money or be profitable, remember the key to success is SALES.
- If you're starting a business for any other reason it's usually for satisfaction and sales aren't that important although you don't want to create a money pit. Regardless you'll need to setup or consider some basics listed below.
- Name of your business. Note this does not have to be the name you continue with late you may want to develop a name you can trademark which in the end is worth the effort, not necessary to start. One simple way to handle this is by using you name. i.e. George Jones Consulting.
- You'll need to establish a DBA or Doing Business AS name, even if you're using your name it's a wise idea.
- Licenses. Many businesses require licenses you may want to check with your state, city or county require a specific license to practice. If you are selling a retail product you'll need a reseller's permit which you can acquire from your local State Board of Equalization or reseller permit office. In most states this is the department where resale taxes are collected. In other words if your state collects taxes on tangible goods you need to get a license and follow their regulations.
- Incorporating: It's best to speak with an Attorney, Accountant or other professional to discuss the various types of Incorporations, LLC, C, S or 501C for non-profit.
- Open a bank account, minimum deposit will do. The bank will not usually open a business account unless you ave a DBA.
- Insurance: Talk to an agent who specializes in business insurance. Ask about liability, business liability insurance, errors and omissions or umbrella insurance and follow any advice they offer. Shop around before you buy.
- Marketing Materials. Traditional business cards are still in vogue. Establish your own website and use a domain name email address i.e. yourname@yourwebsite.com in my case mine is Ron@WorkingBeyondRetirement.com, it makes you look official. With portal email address i.e. hotmail, yahoo, aol, google, etc., no one takes you seriously when making business inquiries.
- Location. Use a space in your home or look for rental sharing. In metropolitan areas I see lots of shared office space for rent with phones and internet access.
- Office equipment. Computer/s and a printer are a good start.
- Develop a call list, join a business networking group, online, offline or both. Start making sales calls.
Note: Do not commit to long term or expensive advertising contracts, especially if the contract is recurring. You want to test the water before you make a giant investment. I've been consulting startups for years and have heard lots of promises and guarantees.
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