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Are
you tired of working for someone else and ready to launch your own
business? Owning and operating your own business is exciting and
challenging venture. It takes a unique person who is willing to
take risks to step out of the comfort zone of a bi-monthly
paycheck. Be prepared for a lot of hard work and, when you start
out, a roller coaster ride of financial ups and downs as you
perfect your strategies. The ride is well worth it, however.
You'll have a sense of independence and feel pride and
satisfaction with every deposit you make at the bank because the
money came from your efforts and creativity.
Obviously,
the first thing that you will need to do is figure out what type
of business you wish to create. Since you'll be spending a good
12-14 hours a day working your business, make sure that you choose
something that you enjoy! You should also choose a business that
matches your aptitudes.
Tickle
has a fun test that you can take for free
that will reveal your true career goals and talents. Check it out
- it might give you some ideas!
The
next step is to make sure that you obtain all applicable local,
state and federal licenses and tax permissions. On a local level,
you will probably need to obtain a business license, even if you
have a home office. By the way, some cities and towns have
restrictions on the types of home offices that you can have, so
check out your local rules. If you are selling physical goods, you
will need to obtain a transaction (or sales) tax license from your
state. Finally, you will need to obtain
an employer identification number (EIN) from the IRS.
Even though you may not have employees, many banks will require
this information when you open your business checking account.
You
will also need to consider the type of legal entity that you wish
to establish for your business. For example, you might want to be
a sole proprietor, create an LLC or incorporate. Your bank will
also want evidence of any partnership, limited liability or
corporate documents associated with your business when you open an
account. There are many "do it yourself" legal forms
available online. Ideally, you should consult an attorney about
what type of legal entity you should create that will shield you
from personal liability and best serve your business goals. If you
do not know an attorney or feel uncomfortable calling lawyers "out
of blue" by the hunt-and-peck method through the phone book,
LegalMatch
offers a perfect solution. At LegalMatch
you type in the legal issue that you would like to have help
with for free. You can remain anonymous if you want. Local lawyers
will view your query and then respond to you, letting you know how
they can help, their qualifications, and their rates. If none of
the offers are to your satisfaction, you are under no obligation
to hire any of the attorneys.
Seed
money may also be an issue, or you may need a venture capital
infusion when your business grows. You might want to consider
looking for grants, which do not have to be paid. One of the
challenges in obtaining a grant is the application and writing
process. Many of these grants have picayune requirements that you
must meet. FEDERAL
MONEY RETRIEVER® (Recommended by THE WALL STREET
JOURNAL as "BEST of the BEST")
is an award-winning software package that scouts out grants
for you, and comes with a software application that will help you
write your grant proposal in a way that meets the requirements of
the agency or foundation that is awarding grants. You can get a
free trial by clicking here.
This
website includes information gathered throughout the Internet on a
variety of topics that are geared to help you successfully launch
your new business. Interesting news and tips are posted daily on
our "blog."
We
hope this site is helpful for you, and wish you the best of
success in your business venture. |