I am wanting to get a small business off the ground. Any pointers?

Question

I am dealing with a company in India that does medical transcriptioning and data entry. I want to open a business and outsource all the work to it. I don't have any credentials or experience in medical transcriptioning or data entry. My experience is in the small business department of a large bank. What should I do before opening a business? I am thinking of starting out as a sole-proprietor at first.

Answer 1

The best routes to take are to research the process of starting a business as well as the industry you're interested in.

I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.

Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:

* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert
* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert
* What No One Ever Tells You about Starting Your Own Business: Real-Life Start-Up Advice from 101 Successful Entrepreneurs (What No One Ever Tells You About Starting Your Own Business) by Jan Norman
* Business Start-Up Kit by Steven D. Strauss
* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky

There are plenty of free informational resources out there. Check the source box for links to articles.

Hope that helps! I wish you much success & happiness in all your ventures!

Answer 2

I am also in your shoes. I am trying to start out small business in image and life consultation. I was once a teacher and I noticed that starting a small business is a lot like the preparation a teacher does for a school day. Three things that you should consider before you start:
1. Create a business plan: It is very important that you have a plan of what you want to provide to your clients, what your financial projections are and how you are going to get there. Your plan will never be finished because you will continually change aspects of your company in order to make your business successful. There are tons of software that creates business plans for you with samples and templates. Check out Business Plan Pro.

2. Speak with a business advisor. Consider your business advisor like a counselor. This is the person that will help to guide you through a lot of the legal aspects of creating a small business like tax ID numbers, business attorneys, accountants, etc. Check your local Small Business Assocation (SBA) for business advisors to help you get your business off the ground.

3. Of course last but not least, consider incorporation. Research and have clear knowledge of all the benefits and drawbacks of sole-proprietorship as oppose to incorporation. I know that sole-proprietorship sounds enticing because it is quick and easy. However, research everything before making desicions. I know that with sole-proprietorships that your name is on the line when it comes to your company. If something bad happens with your company (God forbid), it directly attacks you; not your company.

I hope this information helps you. Remember these three things and also that preparation and planning is key and I am sure you will be successful. Check the link below for further information on starting a small business. I was helpful for me.