2006-07-26 11:10:42 · 10 answers · asked by Ryan O 2 in Business & Finance ➔ Small Business
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2006-07-26 11:13:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Market research to be sure there is a market for your business where you are trying to locate it. Checking with your local small business authority (or similar organization) to be sure of the city, county and state regulations. You need to be sure you apply for all proper permits and licenses, etc. Research on a name. In some states you can't name your business what another business has been named if they are similar in type and could cause confusion. Being sure all financing is in order. You can't expect a business to make money right away, and you need to have a good understanding of how long it will take until it will, because you have to have enough working capital to cover all costs until then. There's much more. Don't try to open a new business without the guidance of someone who has done it before, preferably a professional. There's a lot of risk involved. But it can be great fun, too! Good luck!
2006-07-26 18:16:20 · answer #2 · answered by Rvn 5 · 0⤊ 0⤋
It depends on what type of business you are starting. Probably the best thing to do is write up a business plan, highlighting the specifics of what you plan on doing, your costs, location, the demographics of your area. This will help you when it comes time to find a building or store front.
If you plan on taking out an small business loan, most banks/lendors will want to know all the information covered in your business plan. If you plan on leasing, that company will also probably need all this information to insure their investment and to make sure you know the basics of how to make your business succeed.
From my personal experience in small business, the greatest assets you can prepare yourself with are patience (it may take awhile to get everything up and running) and some free help. Have parents, friends, relatives that can pitch in, because take it from me, you want to keep your costs as low as possible in the first year. Keep a good attitude, and remember--it takes time, but it's worth it!
2006-07-26 19:04:44 · answer #3 · answered by sara_busa 4 · 0⤊ 0⤋
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!
2006-07-27 11:48:47 · answer #4 · answered by TM Express™ 7 · 0⤊ 0⤋
Decide what type of business it's going to be. Decide whether it will be a Sole Proprietership, an S Corporation, an LL Corporation, etc. Find out which bests suits your circumstances by speaking with your accountant and lawyer. Each has its own significant advantages.
Decide whether your DBA (Doing Business As) Name will be the same as your corporation's name or you will develop your corporation as a holding corp for several DBAs.
2006-07-26 18:18:14 · answer #5 · answered by ryan c 2 · 0⤊ 0⤋
-Assess your ability to work 99% of your waking hours.
-Assess your cash. Can you survive without emergency cash infusions for 12-24 months?
-Cover yourself. Find business insurance and consult an accountant to ensure you are compliant with tax laws.
-Go to the dentist and internist for exams while still a company employee with insurance.
-Clear your calendar and go for it! Good luck.
2006-07-26 18:14:48 · answer #6 · answered by Someone with a free answer 3 · 0⤊ 0⤋
decide on corporate structure, register with state, find an attroney to help with these and get a good accountant. develop a business plan for financing.
2006-07-27 00:22:15 · answer #7 · answered by Steve S 1 · 0⤊ 0⤋
Check out CapturePlanning.com
All of your answers are at this website- Free of charge.
Also, check out www.sba.gov for finance options. Micro loans, 504 guarntee loans and more.
2006-07-26 18:17:24 · answer #8 · answered by John V 2 · 0⤊ 0⤋
Get a plan together. Need to know where to start. Everything follows the plan.
2006-07-26 18:15:19 · answer #9 · answered by oldmoose2 4 · 0⤊ 0⤋
trademark
2006-07-26 18:14:22 · answer #10 · answered by *Mz Ciska* 4 · 0⤊ 0⤋