I am wanting to start a business, what do I need to do?

Question

I have no idea what to do or where to start... I would like to start my business in Michigan...Any web sites would also be appreciated along with advice and knowledge

Answer 1

depends on the kind of business you want to get into. And if you want to buy or rent/lease an area for what you wanna do.
Go thru the market in your area and decide if your type of business would be benefited- if the market can hold another business such as yours.
Talk with local city and state to see what all licenses are needed. Do a spreadsheet and add up supplies, etc. you'll need and est. how much you'll need for the startup costs. Be sure to est. in there plently of adversiting and a few monthes of not getting paid as you're just starting to get into it. Also find a bookkeeper and tax person- before hand to go over how much taxes will run you.

Answer 2

1. Write up a business plan. It should be at least one sentence, no more than two. It should be something like "I will do anything to make money." You can add on to it later, but it will change daily so don't lock yourself in anything.

2. Check with local codes. You will need a business license, probably, and you will possibly want to get a resale number depending on your state. Get a Federal Employer ID number if you are in the US; you don't want to be giving out your personal SSI number to major customers (they WILL 1099 you unless you incorporate.)

3. This assumes you have depth, experience and knowledge about the business you are going to get involved with. And unless you have experience in tax codes and bookkeeping, I suggest you start looking for someone good at this. A self-employed person's best friend is an accountant.

Good luck. I had no capital, so I started my business in my garage and was in a "real" location within six months. You will find that you're biggest enemy is your need to sleep, and it's a lot of hard work, but at least in the US, it is possible to succeed.

Answer 3

Dude, I hate to be a stick in the mud, but it totally depends on what business you want to open here. If you don't have something that noone else has, you're not going to make it in Michigan. The economy is so tight here right now that starting a business is like personal suicide. My aunt opened a new business in addition to her catering business, and she has been at dead zero profit since it opened last year. Not bad that it's not losing money, but making nothing on it for a year now has to add a lot of stress to her life.

Good luck if you do open something here, I wish you all the best in your venture. Just curious, what is it you're looking to start?

Answer 4

The most important thing is financial backing...most businesses fail in the first year because they lack the financial backing. If you are talking about a store front business you have to come up with all the beginning expences to start with...Rent, overhead, invantory, advertizing. and etc. etc. You can't pay yourself until you pay for these things...There are very few businesses that can be started for less than $10,000 - $20,000 up front expenses.

There are many online business that can be started for less than $100! We can give you some suggestions...just contact us by clicking on our picture and email us for more info.

Answer 5

Hi,
Alice asked the Cheshire Cat, "Which way do I go?" The cat replied, "It all depends on where you want to go." Alice said, "I don't much care where I go." And the cat responded, "Then it doesn't really matter which way you go."
I'm not trying to sound wise here. Success in businesss will depend on your strengths. So, first ask yourself, "What all am I good at?" And try to see if that gives you a clue as to what business you should start. If you're unable to get that clue, I help service businesses started at no cost, and I may be able to help you if you have answer to my question above. Contact me privately, and I'l try to help.

Answer 6

Best advice I can give you is visit the bank where you have your account. They will have experts that can advise you and they generally don't charge. Remember to be prepared and take notes and don't take up too much of their time at least at the first visit. Small business accountants are also a good resource, they generally charge but you can right their charges of to the business when you get it up and running.

Answer 7

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ONE
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TWO
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THREE
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FOUR
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Answer 8

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