what is the best way to start your own company?

Question

I have a good idea for my business, I just need a little information.

Answer 1

Having started my own company.
1. Get an accountant. Do not do a thing with out one.
2. In the State you are in, apply for S-Corp.
3. Apply for a Federal ID number.
4. In the State you are in, apply for a State Tax ID number.
5. Liability Insurance.
All that is listed above, if your accountant is any good, can make sure you follow the procedures that you are suppose to do.

Does this cost money. Yes it can. You go to a Business lawyer and it will cost you $2000.00 plus expenses. You do it with your Accountant, it will cost you $500.00. Go figure!

Answer 2

Step one before spending too much money, pick up some business plan building software. Usually less than $20. The software will help you achieve every aspect of this business if you follow it's plans. I used Jian software when I put together my business loan, equipment leasing, and credit card processing company and I have been around for four successful years. I also use Quick Books Pro and do my own taxes and such.

Answer 3

Research, read articles on the Internet about what form of business, sole proprietor, s corp, limited liability, etc. Have a working knowledge of how the profits are taxed, this is critical. Formulate a business plan. Do profit projections and know where your funding is going to come from. Develop a time-line and identify the critical path of things to do to swing the doors open. Try to be realistic in figuring the point at witch the business can support itself, then support its debt load, then support you. Our first FULL year of operations, we had 40K on 0% interest credit cards, had put another 80K from mortgaging the house, but we did 1.2 million in business and paid taxes on profits after expenses of 180K! In Louisiana, our Secretary of State web site has a form that you fill out with the business location and type and they get back to you with the name and addresses of the agencies you need to get licenses and approvals from. It was very useful. They supplied the info on fed. and state tax id numbers, local school board for local tax collection, fire marshal, liquor license, etc. Perhaps your state has a similar program for small business start-up. Good luck.

Answer 4

first do reasearch
second plan a budget
make sure you have enough money to invest and in saving for any emergency
if you noticed that is a lot of work and a big risk you are taking financially
if you don't have more than enough to invest on a business you are taking a major risk, before I started my business I made sure I had one where I could invest very little in fact it cost me $30 and it was the best investment ever cause that gave me enough income to start my second business which is over a $200,000 business
check this out before you decide to invest big money into a company
good luck
http://www.wealthyaffiliate.com/?a_aid=0FDscYqX

Answer 5

Have you written your business plan?