I am about to start a business what are some of the things to consider?
353278
The article "LLCs vs. C Corporations" http://www.powerhomebiz.com/vol97/llcs.htm shows the differences and similarities between the two legal structures.\n\nOther articles that can help you decide the best legal structure for your business can be found at: http://www.powerhomebiz.com/startup/legal.htm\n\nStarting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck. \n\nSome things you need to consider:\n- "How can I support my family while I build up by business?" \n- "What are my abilities?" \n- "Is there a market for the product or service I have chosen?" \n- "How long will it take this business to reach the financial goal I have?" \n\nYou may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:\n\n1. Provide a benefit.\n2. Determine the fit with your market.\n3. Right timing is everything\n4. Be ready to support your business\n5. Develop a blueprint for success\n6. Market, market, market\n\nI recommend that you read the following books:\n\n- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs \n- Starting From Scratch: How To Start A Business When You Don't Have Money \n- If You're Clueless About Starting Your Own Business and Want to Know More \n- On the Move : How to Succeed and Survive As an Entrepreneur \n- How to Make 1000 Mistakes in Business and Still Succeed \n\nYou may also want to read the articles:\n\nHow to Start a Successful Consulting Business http://www.powerhomebiz.com/vol83/consulting.htm\nSeven Keys to Building a Profitable Consulting Business http://www.powerhomebiz.com/vol5/consulting.htm\n\nAlso check out the following consulting specific books to help guide you as you start your consulting business\n\n- Getting Started in Consulting \n- The Consultant's Quick Start Guide: An Action Plan for Your First Year in Business \n- How to Make It Big As a Consultant \n- The Seven Cs of Consulting: Your Complete Blueprint for any Consultancy Assignment \n- Million Dollar Consulting, New and Updated Edition: The Professional's Guide to Growing a Practice
686328
Whatever field your business will be in, the first step is to write a business plan which will include your start up requirements as well as about six months (or so) worth of operating capital.  For start-up you must research every little area of your needs: inventory and equipment as well as rent, utilities, licenses, advertising, office expenses, payroll, etc.  So actually no one can answer this question for you as your business will be forged in your unique image, in your unique location.  So, happy researching and planning, and I wish you luck.
922516
There is no rule of thumb for this because it depends so much on the type of business you are looking at,its situation & how you want to launch it.Will you buy or rent a property or work from home?What equipment do you need & can it be bought in good condition 2nd-hand & thus save money?Why lawyers' fees?Does the type of business need a lawyer's input at this stage?What about accountants?They can be more useful in advising on the type of business to start with i.e sole trader/partnership/limited company?How to keep simple records,VAt registration,PAYE if you expect to have employees etc.I would advise finding a properly qualified accountant in a small practice.Their fees are usually less & you should get better treatment.the big firms are both horribly expensive & rather stuck-up.(Sorry,but I know a lot about this particular subject!)\n\n\n Why not do research via trade organisations etc & thus save \nhiring market reseachers?
1110883
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.\n\nAssociations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links. \n\nResearch, research, research – this cannot be stressed enough. Read as much as you can about the industry. Here are some book titles that are relevant:\n\n* Entrepreneurial Finance: For New and Emerging Businesses by James McNeill Stancill\n* The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams! by Stephanie Chandler\n* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert\n* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert\n* 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 \n* Business Start-Up Kit by Steven D. Strauss \n* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
332868
Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck. \n\nSome things you need to consider:\n\n- "How can I support my family while I build up by business?" \n- "What are my abilities?" \n- "Is there a market for the product or service I have chosen?" \n- "Will I lose any opportunities if I start it now or later?"\n- "How long will it take this business to reach the financial goal I have?" \n\nAlways ask the worst case scenario: if the business fails, what will happen to me; to my family? If you think you have some way of paying your loan plus resources to support your family if the business fails, then go for it.\n\nYou may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:\n\n1. Provide a benefit.\n2. Determine the fit with your market.\n3. Right timing is everything\n4. Be ready to support your business\n5. Develop a blueprint for success\n6. Market, market, market\n\nI recommend that you read the following books:\n\n- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs \n- Starting From Scratch: How To Start A Business When You Don't Have Money \n- If You're Clueless About Starting Your Own Business and Want to Know More \n- On the Move : How to Succeed and Survive As an Entrepreneur \n- How to Make 1000 Mistakes in Business and Still Succeed
1018147
Here are some tips. For detailed information go to sba link below.  Good Luck!\n\nBefore you begin writing your business plan, consider four core questions: \nWhat service or product does your business provide and what needs does it fill? \nWho are the potential customers for your product or service and why will they purchase it from you? \nHow will you reach your potential customers? \nWhere will you get the financial resources to start your business?\nWriting the Plan  \nWhat goes in a business plan? The body can be divided into four distinct sections: \n1) Description of the business \n2) Marketing \n3) Finances \n4) Management \nAddenda should include an executive summary, supporting documents, and financial projections. \nAlthough there is no single formula for developing a business plan, some elements are common to all business plans. They are summarized in the following outline: \nElements of a Business Plan\n              1. Cover sheet \n2. Statement of purpose 3. Table of contents \n                I. The Business \n               A. Description of business \n               B. Marketing \n               C. Competition \n               D. Operating procedures \n               E. Personnel \n               F. Business insurance \n               II. Financial Data \n               A. Loan applications \n               B. Capital equipment and supply list \n               C. Balance sheet \n               D. Breakeven analysis \n               E. Pro-forma income projections (profit & loss statements) \n               Three-year summary \n               Detail by month, first year \n               Detail by quarters, second and third years \n               Assumptions upon which projections were based \n               F. Pro-forma cash flow \n          III. Supporting Documents \n               Tax returns of principals for last three years Personal financial               statement (all banks have these forms) \n               For franchised businesses, a copy of franchise contract and all                 supporting documents provided by the franchisor \n               Copy of proposed lease or purchase agreement for building space                \n               Copy of licenses and other legal documents \n               Copy of resumes of all principals \n               Copies of letters of intent from suppliers, etc.
835282
Hello,\n\nThe answer to your question is VERY dependant upon "the kind" of business you intend to start. For example if you are starting a bookkeeping & accountancy business then your requirments might be fairly straight forwards such as a moden good specification PC with Sage or some other form of accounting software.\n\n**If your business was say graphics & image making or website designing then of course you might need a high specification workstation with a top end priced graphics card, for high pixel quality.\n\n**If you were starting an IT networking & management company you might want several powerful servers.\n\n**Please DONT get too hung up on the IT kit or computer you might need when starting off. Thats just NOT as important as knowing your CORE business skills, who your competitors are, what will be your stratergy for marketing your product or service. IT is only a VERY small part of running a successful business.\n\nIR
1129661
Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck. \n\nSome things you need to consider:\n- "How can I support my family while I build up by business?" \n- "What are my abilities?" \n- "Is there a market for the product or service I have chosen?" \n- "How long will it take this business to reach the financial goal I have?" \n\nYou may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:\n\n1. Provide a benefit.\n2. Determine the fit with your market.\n3. Right timing is everything\n4. Be ready to support your business\n5. Develop a blueprint for success\n6. Market, market, market\n\nTo give you ideas on what exactly do you need to start your own business, here are ten things you need to know before launching your own business  “10 Things You Need to Know When Starting Your Own Home Business” http://www.powerhomebiz.com/052006/startingbiz.htm .\n\nI recommend that you read the following books:\n\n- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs \n- Starting From Scratch: How To Start A Business When You Don't Have Money \n- If You're Clueless About Starting Your Own Business and Want to Know More \n- On the Move : How to Succeed and Survive As an Entrepreneur \n- How to Make 1000 Mistakes in Business and Still Succeed \n\nThere are many businesses who started with so little yet grew to become good income vehicles down the road. From the article "How to Start a Business with Little Cash" http://www.powerhomebiz.com/vol30/nocash.htm  here are some tips on how you can start a business and earn more money even if you are short of cash today:\n\n1. Find a business that you can start for little money (e.g. an errand business where your main cost is telephone and gasoline is easier to start than starting a Subway franchise)\n\n2. Consider your time and effort - if you have little cash, you may have to work harder for the money because you will have no resource to outsource or employ others to do certain tasks for you; or you have no money to buy equipment so you can only do certain things the long way\n\n3. Get your creative juices flowing. With no money, the only thing you have is your imagination. Be creative and find ways to get things done \n\n4. Be prepared to do all the work yourself - from doing your business plan, finding financing, writing emails, shipping and handling, marketing or whatever processes your business requires. \n\n5. Be prepared to invite investors - you may need financing help from someone down the road so be prepared to share some of the pie.
582728
First step is a business plan (a really good one) your ideas, what money will be going out and what will be coming in (you have to second guess these things) and a trip to the bank for advice. A course on running a small business would help too, I did one and it turned me right off the idea lol.
990147
I would start by doing lots of research on opening a business and jotting down just off the top of your head what you'll need to get started before you even try to figure out costs - listing everything will give you a place to start.  Here are some things I would think about:\n\n1) where and how big do you want this shop to be?\n2) what space is available in the area where you want the location\n3) will you need to do your own renovating/remodeling to the space\n4) do you plan to buy or rent the space?\n5) location is really, really important; are there other businesses in the area that draw people and might promote walk-in business for your shop?\n6) how close is your nearest competition? don't even try to compete with starbucks if they're anywhere near unless there's something so unique about your shop that you'll have your own niche following\n7) how will you advertise?\n8) will you need to hire employees\n9) who will handle the legal work? the accounting? \n10) how much insurance will you need - property insurance, insurance against loss of inventory, liability insurance in case a customer or an employee gets hurt in the store\n11)how much inventory do you need to get started?\n12) how much money do you need not just for upfront costs but to keep the shop going in the beginning before the business takes off\n13) have either of you worked at the kind of coffee/tea shop you'd like to own - are you willing to do that for awhile to really learn the ins and outs of the business?
422279
First you would have to apply for a business license, before that though you should make sure to really research your items that you sell...or that your rental space will allow you to make a profit.  Its a good idea to make contacts with your suppliers now, that way you can see if its profitable business or something that will stress you out and barely keeping your head above water.
916748
I work at setting up small businesses, and I need to let you know that what your listed (inventory, wholesales, etc) are not the things you need to do first. \n\nFirst, you need to come up with a business name and open up a business entity. This will tell the government that you're opening a business, make you legal, guarantee that no one else can have your name, and give you an EIN/tax number. \n\nOnce you've done that, go open a bank account under the name of your business. Once of the biggest mistakes small business owners do is to use their personal money to start the business. Open the bank account, get a business credit card, and a business loan. (You will probably need a business plan to qualify for the loan.) \n\nOnce that is all done, find out the specifics of where you'll get your supplies from.
250767
the vision, the drive and the hunger.\n\na business plan, business needs to be registered, name needs to be trademarked.depending on " tax ID " you also need you friend or family behind you support will help you go a far way and most importantly Money!!!!\n\n\ngood luck!
538638
Since your question is not too specific, I will make my answer as general as I can. \n1. decide what kind of business you want\nThis might be stuff that you are interested in doing. It might also be something that you might be good at. Perhaps you just want to find something that will provide you with a living.\n2. Learn as much about what you want to do. Read about it, maybe there are trade journals you can read. See if there are any trade shows for your prospective line of work. Talk to people in that line of work. You might want to work in your area of interest to get a feel for it before you risk any money of your own. \n3. Create a business plan. Write out all of your ideas. Write down what you want to do, and how you want to do it. Work on the business plan more. If you find writing difficult, you might want to take some business writing classes. Taking some business and accounting classes will help too.\n4. When you have a business plan you think makes sense, try to raise some money. Your business plan will include enough financial information that you will have an idea of how much it will cost to get started. Banks will probably need some collateral or a cosigner. You might try to find an Angel investor. This might be a person who has money and maybe even some experience with your chosen field, or it might be someone with a strong business background. \n5. Find a location. If your business idea is retail, you need visibility. A commercial real estate broker might be able to help you find the location you want. Your business plan will be your guide for this. \n6. Your location might need to be set up for your needs. The space might need shelves, counters, signs, etc. Again, you will use your business plan as a guide.\n7. Your area might have laws that require licensing or other requirements. Figure out what these are before trying to operate.\n8. After you begin operations, update your business plan. It is almost guarenteed that you will make some mistakes along the way. Don't let that get you down, learn from it. \nThe business plan is not something you finish, it is really a way to collect your thoughts and expirences and make some kind of sense of things.\nI hope this helps at least a little. Good luck.
1100910
The best routes to take are to research the process of starting a business as well as the industry you're interested in.\n\nI 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.\n\nAssociations may be a good avenue to explore as well. These organizations will address many of the thoughts, questions and concerns you'll inevitably have as well as many you haven't anticipated yet. See the source box for some relevant links. \n\nResearch, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:\n\nBusiness Startup Specific:\n* How to Really Start Your Own Business, Fourth Edition by David E. Gumpert\n* How to Really Create a Successful Business Plan: Step-by-Step Guide by David E. Gumpert\n* 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 \n* Business Start-Up Kit by Steven D. Strauss \n* Start Your Own Business (Entrepreneur Magazine's Start Up) by Rieva Lesonsky\n\nE-Commerce Specific:\n* Starting an Online Business For Dummies, 4th Edition by Greg Holden\n* How to Start and Maintain A Successful Online Business by Kelly Thornton\n* The Complete E-Commerce Book: Design, Build, and Maintain a Successful Web-Based Business by Janice Reynolds\n\nRetail Specific:\n* Start and Run a Profitable Retail Business by Jim Dion, Ted Topping\n* Retail Business Kit for Dummies by Rick Segel \n* Specialty Shop Retailing: How to Run Your Own Store Revised by Carol L. Schroeder\n* So You Want To Own The Store: Secrets to Running a Successful Retail Operation by Mort Brown\n\nThere are plenty of free informational resources out there. Check the source box for links to articles.\n\nHope that helps! I wish you much success & happiness in all your ventures!
126217
Since we can't tell at what point you are in your business planning I agree with answer number two.  SCORE is a great place to get started.  I have added a few more websites if you are still looking for direction/ideas/answers.  \n\nGood Luck
129314
I don't have a specific business in mind but any service type business is a good bet. Think of things you don't like doing that have to be done as a way of developing ideas.\nTaking note of some of the simplest things might give you an idea.\nGood luck!