Starting my own business

[Karibo]

Hey people,

 

How does one go about starting their own web business? I really want to own my own business but have no clue how to do it!

 

Any pointers where I shouls start?

 

Thanks

[EQD]

go to the local courthouse and ask about where you get a business licence. then i believe you need to get business insurance and things like that before your business is verified legit.

I can't remember the exact steps when i got mine.. but it was suprisingly simple.

[richmonder80]

ecommerce is tricky depending on which state you conducting your business in, I would suggest in talking to a CPA if you are serious in having a legit ecommerce business. The biggest issue is going to be tax issues so consult a professional.

[Day After Today]

Hey Karibo im not sure what country you're from but if you are in the uk there is a web site that i think is worth viewing. Search google- Shell live wire. If you are between the ages of 16- 30 livewire will provide you with free information on setting up a business, writing an action plan and ways of financing you business etc.

 

I have a few friends that run web based business, but there is such a large market on the internet, competition can be strong regardless of how good your product or service is.

 

Have you decided on any specific kind of business you want to get into?

[Lucabrasi]

If american contact your local SBA or SBDC (google them), don't need a full business plan at this point b/c they will also help you with that if you need it. This is a free resource you should definitely take advantage of.

 

As far as starting one legally, it depends what kind it is. A sole proprietorship can be created online, with a fee as small as $25. LLC's will need articles of formation, and S-corps and C-corps need articles of incorporation. This is more expensive becuase these need to be drawn up.

[Captain34]

write a business plan -- i agree it is good to research for tips and advice, but your business plan should be yours, not crafted by someone else. if you do that you defeat the whole purpose of working for yourself.

 

-objective

-month by month budget

-fixed/overhead costs

-variable costs

-revenue projections of several scenarios

-plan of attack with goals and duties laid out in a timeline

-determine what resources you need, what you have, and which you need to acquire

-figure out how much capital you need to get off the ground -- if youre saavy, plan to start small and expand only upon success

 

-always overestimate expenses and underestimate revenues - it is always better to exceed goals than to fall short of unrealistic expectations

-plan your work and work your plan

[Captain34]

incorporation -- ie LLC, which shields you from liability personally, is not terribly expensive. i recently incorporated a business for $500

[eurocar]

If american contact your local SBA or SBDC (google them), don't need a full business plan at this point b/c they will also help you with that if you need it. This is a free resource you should definitely take advantage of.

 

As far as starting one legally, it depends what kind it is. A sole proprietorship can be created online, with a fee as small as $25. LLC's will need articles of formation, and S-corps and C-corps need articles of incorporation. This is more expensive becuase these need to be drawn up.

 

The definition of a sole proprietorship implies that one need not get a state organizational charter, because you and your business are the same entities; you report all income on your 1040 just as you do if you work for a company (if you're a consultant/contractor, you'll also have 1099s, but that's beside the point).

 

As a practical matter, you really don't even need a county/city business license. Most people I know who run strictly online, home-based businesses do not have them. Of course, if you call up the local government and ask them, they'll tell you that you do, in fact, need one, but what do you expect? They want your tax revenue!

[Lucabrasi]

Well, I don't know what the charter you mentioned is. But for my sole prop, it was a matter of registering the name, and getting assigned a UBI number. I am in washington state.

 

We don't have state or local tax so I don't have to worry about that part

[eurocar]

Well, I don't know what the charter you mentioned is. But for my sole prop, it was a matter of registering the name, and getting assigned a UBI number. I am in washington state.

 

We don't have state or local tax so I don't have to worry about that part

 

By charter, I mean official recognition as a non-sole proprietorship in the state in which it is granted, with all benefits, characteristics, and obligations/responsibilities thereby associated.