Starting my own Company

[lovecrazy]

Ok, maybe there are some business owners out there, that can tell me, how they started there business, brain storms.

 

I have considered a cleaning service,opening a pet store, resturant. Operating my on Private Investagation Firm. (Starting school In Sprin of 06)

 

Just not sure what I would like to do with my life!

 

Suggestions or guidence Please and Thanks!

[moondog627]

Pick something you love to do. Starting your own business has many benefits but you will experience some very rough times. It's the passion that you have for whatever business you choose to go into that will help you to persevere and become successful.

[volution]

Trust me, the number one rule is YOU MUST LOVE WHAT YOU DO.

Otherwise the business will eventually go down the pan no matter what money or anything else you have.

It will take up a large part of your life, and if you don't love it, then you will end up not putting in enough effort to keep it afloat. (Trust me on this).

It is so easy to get disillusioned and disenchanted even by doing something you love, so you have to make sure that you are dedicated to it wholeheartedly, otherwise it will fail...

[miscom]

After you choose what you are going to do, sit down and work on the business plan. This took me about a month or so to complete. You have to do assumptions and projections and such, but you learn a great deal and you get a better grip on the business venture as a whole. While you are doing the business plan, rather in order to complete the business plan, you shoul dresearch your area and the business (i.e. competition, statistics, public knowledge, successes and failures researched...reasons for either...) SIDE NOTE - Make sure you choose your business type - research this (you can change later if needed) do you want to be a Partnership, Corporation (S Corp), Limited Liability Partnership...

After your business plan is complete, and depending on what state you live or local municipality, you will have to complete forms in order to get a Federal Tax ID, and any licenses to operate within the state and city. You can obtain this information at the local Small Business Alliance in your area. There are so many out there....

Next - funding...if you have funding already, then great.....

If not - the SBA offers many loans and there are even grants available to certain business types.

We eventually got a lawyer to help us through as well as an accountant for the necessary paperwork. (too much)

I believe after all the paperwork is filed, it is pretty much a waiting game after that.

 

Good luck to you!!

[arwen]

Hey,

 

I don't know how the economy is for entrepreneurs in your country, in Holland it's particular bad since the intro of the Euro. My father has his own company and he has decided to franchise the company and sort of form a coop with another company in the same branch.

 

Make sure that you have a very very serious business plan before you enter any bank for a credit or loan. Do you have a start-capital? First pick out the thing you really like. Do you want to hire people to work there? What are the expenses for the location, the material you need, etc?

 

Good luck,

 

Ilse

[PocoDiablo]

I started a company two years ago. I found this site:

 

link removed

 

It's a great resource.

 

You may also want to read Smart Dad, Rich Dad and Cashflow Quadrant, both by Richard Kiyosaki. Please note that his advice is not 100% accurate, and the rest of his books seem recycled, but they can help you a LOT.

 

Keep in mind, anyone who starts a company MUST considering incorporating. That way income is mostly tax-free, with limitations, and if someone sues you they cannot take your personal assests either.

[avman]

You do NOT need to incorporate necessarily. And income from a for-profit business is absolutely NOT tax-free. There are multiple types of business organizations depending on your country of residence.

 

I agree with the others that have advised you to develop a business plan. That is vital to determine what kind of start up costs you'll have, what your product or service is, who your customers are, how you'll finance it, and so on. There is a great book on "Business Plans for Dummies" if you want to read up on it.

 

After that you'll want to consult various professionals such as legal, insurance, accounting, and taxation. All of this is much more complex than you will realize. But it is certainly doable. I did it and many others have to. You just have to realize what you are getting yourself into.