Article was written by Herb Kimble .
Starting a business is not an easy thing and I would only recommend it if you have a second source of income in your household or have enough savings to last you, while your business gets on its fit. Consider also that most businesses fail within the first year, so always have a backup plan.
You would need to do some research into the type of business you want to get into, unless you are already familiar with it. However, if you have not run a business before, you need to figure out many things such as how to register your business name and acquire city and state licenses that may be necessary.
The easiest and least expensive advertising you will ever do comes from simply naming your business. The name of your business will be your calling card. People will need to know who you are, what you do, and how well you’ll do it, just by seeing your name, whether it be on a business card, an advertisement, or on your business vehicle. Your name defines whom you are, so make it catchy, creative, and professional.
There are several ways to organize your business, each with perks and drawbacks. You need to research each business structure type and determine how much liability you are willing to accept, tax considerations, and ease/cost of set up. Much research can be done on the web, but you might also consider consulting with an attorney or accountant.
You’ll need to decide whether or not you need retail office space or if you can run your business from your home. There are considerable costs involved with setting up a retail office space, but there are also considerable tax deductions for doing so. A home office may sound like a dream, but without clear delineations between home and work, both may suffer.
Make sure you do your homework and obtain any and all necessary permits, licenses, and insurance for operating your business in your town. In order to be successful, your business must be legal. Do not put your new start-up, and possibly yourself, at risk by not properly insuring your business against risk and litigation.
With the multitude of software packages available out there, you may find that keeping your own books is an easy way to reduce costs. However, if numbers make you cringe, there are literally hundreds of accounting firms, both large and small, whom you can outsource some or all of your bookkeeping tasks to. Also, having an accountant involved in your bookkeeping may also make tax preparation and record retention more simplistic.
Finally, in order to be successful, you need to be realistic. It may not be realistic to quit your job and start a business. You may need to plot your escape more carefully and consider keeping your job and start the new business on nights and weekends. As a part time entrepreneur you risk losing less money and making smaller mistakes. This invaluable experience will enable you to go full time with a solid learning curve.
This article was written by Herb Kimble. Herb Kimble is the founder of CineFocus Productions, a film production company in Los Angeles and Urban Flix, a streaming network that specializes in multi-cultural content. For more info, about Herb Kimble, visit his Facebook