Starting
Your
Own
Business:
What
Does
It Take?
How
many
times
have
you,
or someone
you
know,
said
something
like
"I've
always
wanted
to have
a business
of my
own.
Something
I'd
really
enjoy
doing.
Be my
own
boss."
Lots
of people
have
the
dream,
but
they
get
bogged
down
in the
details
of how
to go
about
it.
While
this
article
isn't
meant
to serve
as a
complete
business
start-up
guide,
it will
give
you
an idea
of some
of the
steps
involved
in starting
your
own
business.
1.
Hire
Professionals
The
most
important
professionals
you'll
need
at the
beginning
are
a lawyer
and
an accountant.
The
lawyer
can
help
you
decide
if you
want
to be
a corporation,
partnership,
sole
proprietorship,
or some
other
type
of company.
A good
accountant
can
help
you
make
this
decision
based
on which
will
be most
advantageous
to you
from
a tax
angle.
A lawyer
can
also
help
you
register
your
business
and
get
any
licenses
and
permits
you
will
need,
and
can
advise
you
about
patenting
your
idea
or protecting
your
intellectual
property
by requiring
everyone
you
discuss
your
business
with
to sign
non-disclosure
or confidentiality
agreements.
2.
Make
a Business
Plan
You
may
need
to hire
a writer
or other
business
professional
to help
you
write
a business
plan.
You'll
need
one
to help
yourself
get
organized
as to
what
your
business's
main
purpose
or goal
will
be.
This
could
be anything
from
serving
hot
dogs
to people
outside
the
home
improvement
store
to providing
technology
support
to major
players
in the
business
world.
Either
way,
you
need
a plan
that
sketches
out
how
you
will
proceed
toward
your
goal
and
an estimate
of how
much
money
you'll
need
to get
there.
What
will
your
equipment
costs
be?
Will
you
be hiring
employees?
How
about
renting
office
space?
All
of these
cost
estimates
should
be included
in your
Business
Plan.
3.
Get
Financing
How
much
start-up
money
will
you
need?
Do you
have
savings
you
can
use?
Friends
or business
associates
who
might
want
to invest
in your
venture?
Or do
you
need
a bank
loan?
Whatever
the
situation,
you'll
need
to present
a copy
of your
business
plan
to bankers
or investors
if you
need
to borrow
money
to get
your
company
rolling.
4.
Set
Up Your
Record-keeping
System
A good
accountant
can
advise
you
on the
best
record-keeping
software
for
your
business,
and
help
you
set
up a
system
for
keeping
track
of payables,
receivables,
sales
tax,
payroll,
employee
benefits
plans,
and
so forth.
You
will
be relying
on the
accountant
for
at least
your
yearly
tax
return
for
your
business,
and
possibly
for
quarterly
payroll
and
sales
tax
returns.
Your
accountant
can
also
get
you
an EIN
number
(Employer
Identification
Number).
5.
Find
a Location
Depending
on your
business,
location
may
be very
important.
If you
need
to be
visible
to the
public
(say
your
business
is a
bookstore
or restaurant),
then
you'll
have
to think
long
and
hard
about
where
you
should
set
up shop.
Location
can
make
you
or break
you-and
the
rent
is due
no matter
which
way
your
fortune
turns.
You
will
also
need
to get
a phone,
get
the
utilities
turned
on,
install
your
furniture
and
equipment,
and
get
a sign
or two
that
shouts
"Hey
look!
We're
here!"
6.
Set
Up Accounts
with
Credit
Card
Companies
Every
brick-and-mortar
business
these
days
takes
plastic
or they
don't
stay
in business.
You'll
pay
a small
percentage
for
every
credit
or debit
card
transaction
a customer
makes.
You
will
need
to invest
in a
method
for
checking
the
validity
of debit
and
credit
cards-like
those
"Slide
Card
Here"
machines
at cash
registers
everywhere.
7.
Hire
Employees
You
may
not
need
to do
this
step
if you're
a one-person
operation.
Maybe
you
can
get
by with
just
one
part-time
person
to answer
phones
and
do some
of the
paperwork.
Of course,
it depends
on your
business.
You
can
probably
run
a small
bookstore
by yourself,
but
even
a tiny
restaurant
means
you'll
need
a cook,
several
servers,
someone
at the
cashier,
and
so forth.
You'll
need
to have
them
complete
various
forms
for
the
IRS,
and
you
may
want
to run
background
checks
or at
least
check
some
references
before
you
hire
anyone.
8.
Promote
Your
Business
Decide
how
you
will
let
people
know
you
exist,
what
you
can
do for
them,
and
why
they
should
come
to you
instead
of someone
else.
Common
forms
of advertising
are
TV and
radio
commercials,
newspaper
ads,
flyers,
and
coupons
that
appear
in booklets
distributed
by local
companies.
The
list
above
might
make
you
think
twice
about
starting
a business
of your
own.
Perhaps
you
aren't
looking
to make
such
a financial
commitment
regarding
the
hiring
of professionals,
finding
a location…
And
it's
also
a big,
big
risk.
But
let's
look
back
at the
way
this
article
began:
"I've
always
wanted
to have
a business
of my
own.
Something
I'd
really
enjoy
doing.
Be my
own
boss."
YOU
CAN!
Without
all
of the
headaches
of traditional
business.
There
is a
very
simple
way
of attaining
this
goal
that
has
worked
well
for
millions
of people.
You
can
have
your
very
own
business
in your
home,
and
you
can
cross
off
all
or most
of the
steps
listed
above.
The
best
part
of exploring
home-based
business
opportunities
is that
there
is little
risk
and
the
upside
is tremendous.
Many
of the
inconveniences
and
pressures
of the
traditional
business
are
wiped
away
with
the
home
business.
The
biggest
roadblock
to starting
or buying
a business
is that
they
require
a considerable
up-front
cash
investment.
In addition
to the
large
investment,
the
time
commitment
you
must
make
when
starting
a business
can
ultimately
turn
out
to be
far
greater
than
what
you
have
experienced
in any
job,
and
the
return
is not
necessarily
worth
the
extra
time
or the
financial
risk.
There
is another
option.
