Tuesday, April 5, 2011

Intimidated with Starting Your Own Business?

I was talking with a friend over the weekend and she was telling me how nervous and clueless she was about starting her own business. After about 20 minutes of encouragement and some solid tips, I believe she was finally ready to move forward. I’m sure a few of you are sitting at your desk now wishing you can make that smooth move into entreprenuership. Well I’m here to tell you that it’s much easier than you think with this simple steps.

-First, don’t let your internet search scare you. There is so much great information online about how to start your own busines, but most of it can be intimidating. Don’t allow yourself to become overloaded with information.

-You MUST believe in yourself. There may be people that will laugh at your idea and tell you that it won’t work. But as long as you believe it will then it will! There are many positive books on the market, but the main one that helped me into my journey, was The Secret by Rhonda Byrne. (Check it out on Amazon.com http://www.amazon.com/Secret-Rhonda-Byrne/dp/1582701709/ref=sr_1_1?s=books&ie=UTF8&qid=1301942255&sr=1-1) Several days after reading The Secret, I had quit my full-time job as an Office Manager.

-Getting your paperwork in order can be a hassle. It is important to know WHAT form of business you are trying to build (sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative) so that you can submit the proper paperwork for tax purposes. Here is a link to download the proper forms: http://www.irs.gov/businesses/small/article/0,,id=99198,00.html.

-Once you have established the proper business entity then you must do two imporant things in order to open a business account at a bank. You must have an EIN number (Employer Identification Number), which is like a social security number for your business. And obtaining a DBA (Doing business as). A DBA is establishing your business if it’s going to be anything over then your birth name. Information on obtaining an EIN  can be found here: http://www.irs.gov/businesses/small/article/0,,id=97860,00.html. DBAs can be processed online, but I preferred to go and get it myself. Do a google search on “Obtaining a DBA in _____(put in your state)” and it will tell you where to go to process it. I would not recommend doing this online, so I will not refer any online services. Procedures are different once your go into forming a Corporation or LLC, but for the most part these steps will get you started.

-Business License: NOT ALL businesses are required to have a license. And there are different regulations for different states. This page will break down the many different licenses: http://www.score.org/bp_12.html. But be sure to check with your state’s government website to check the regulations in your area.

-Last but not least, you must always remain positive. Know that being in a recession is just a state of mind. Of course times get hard and people ARE losing their homes, but keep up the Faith and positivity and you will make it.

Remember: It is better to stress over your dreams than someone else’s. I would like to hear about your journey into Entreprenuership.

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