Is Fear Holding You Back?
Starting a new business can seem scary, but it doesn’t have to be. Times are tough right now and many people a looking for ways to either subsidize or replace their income. It could be a good time to venture out on your own. Here are some questions that can help you decide.
What skills and experience do I bring to this new venture?
Think about what your specific skills are and how they might apply to your new venture. If you’re skilled in the trades industry, how could you turn your skills into a new venture? If you have experience in an office, how do your skills translate to a product or service you could sell or offer?
What is my product or service?
Whatever your particular skillset or abilities are, think about how you can use them to determine your product or service. Once you have that decided, consider who might be interested in what you’re selling or offering. While you’re thinking about that, consider also who your competition might be, and how your product or service differs or is better.
What should I call it?
Now that you have that squared away, you need to consider a name for your business and get it registered. Be sure to check with the Secretary of State where you live to see if the name you’ve chosen is available. You don’t want to start off by infringing on someone else’s trade name. If the name is available, you should register it with the Secretary of State, and perhaps, look into copyrighting it with the United States Patent and Trademark Office.
Will I have employees?
While you may not be considering employees in the beginning, if your business will be employing others at some point, you will need to apply with the IRS for an Employer ID number. You cannot pay employees without one. There are lots of tricks instead of treats in this area, so check with your accountant for some professional advice before moving ahead.
Where should I start my business?
Consider whether you can run your business from home or if you need a separate office or shop. Depending on the product or service you might be able to start from home. Obviously if you’re building something that requires power tools, or making repairs to automobiles or large equipment, you can’t do that from an apartment, so give this question some thought to see how you might overcome any issues.
Do I need a license or permit?
Certain businesses like ones that sell alcohol or firearms require a federal license or permit. Businesses that serve alcohol or food require a liquor license or certification from the local/state health department. Consider whether your business will require you to have any certifications or licenses and be sure you add that step into your planning.
There are other questions that you might need to ask yourself based on the type of business you wish to start. Once you’ve answered your questions, you’re on your way. Remember the 3 D’s of owning a business…. Desire, Discipline and Determination. Get out there and get started!