How many here work for yourselves?

Leander

Some of you may have read some of my earlier posts about my job issues, well I followed the advice that some of you contributed and I'm on my way to starting my own business. I have a fairly good strategy that I will attempt to follow but I'm back again for more advice.

My first goal is to obtain a business license and establish a business name. Tomorrow I'm going to spend a few hours at the library and try to read up a bit on the different ways to proceed with a small business. (should I incorporate or not, how to apply for a tax id, etc..)

Could someone relate to me what steps you went thru in the process of starting your business?

What advice would you give to a new comer?

invisible

Buy yourself a book on entrepreneurship, I've one at home which is an exceptionally good read, corny title, but very down to earth advice plus plenty of info on strategy implementation, when I get back from work, I'll give you the title.

It'll be an excellent investment for you at under $10.00

I'm working on putting an arts social community enterprise together at present so I know how difficult the process can be in setting up your own company. Obviously, USA business law requirements are going to be much different to UK business rules, so perhaps on this side of things, I'll allow the Stateside counterparts to proffer you better advice than I could offer.

Definitely buy yourself the book though, save you many mild headaches and will answer many of your questions in a very precise manner.

Will give you the ISBN number and title, author later.

'Celtic' Mark

Pierced Angel

Hi Leander,

I do web design and freelance writing. I gained a lot of contacts and help by joining my local rotary and chamber of commerce. You can attend chamber "cocktail" hours and make friends with area businesspeople. Take some nice business cards with you and have your business description prepared that you can describe in 15-20 seconds. Sell yourself and make sure you know your business inside and out. For me, creating a freebie website for a small business helped give me more status as an actual working web designer and the word of mouth helped tremendously. Marketing and promoting your business should take up half your time at least in the beginning. Study the competition and see what they use for marketing their business, especially the very successful ones. Create a professional image and be faster or better than your competition to make even more of an impression.

Good luck!

Anne

Been there

Hi Leander,

Very good advice to get a book and read up on starting a company. My husband started a company last year in the cable business. Stay out of cable!!!!!!!!!!! We have made a few mistakes and wasted alot of money. My advice is see an accountant first. Tell them what you are doing and see what way you should file as. We didn't do that and started as a LLC (Limited Liability Company) This year we are a LLC acting as a S corporation. I have listened to the accountant and it still doesn't make sence to me. But they can find you the breaks and point you in the direction to get your tax id etc. Our lawyer helped with the name search (If you use your name you don't need a search) but I think the accountant would know that also. If you have employees you will also need workmans comp. ins. Stay out of cable!!!!!!!!!!!!!!!! I found alot of information on the internet just searching "Small Business Startup". You are being smart. My hubby started business then asked questions. You lose alot of money that way. The company is doing okay so far but..................the cable industry isn't! Quik Books is a good investment for record keeping, payroll etc. Just see an accountant first. First visit is usually free.

KY Been

Jesus Christ

I help out with the family business. My advice would be to have god as your dad.

sunshineToo

If you don't mind, Leander, ....

J.C., what do you think of current situation in the stock market? ;-)

wasasister

The idea of seeing an accountant is a good one. Their hourly rates are usually a fraction of what a lawyer would charge, and chances are they can accomplish the same thing for you.

Your local library is usually a good source for free information. They should be able to supply you with IRS forms (such as SS-4, request for tax identification number) and information on incorporation in your state. The IRS web-site also has free downloadable forms - you'll need Adobe Acrobat to read them.

Incorporation laws vary greatly from state to state. In some cases, the cost is minimal and you can easily write your own "articles of incorporation" using a template supplied by the state. It's usually a good idea to wait a year or so before incorporating, just to make sure your business is going to last before investing the money. If you do decide to incorporate, it might save you money on self-employment tax. Again, ask an accountant or qualified tax preparer.

Save all the receipts from your starup costs. You can deduct these costs several months before you show any income (even if your first reporting period is in another tax year).

Be dedicated to keeping records, and if you stink at it, find someone who can. I've seen many a small business owner who excells at his/her endeavor, but goes belly-up because they keep lousy records. You can be the best in the world at what you do and still fail at business because you didn't mind your P's and Q's. Talk to other people in your chosen business and see if any of them would be willing to "mentor" you at first.

Good luck!!

Wasa - former advisor to small businesses

Double Edge

Here's a good reference website you might want to look at:

http://www.smallbusinessmarketingmanagement.com/

Valis

Here's another one for you...I do some work on the side and my biggest problem has been at tax time. I had one client that sent me an I9 that stated they payed me more than they actually did. When I called thier accountant she said no big deal...just find more reciepts and claim a bigger exemption...sheesh! Hope this helps..

Sincerely,

District Overbeer

Perry

1. Never give up and work for the "art" of it all rather than the money.

2. Remember you only need to be a little better than your competition to reap 10 times the reward.

3. You must become the best at what you do. There is lots of money at the top of anything...even picking up garbage. Do not start unless you are prepared to be the best.

4. Eat failure for breakfast, lunch, and dinner.

5. Make your car your classroom. Listen to experts on management, marketing, and attitude while driving in your car. Turn the radio off.

6. Never risk more than you are willing to lose. (At least 99% of the time)

7. Always have plan A, B, and C, for back up.

8. Stay away from partnerships.

9. Build alliance relationships with people you can trust. Know that most people will lie to you just to get your time or money.

10. Make people deliver before you pay them.

Just my .02

How many here work for yourselves?

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