Starting a New Business? Need advice from like-minded business people? You need to attend events for networking in Essex.
There are all types of businesses but most start out as small businesses. This page is dedicated to a review of some of the issues that the prospective small business owner needs to consider and act upon.
Reasons for going into business are varied but include: you are unemployed and realize you may have to start a second income, you realize that one day you will want to retire from your employer but now that you will want something in your retirement days, you always wanted to have your own business, your spouse wants to work but you realize that after all additional expenses it just doesn’t pay for the spouse to work outside the home and therefore he/she wants to start a home based business, you hear (hopefully from me) that there are substantial tax benefits in having your own business, etc.
The types of business you might consider are unlimited. They go from the McDonald’s franchise to a stay at home parent building an internet business? Unfortunately your resources are limited so that’s probably a good place to start. What can I afford?
Speak with others about what they see as niches that aren’t being served. Look at your hobbies (for example maybe you’ve refurbished furniture as a hobby). Look at the jobs you’ve previously had, such as a real estate attorney who might go out on his own. What about writing an e-Book? Just look around. The possibilities are endless.
Next prepare a business plan. In that plan you’ll need to identify where your money is coming from. A business plan requires you to look forward and project income and expenses and whether or not you can make a profit. Key issues include will you have to rent a space or work out of your home? Will you have inventory? What are the start up costs?
Ok. I’ve decided what I want to do. I’ve built a plan and I think it will work. And almost most important my family is with me and may even want to work in the business. What’s next.
Select a name for your business. This might be a tough one but you can always change the name of the business or operate under an assumed name.
Then you must determine your business entity type. The business entity type is your legal and tax structure and everyone has to either make a selection or become a sole proprietor (1 owner not including spouse) or partnership (two owners include a spouse/owner).
For most small businesses the entity selection is based upon which entity type is going to allow you to keep the most money. You might want to look at my e-Book A Complete Guide to Selecting Your Small Business Entity Type.
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