Starting Your Own Business: What Does It Take? From the desk of Leonard Martin: Dear Friend, 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. I'm so tired of going to work building someone else's dream. I want to be my own boss and build my dream!" Lots of people have the dream of owning their own business, but they get bogged down in the details of how to go about it. This page isn't meant to serve as a complete business start-up guide, but it will give you an idea of some of the steps involved in starting your own traditional business. It will also give you an option to get started in what the SBA has defined as one of the fastest growing segments of our economy, working from home. To start your own traditional "Brick & Mortar" business there are 8 extremely important steps to getting started: 1. Hire Professionals The most important professionals you'll need in the beginning are a lawyer and an accountant. The lawyer can help you get organized on paper as a corporation, partnership, sole proprietorship, or some other type of company. If all goes well you shouldn't need the lawyer very often after your initial set up. A good accountant will help you decide what  will be most advantageous tax angle to organize your business as a legal entity. 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 agreement. 2. Make a Business Plan You may need to hire a writer or other business professional to help you write a business plan. There may be a class offered by the SBA or similar agency in your area. These classes are great and often take a full semester to complete and tuition is usually required. One benefit of the class is that you'll write a business plan as a part of the curriculum. One way or another you'll need someone to help you get organized as to what your business's main purpose or goal will be and the "best guess" as to the steps necessary to get the doors open. This could be anything from serving hot dogs to people outside the home improvement store or 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, utilities, insurance, etc.? This is only a partial list of cost estimates that should be included in your Business Plan. Depending on the business you start you may have many many more to consider. 3. Get Financing Now that you have a complete list of cost estimates your banker will consider your proposal. Without a very detailed cost estimate the banker wont even talk to you. A banker will ask questions like... How much start-up money will you need? What is your expected overhead? Have you researched the market to get projected revenues? Do you have savings you can use? Banks like to see you make an investment of your own money in your idea. Do you have 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. If you have employees it is a really good idea to have the accountant figure out your payroll, withholding and taxes. Your accountant can also get you an EIN number (Employer Identification Number) once your lawyer is done with setting up the legal entity. 5. Find a Location Depending on your business, finding a great 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, yellow page advertising, 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 and whether or not you want to take some time off. 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 what in addition to yellow page advertising you will do so you can let people know you exist,  what you business 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. It's a big, big risk. Perhaps you aren't looking to make such a huge time & financial commitment regarding the hiring of professionals, finding a location etc… Now you have a good idea why so few people actually take action on their dream to be their own boss. The biggest roadblock to starting or buying a traditional business is that you will be required to make a considerable up-front cash investment. In addition to the large investment of money, 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 cash return on your investment is not necessarily worth the extra time or financial 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." There is another option! Without all of the headaches of traditional business. According to the SBA, this option is currently one of the fastest growing segments of the national economy. 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 eliminated with a home based business. Realistically you will not find a legitimate "Home Based Business" opportunity...that does not require some financial and time investment. If you believe in the "Good Fairy" you'll end up chasing one empty promise after another. So lets take a minute and get real. If you are serious about starting a legitimate business with a solid system, real products, a proven track record, an effective marketing system and 67% profit margins... There is another option. Fill out the form below, and I will provide you with additional information about an opportunity that is truly shaping my life and allowing me the freedom to live out my dreams without all of the headaches and costs of a traditional business. Sincerely, Leonard Martin 1-800-804-6817 lmartin@HomeBasedBusinessMatrix.info We Totally Hate Spam! 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