After determining what form you business will take—whether you’ll be working by yourself or in concert with someone else--you’ll need a very simple road map to help you plan for the future. We call this a ‘Business Plan.’ This document doesn’t have to be elaborate: just put down your thoughts about what it is you plan to do and how it is you plan to do it. Let’s say you’ve always enjoyed cooking. If so, a catering business would make a lot of sense for you. You will, of course, need to do some initial background research on how to organize your new venture but happily there are plenty of sites on the internet to guide you through each phase of your new business.
One of these sites in particular is geared specifically towards helping small business owners. Check out the website for the Small Business Association where you will find a wealth of information on getting started. The SBA was created in 1953 as an independent agency of the U.S. Government to counsel and advise small business owners. As such, it offers assistance with a variety of topics from the initial business start-up to its subsequent sale after you decide it's time to retire. Go to www.sba.gov for an in-depth look at what’s involved.
While on this site, you’ll first want to learn about the various forms of business. These are: 1) a Sole Proprietorship--where you work entirely by yourself--(2) a Partnership, where you work with one or more and can therefore share in start up costs, or (3) a Corporation, where you need to register as a legal entity and file formal incorporation papers with your State.
While each of these forms offers different advantages, the simplest strategy would be to function as a Sole Proprietor. This way, you don’t need to answer to anyone and can do exactly as you please when it comes to establishing your policies. (Of course, this is also the loneliest form as well, as you’ll have no one to provide you with guidance or feedback when you reach an impasse.)
STAY TUNED FOR MORE DETAILS IN THIS 10-part series on Starting Your Own Business.
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