Being your own boss is a dream for many people who are very independent and entrepreneurial. However, turning ideas into reality is another story altogether. Starting a business is one of the most rewarding things you will ever do in your life, but it is also one of the most difficult. You canâ€™t just pick a name, hang a sign on your door, and expect customers to find you.
There is a right way to turn your start-up dream into a reality. Start here.
Choose a Consultant
Starting a business doesnâ€™t just take a lot of work. It is also expensive. New entrepreneurs have to make many decisions, most of which are difficult to reverse and require a certain amount of investment. Hiring a consultant to help guide you through the process can be a major life (and money) saver. Hiring a consulting firm, like Ruota Consulting, can help make getting started far easier than doing it on your own. Plus, you wonâ€™t waste time or money going down the wrong roads.
Come Up With a Plan
Again, starting a business requires making lots of decisions. If you are going to turn your start-up dream into a reality, you have to have a plan. Business plans help clarify what it is you want to do and explain how you intend to get there. They break down the opportunity you see in the market and provide a framework for evaluating how you will leverage that opening to form a successful business. Think of them like road maps for reaching a successful end.Â
Decide on a Business Structure
Business plans also identify the legal structure your business will have. This may seem like a small detail, especially if you are a sole proprietor or a smaller-sized company, but it makes a big difference whether you opt to become an S Corporation or choose to form another type of business entity. Different legal structures have different tax obligations and filing requirements.
Select a Name
Naming your business is part of developing your unique brand but it is also a legal issue. The name you use for your business needs to be unique from other businesses in your state and registered with the proper authorities. According to the Small Business Administration, if you fail to register your name and attempt to file a legal structure without the necessary paperwork to secure your trade name, the legal name of your business will default tor your personal legal name.
On top of all that, there is a good bit of paperwork that needs to be filed as well. You will need to obtain a tax identification number for your business and register to pay state taxes. There may also be local taxes to consider. In addition, you will need workerâ€™s compensation insurance, disability insurance, and unemployment insurance as well as certain business licenses and permits.
You can turn your start-up dream into a reality. It just takes some know-how and a little planning and you will be on your way to becoming a business owner.