Choosing a business
Starting a business that you know and love is always going to have a better chance of success. The years of experience you’ve accumulated in a field are an invaluable asset and if you believe in your product, those skills and energy can be focused on marketing.
Consulting a tax lawyer will help you determine which legal entity best fits your business and the tax advantages and disadvantages of operating as a sole proprietor, partnership, LLC, or Subchapter S-Corporation.
Having what it takes
Since any start-up is going to consume financial resources, it’s important to be aware of actual costs and the time it will take to see a return. Savings accounts, the equity in a home and investment portfolios can be sources of revenue, but determine how much you can afford to tie up or possibly lose if the business fails. A partnership or outside investors are also possible sources of revenue, as are business loans. Whatever the means of financing, create a solid plan so you’ll know what to expect until you start generating an income.
Defining and setting
benchmarks
It’s important to plan and track the progress of your business by setting benchmarks. This allows you to focus on any necessary adjustments to keep your enterprise moving forward at a measured pace. Even the best business plan can’t take into account all the possible snags or delays, so have contingencies in place to help you deal with them.
Find the support you need
You may know your product, but not necessarily the ins-and-outs of operating a successful business. Getting help with what you don’t know, such as setting up an efficient office or getting your Web site up and running, allows you to focus on the things you know and do best.
A great support network is SCORE (Service Corps of Retired Executives) is a nonprofit association dedicated to educating entrepreneurs and helping businesses start, grow, and succeed nationwide. SCORE offers workshops, seminars and one on one mentoring to assist you in your goal. SCORE is a resource partner with the U.S. Business Administration (SBA), and has been mentoring business owners for more than forty years. Go to www.score.org to learn about starting your own business.
