Starting a Business?

​Starting a business can be both an investment and a risky adventure. Success depends upon a number of factors, such as:  Type of product or service, demand, economy and YOU! 

Starting a business may initially sound exciting. Your mind swirls with thoughts of setting your own hours, being your own boss and reaping huge profits. Unfortunately, the desire and vision of entrepreneurship often fails to match reality. Whether you’re considering starting a business or have already taken a leap of faith and jumped right in, the journey can be intimidating and frightening. Before taking the leap, ask yourself the following questions:

• Are you prepared to work long hours and live without a vacation for two-five years...or longer?
• Can you live without a paycheck for an extended amount of time?
• What steps are needed to achieve the goal?
• What questions should I ask and who should I ask? The Small Business Administration, Chamber of Commerce or business attorneys are great resources for information and guidance. Contact them to schedule a consultation and ask about mentoring programs.
• How much money for start-up expenses will be needed?​

When starting a business, it can be tempting for first time business owners to solely try to tackle every aspect of the business from sales to management; however, seeking, expert advice, BEFORE hanging the proverbial “open for business” sign, can help prevent many critical and costly mistakes. 

Professional Business Attorney

• Provides guidance
• Creates legal paperwork to ensure you and your business interests are protected
• Serves as legal representation and counsel

CPA/Accountant

• Business structure determination (i.e. sole proprietorship, LLC, Corporation, or Partnership)
• Tax planning
• Detailed financial and cash flow analysis
• End of year reporting
• Employee tax classification
• W-2's and 1099's
• Bookkeeping/Payroll
• Financial consulting and management services

Advertising/Marketing Specialist

• Incorporate a variety of marketing methods based on products/services, target audience and geographic area​​
• Advertising is fundamental to success when failure is not an option.
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Employee Recruiting Agency or Temp to Hire

• Recruit prospective candidates 
• Review qualifications, conducts interviews, secure background checks and verifies references​

Printer

• Logo development
• Business Cards
• Brochures
• Custom Letterhead/Envelopes 

Other Expenses

• Business Space-Rent or Purchase
• Cash Flow-Savings or Business Loan-you will need operating funds
• Commercial Liability Insurance
• Website development-Using a free website builder may help, particularly at first.
• Social media presence
• Specific Industry Software
• Professional Memberships/Affiliations

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You're on your way! This list is NOT all-inclusive but will help you get your dream moving forward. Just remember that the road to entrepreneurship is rough, the nights are long and the words “I Quit” will become a mantra of sorts. It is important to understand that perseverance is King and remembering WHY you started a business in the first place will become your “safe” space. Continue to move forward and recognize that your efforts are never in vain, even if the desired outcome isn't achieved.  The only time you fail is when you fail to try!