|
|
|
|
|
|
Preparing to "get Started" in your business
www.motivatedentrepreneur.com
Starting a New Business
Preparing to "Get Started" in your new business
By Ryan Hoback, Motivated Entrepreneur Incubation & Consulting
The biggest problem I had in “Getting Started” on making my idea into a practical business reality was my own fear. Whether it was fear of the unknown, fear of failure, or some other unknown fear I possessed, it was keeping me from reaching my potential. What I learned through experience, and to quote FDR, “The only thing to fear in starting your business, is your own fear itself”.
With proper research, planning and delegation of responsibility, there is no reason your idea, service, or product cannot succeed. In your pursuit towards fulfilling the goals you have laid forth, you must stay focused on the management of your daily routine; however you should always be thinking toward the future. Remain creative in your approach towards using conventional tools, methods, and processes that are needed to succeed in business. In today’s society, we have unparallel access to all the necessary resources and tools you would ever need to educate yourself on various business subjects.
The question becomes, how do I access the vast amount of resources that are available in the most productively efficient manner? The short answer is; visit a consulting firm which offers a step by step guide to starting your business. The Motivated Entrepreneur is a full service consulting firm that offers a wide range of services that vary from simple incorporation consultation packages at very economical prices, to more complex detailed full business packages which include business plan preparation, along with marketing, public relations, advertising, and financial services.
As far as information is concerned, there are numerous places to access business tools and information on the World Wide Web. As mentioned above The Motivated Entrepreneur is a great online source of business information. However, the best source on the internet to supply you with the documented information you are looking for is the Small Business Administration website, SBA.gov. No matter what route you choose to take, whether it is through business consultation or solely through your own hard work and ingenuity, you should always review the government information provided on their website to make sure you are heading in the right direction.
The next step is to start organizing your information and material so that you can develop a clear direction and begin to integrate this direction into your business plan & organizational structure. The first step is to develop a rough business plan, a rough business plan is necessary for you to verbalize your thoughts into a visual medium. This will allow you to gain an added perspective for use as critique on your own thoughts; it is a great aid to helping establish the type of legal form of organization that will best suit your structure of business from a tax perspective.
When approaching you rough business plan, you should break it down into sections. Below is a simple guideline that can be used to conceptualize your plan.
Introduction
• Give a detailed description of the business and its goals.
• List the skills and experience you bring to the business.
• Discuss the advantages you and your business have over your competitors.
Marketing
• Discuss the products/services offered; identify the customer demand for your product/service.
• Identify your market, its size and locations.
Financial Management
• Develop a monthly operating budget for the first year.
• Develop an expected return on investment and monthly cash flow for the first year.
Operations
• Explain how the business will be managed on a day to
day basis.
• Discuss hiring and personnel procedures.
• Account for the equipment necessary to produce your products or services.
• Account for production and delivery of products and services.
Concluding Statement
• Summarize your business goals and objectives and express your commitment to the success of your business
Ok, you have your rough draft business plan together and you are interested in incorporating! Here’s the next step… research, research, research! As I mentioned in the beginning of this article, in today’s society our access to the enormous amount of information that exists gives us a great advantage. It is time to start thinking about your legal structure and the type of organization that will best suit your needs, not just now, but for the successful future you are seeking. I have listed below some information to consider when you begin thinking about incorporation. Another option is to use a full service consulting firm who can give you advice from different perspectives, such as legal and tax implications, as well as expansion management.
When organizing a new business, one of the most important decisions to be made is choosing the structure of a business. Factors influencing your decision about your business organization include:
Legal restrictions
Liabilities assumed
Type of business operation
Earnings distribution
Capital needs
The easiest form of incorporation is the Sole Proprietorship. It also is the least expensive and has the least barriers to incorporation. The majority of small businesses start out as sole proprietorships; sole proprietors own all assets and profits of the company. The business is easy to dissolve, if desired, which can also be a benefit. The downside, is that that sole proprietors have unlimited liability and are legally responsible for all debts against the business. In addition, they may be at a disadvantage in raising funds and are often limited to using funds from personal savings or consumer loans.
Another very popular form of incorporating is the Partnership. A partnership is easy to organize but must have an agreement. In a partnership, the partners have unlimited liability; however they receive all the income from the business. With more than one partner, the ability to raise funds is increased, but since decisions are shared disagreements can occur.
The last form of legal structure is the corporation. The corporation is considered by law to be a unique entity separate from those who own it. A business may incorporate without an attorney, but advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. Shareholders have limited liability for the corporation’s debt’s or judgments against them.
The process of incorporation requires more time and money than other forms of organization and corporations are monitored by federal, state and some local agencies, and as a result may have more paperwork to comply with regulations. There are different structures that may be best suited for your needs, such as the C-corporation, Subchapter S-corporation or Limited Liability Corporations. You should seek professional consulting advice before deciding to choose which form of corporation is most applicable to your business.
© Copyright 2004-05 by www.motivatedentrepreneur.com
About the author:
The Author if this article is Ryan Hoback. He is Founder and President of Motivated Entrepreneur, Inc. They help entrepreneurs achieve success starting and growing their comanies.
|
|
|
|
|
| Online Organizing.com |
| Welcome to OnlineOrganizing.com!. Get Organized! Find the best organizing products, free tips on taming your clutter, an online newsletter, ... |
| www.onlineorganizing.com |
|
| organizetips.com - organized, time management, planners,tips,Tips ... |
| Get Organized,Organizing ideas, Tips, daily,chore lists,planners. |
| www.organizetips.com |
|
| At Home : Organizing : Take This Stuff and Store It! : Home ... |
| Our guide to the simple life, where everything has its place. |
| www.hgtv.com |
|
| Home Organizing Tips - Bathroom, Bedroom & Garage Organizing ... |
| Learn about home organizing tips for bathroom, bedroom, and garages from Home & Garden Television. |
| www.hgtv.com |
|
| Christmas Organizing | Creating J.O.Y. for Christmas |
| Offers a community of resources and support to help people get organized for Christmas throughout the entire year by creating and organizing a Christmas ... |
| www.christmasorganizing.com |
|
| Organizing - HUD |
| Organizing. [Vea la versión en español de esta página] · [Display the text version of this page] ... Organizing · Economic development. Working with HUD ... |
| www.hud.gov |
|
| Get Organized - Organizing Tips and Ideas to help you get ... |
| Free tips, ideas and articles to help you get organized. |
| www.getorganizednow.com |
|
| Management Function of Organizing: Overview of Methods |
| Organizing can be viewed as the activities to collect and configure resources in ... The following are some of the major types of organizing required in a ... |
| www.managementhelp.org |
|
| Organizing - Wikipedia, the free encyclopedia |
| In that sense, organizing can also be defined as the act to place different ... Organizing, in companies point of view, is the management function that ... |
| en.wikipedia.org |
|
| Amazon.com: Organizing from the Inside Out: Books: Julie Morgenstern |
| Amazon.com: Organizing from the Inside Out: Books: Julie Morgenstern by Julie Morgenstern. |
| www.amazon.com |
|
| Organized-Living.com - Get organized, Professional Organizer tips ... |
| Articles and tips to help individuals organize their home or work life better. |
| www.organized-living.com |
|
| How to organize your home and office, organizing tips, articles on ... |
| LifeOrganizers.com is a rich resource of office and home organizing articles, tips, and fresh, easy ideas on how to get rid of clutter from every part of ... |
| www.lifeorganizers.com |
|
| The Virginia Organizing Project |
| VOP, racism, social justice, community organizing, leadership development, living wage, grassroots organizing, sexual orientation . |
| www.virginia-organizing.org |
|
| Center for Third World Organizing |
| A training and resource center dedicated to building a social justice movement led by people of color. |
| www.ctwo.org |
|
| Welfare Rights Organizing Coalition |
| WROC of Olympia, Washington, organizes groups of women and men who are current or former TANF recipients to watch how welfare and family policy is ... |
| www.wroc.org |
|
| Self-Organizing Systems FAQ for Usenet newsgroup comp.theory.self ... |
| Frequently Asked Questions about self-organized systems. |
| www.calresco.org |
|
| Beyond Bookmarks: Schemes for Organizing the Web |
| Beyond Bookmarks: Schemes for Organizing the Web is a clearinghouse of World Wide Web sites that have applied or adopted standard classification schemes or ... |
| www.public.iastate.edu |
|
| Organizing Institute |
| Program by the AFL-CIO to train union organizers and put them in the field. |
| www.aflcio.org |
|
| SouthWest Organizing Project |
| A statewide multi-racial, multi-issue, community based membership organization. Includes information on history, campaigns, and volunteer opportunities. |
| www.swop.net |
|
| Farm Labor Organizing Committee |
| The historic contract in North Carolina opens up a new chapter in the FLOC struggle for justice and ushers in a new era in farmworker organizing. ... |
| www.floc.com |
|
|