This article are provided for information purposes only, and are not intended as legal advice.


Start a business

May 5th, 2009

Before you go into business for yourself, ask the question, do you want to own your own business?  Do not do it because you have to.  It is a lot of work, start a business because you want to.  What do you need in order to start a business – first you need an idea.  What type of business do you want to start, retail, wholesale, manufacturing, franchise?  What are you good at? Do you have any sales contacts?  Do a self assessment, are you a sales person?  If not, who will do your sales, how will you grow your business?  If you are a sales person, are you also administrative in nature or do you need someone to help in that side of the business? 

 

You need some outside advisers, an accountant and a lawyer.  It is an excellent idea to buy an hour of time with an accountant and possibly a lawyer before you go too far forward.  Learn the advantages of being a sole proprietor, getting incorporated, does and don’ts.  Once you set up the business and you found that you did not do it right, it may be too late to change. 

 

Do you have the financing to start the business you want?  Do you need outside investors or can you start the business without anyone else?  If you need  third party financing, do you have a business plan?  If you have never done one before hire a person to do it for you.  Too many people think that they do not need outside professionals or they go to the cheapest person.  Often you get what you paid for, they are cheap for a reason, they may not be busy, they may lack experience, there could be multiple reasons for being inexpensive.

 

Interview the professionals but do not tell them how to do their job.  I was called by a person today who was telling me how someone needs to sell their business so that he can maximize the selling price.  He had a local retail store but he wanted someone to find a buyer from across the country.  Someone has unrealistic expectations.  If you think that you can do it better, do not hire a professional.  Do not demand that the professional has to do it your way.  If the professional is busy and has lots of clients, he will turn you down as a client.  Remember, you interview the professional but the professional also interviews you at the same time.  Both must want to enter into a relationship, it is not one sided.

 

Now that you have the idea, the business plan, the advisers to help you get started, you can start to plan how to proceed and prioritized the tasks that you need to do to start your business.


Filed under: Business strategies — Gary Landa @ 6:10 pm


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