This is the first of a series of posts about starting and operating a business. I’ve always had a category called “Running a Business” but during this tax season I was regularly asked about how to start a business by different clients. They usually just wanted the tax info but in asking questions to target my answers, I found that they didn’t really understand the whole “owner” idea. This series should provide insight into the basics of starting your own business. It won’t answer all of your questions but it will point you to resources and give you things to think about.
First, I want to set some parameters about the main audience for this series. I will be focusing on a “mom and pop” type startup. The owner could be a guy starting his own repair service after years of working for someone else, the great cook who wants to open a catering business, the local retail shop, or a tax preparer. Full or part time, the basics are the same. And this series will stick with the basics.
And I am sure that some readers will not like what I have to say. Great, use the comment section to express your view. As for topics, I keep coming up with ideas, but right now here is the current topic list:
- Why you should not start a business.
- What are you going to do?
- Choosing an entity
- Tax start up
- Hobby vs. Profit
- Cash flow
- Record keeping
- Contract labor vs. employee
- Office in home
- Emotional and physical support.
I know I’ve covered some of these before but the info is important enough that a review is in order. A quick warning. I don’t have a timetable for publishing these posts. The goal is to do this series between returns, bookkeeping, projects and other posts over a couple of months.