Starting A Business Series.

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
• Myths
• Contract labor vs. employee
• Office in home
• Emotional and physical support.
• Resources

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.

Comments

[Ajoy]

Hi, I have read your article. It's really a nice article and I enjoyed your article because here information about sound business is available and also considering it relates to a financial matter. I follow Danny Wettreich online, he's a famous, popular and venture capitalist in this world.

[Brian O'Connell]

If I remember correctly, when we got out taxes done this year my fiancee was told that he may want to change his business status to a "hobby" if he's not making a profit in a few years. I think it's especially difficult to start a business in this economy because so many people are going that route in order to try to find an alternative when they lose their day job. But not everyone can or will make it, and you need to be really passionate about what you're doing otherwise you won't have the drive to continue when the times get tough.

[Kaiser Villavicencio]

It takes a lot of passion to start a business. It does not say that when you're good at something, you just do it. You should have love for what you do and must enjoy it, to surpass anything that would hinder you when starting up or pushing in a business line. Also, it's hard to catch the attention of the market. You have to do something remarkable to make your way in the competition.

[Cameron Scott]

I have to agree with Kaiser that starting your business takes a lot of passion. Do not be afraid to admit your mistakes, since it's part of running your business. Experience will also be a reminder of what you should do or not.

[eileen]

nice series.. hope to read more ..