Help Starting a Small Business!
Do you need help starting a small business? Almost everyone does. If you have a dream of starting a business, don’t be held back by the things you don’t know.
If you are looking for help starting a small business, here are a few basic things to help you.
No matter the type business you plan to start, you will need to know how you want your business set up. Sole-proprietorship, General or limited partnership, Corporation or Limited liability company LLC. Not sure? see
Maybe you want to learn about the innovation process and improve your creative skills. Then you should check out this
guide to innovation and creativity.
First, we are going to look at three areas many may find they need help starting a small business with. And then ten things you can do to help you toward building a successful business.
Finances may be the biggest area people find they need help starting a small business with and one of the main reasons for holding them back.
With any successful business, you want to have a good
small business plan
in place to show how you plan to operate your business.
So if you find yourself short on cash, here are a few options you may want to consider:
1. Begin by looking at self-financing options. What resources of your own do you have available? You may be able to borrow against investments, insurance policies and 401(k)retirements plans
2. Borrow from a family member or get a financial investor as a silent partner.
3. Talk to your local banker about loan options. Ask about secured and unsecured loans. If you are going to need equipment, ask them about
small business equipment financing
type loans or maybe a
small business line of credit
4. Look at a few credit cards for small business offers. Capital one small business currently has five credit card offers, four of which are a 12 months 0% introductory APR.
5. Don't forget about Uncle Sam. The federal government has a vested interest in encouraging the growth of small business. Check with your local
Small Business Administration.
Just know your financial limits and never over extend beyond what you can afford to repay.
Recording Keeping and Tax help
Starting a small business will require you keep accurate records of your business. If you are working as a Sole Proprietorship you have fewer requirements for starting a business and tax reporting.
You will need to file a separate business tax returns and depending on your state, you may also need to file a state tax return. Check with your local secretary of state's office for a complete list of filing requirements.
If you can, hire a reputable professional CPA to handle your books and take care of all the appropriate taxes.
If you can't afford a CPA starting out, don't let this stop you.
You can buy a
small business accounting software package,
(e.g. QuickBooks Pro, Sage Preachtree, etc.)for less than what you may think.
For a complete list see
best small business accounting software.
You can use Tax Act or Turbo Tax, if you dare do your own business tax return. These systems are easy to follow with step by step instructions. You can do it all online and it cost you about $100 to file.
Just remember accurate recording keeping and timely filing is an important part of running a successful small business.
When it comes to legal issues, I would recommend signing up with Pre-paid Legal. You will pay an enrollment fee and a low monthly fee in exchange for 24/7 legal services.
Professional legal help is only a phone call away.
I have Pre-paid Legal and have used it a few times in the past and been pleased with the service. What a great savings when it comes to needing legal advice for your small business.
Another legal option.
Ten things to help you grow a successful business
1. Find you a mentor, someone you trust and look up to.
2. Develop a partnership, find someone stronger in areas you are not so strong.
3. Set realistic goals for your small business, short and long term goals.
4. Stay focused, know what and how you are doing at all times.
5. Ask for help, starting a small business requires a lot, so ask for help before you really need it.
6. Hire people that are smarter than you. Quality always pays and it makes you look better.
7. Plan for a rainy day, look ahead and plan for the future
8. Stay ahead of your completion, know what they are doing and learn how you can do it better. Always look for ways to
advertise your business.
9. Hang around successful people, people that have a positive, can do attitude.
10. Find a group of people to go to for all areas of your business (legal, marketing, business plan, financial, etc).
Don’t let the fear of failure, lack of finances or the unknown keep you locked into the day-to-day, nine-to-five rat race.
Keep searching till you find the help starting a small business that you need. Whether it comes from reading books,taking classes, borrowing or just asking someone for help, get all the help you need.
Another great place to get help is with the US Small Business Administration. They have offices nationwide and their services are always free. So find the location nearest you. www.sba.gov
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