Dreaming Of A Business: Starting Your Own Business

You have always dreamed of owning your own business, nevertheless, you have never taken the intuitive to follow your dreams because you just do not know how. In order to effectively become a business owner, there are some steps that you must follow in order to achieve your goal. 

First, take the dream and make it a vision on paper. This is simply determining what you desire to do, but making sure that it is something that you love doing. If you are doing what you love, you will enjoy what you do! This assessment will allow you to be open to being the first one in, and the last one out. All business owners love their business enough to spend as much time, as they need to in the business, but loving every minute.

Research is always a positive. If you love baking cookies, research the different types of cookies. Perfect the cookies that you do good, making them great. Then find information on others who have started cookie companies. Evaluate what makes them a successful business and elaborate on what you feel can make them an even better business. This information is conducive to writing a brilliant business plan. 

Now, lets get down to the brass business of starting a business. After choosing what it is you want to do, determine what you will name your business. You name is the first component to doing your legal paper work for your business. Then, it is now time to determine what type of business like whether you want to become a sole proprietorship (having the least taxes but greatest liabilities), a general partnership (consisting of having two or more people partnering with you in business), a limited liability corporation (LLC), which is only available in certain states, or a corporation (having the suffix INC, which insures the best protection).

After securing and establishing the type of business you will have, the next step is registering with the Secretary of State. Go to your local government state web page to pull forms on registering your business. There you can also find other information that can be truly helping to a new and up coming business owner. Then it’s insurance time. Insurance is always your assurance in the case of emergencies. These are the types of insurances that are available and needed when starting a new business: liability insurance, property insurance, business interruption, key-man insurance, automobile insurance, and home office insurance, if you are running your business from your home.

The last step is getting an Employer Identification Number (EIN). This number can be obtained by going to the IRS website and down loading form SS-4. You can either call this information in at 1-800-829-4933, or by faxing it in to the IRS.  After you have finished all of these steps, you now are the owner of a legitimate business. Your next step is developing a marketing plan and next week we will assist you with this. Until then, have a wonderful time dreaming and bringing your dream to life! 

Scroggins Consulting, LLC

Tiya Scroggins is the founder of Scroggins Consulting, LLC .  To find out more about Scroggins Consulting go to www.scrogginsconsulting.com or email her at [email protected]. The article is forwarded by Author Danyelle Scroggins.