Friday, April 10, 2015

How to Start Your Own Business

Starting your own business can be a challenging but rewarding endeavor. Planning for success is one of the best ways to ensure your efforts will be profitable. Data from the Kauffman Foundation shows the highest rate of entrepreneurship in America has shifted to the 55–64 age group, with people over 55 almost twice as likely to found successful companies as those between 20 and 34.

Although many older Americans have started businesses with comparatively little capital investment it is important to recognize that most businesses will not generate much revenue for some time and you must plan to have enough cash on hand to pay for your living expenses in addition to possibly having to put more money into your start up.

Before starting your own business consider...
1. Talking with your accountant to help you set up a bookkeeping system and other accounting necessities. Do not attempt to do this on your own as the time you will have to spend later converting your systems to workable bookkeeping and reporting will be substantial.
2. Writing a business plan that will give you some guidelines and update it regularly as your business develops. Your plan should include cash flow projections and a p&l statement. This plan will also be necessary should you need to borrow moneys.
3. Talking with an attorney to see if you should incorporate as an LLC, corporation, sole proprietorship, partnership or other corporate entity like offshore companies.
4. Reviewing local laws for home operated businesses if you plan to operate from home.
5. Talking with an insurance professional to see what kind of coverage, if any, you may need in your new business.
6. Picking a name for your company and check to make sure it is available and that the URL is available and if so register it immediately. Remember the first impression you will make on potential clients or customers is your business name.
7. Securing adequate start-up capital in advance of starting your business. Your business plan should provide the information necessary to secure these funds.
8. Acquiring the appropriate licenses to operate your business.

For a list of small businesses started with little or no capital investment click here (link to

For information on franchises and their costs click here (link to

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