from eHow.com 7/13 enhanced by Peter/CXO Wiz4biz 8/13
Step #4. Legal Structure continued
– Sole Proprietorship is the easiest & simplest type of business to start, and is ideal for service-oriented businesses that involve only one person or a Consultant.
– Partnerships involve two or more parties and you should not enter into without a written Agreement between you, so your have all the expectations & responsibilities detailed.
– Corporation or Limited Liability Company [LLC] might be a better option – if you will need to hire employees right away. You’ll also need the protection that a Corporation or LLC provides, if you want to shield your personal assets from potential lawsuits brought against your business.
Step #5. Register your Business
with your local government. You’ll be responsible for paying your own taxes, and not being properly registered can result in penalties.
Step #6. Financial Finesse.
1) Hire an Accountant (part-time), or purchase Accounting software such as #1 QuickBooks – to keep track of your income & business expenses.
2) have a separate Bank Account for your Business, because mixing your personal finances with that of your business can eliminate the protection offered by legal business structures (Corp or LLC). It’s either Corps or Corpse !!!
Step #7. Marketing.
Now that you’re legally in business, now is the time to start “marketing” your new venture. Go to your Marketing Plan. What, you don’t have one ??? Then now is the time to start and here are the questions to ask: Who is your Target Market? What is the best way to reach them? How much will it cost? How will I measure the effectiveness? What “free & low-cost” resources could I use? Use Facebook, Twitter, Linked IN, Blog, Webinars
Final Note or Final Chapter. Be sure to keep track of all your Income & Expenses accurately, because you want to save as much as you can on Taxes, plus, you certainly don’t want to attract attention and be audited by the IRS.
Comments: Any other things to do to start a Business?