IT'S MY ISSUE
KNOWING YOUR WORTH
7
Starting your own business is not as scary as you may think, but it’s not as easy as hanging a shingle out saying open for business. So what are the steps to starting a business?
The answer to this question varies depending on several factors: what type of business you want to have, your location, and what need you plan to meet.
The first thoughts in starting a business are on how much money you want to make, the name for your business, and a good location for your business to be successful. Other things to think about are: is there a market for your service/product? Will your service/product make money? and What, if any, competition will you have?
What should be first on your mind?
Your next thoughts after you answer those questions, research the market get as much information you can and talk to people in your area of interest. If it’s a store location, visit the store, check out the inventory, pricing and customer traffic. You can get help with any part of starting your business with the resources from your local Small Business Association (SBA) or SCORE. These are helpful sources that provide seminars, classes and mentors which will help you start on the right foot.
Now that you have found your niche and done all your research it’s time to decide what type of business entity you will be. There are 4 types of business entities: sole proprietorship (LLC), partnership, corporation (S/C) or cooperative? Each one of these choices has its advantages and disadvantages. I suggest talking to a business lawyer to understand the differences between them and a business tax expert so they can explain the differences between them from a tax perspective.
In finding a name for your company, it should be a name that represents your products/services. You want a name that people will remember because it’s catchy or they associate an acronym with the name (United Parcel Service- UPS). The same holds true for your logo. Make it simple but eye catching (Exxon-tiger).
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BY Tonya Franklin
As an entrepreneur, not only does your financial status and your title change. But the way you think must change. Listed below are some important areas of your thought process that has to give way on this new journey as an VA business owner.
What are some of the characteristics of an employee's thinking?
Employees focus on someone else's goal. Their investment is controlled by someone who determines their return on their investment. Depending on what the agreed return determined, it depends on the level of investment.
Employees have restless pursuits. What this means is that an employee is always searching for the next "best thing" to improve their financial situation. Their financial security is determined by someone else.
Entreprneurs are more prone to take risks. They are willing to step out of the box and not fear failure. Entrepreneurs are more willing to explore their creativity, because of the freedom and they are not bound by the guidelines of an employer. There is a greater opportunity to grow and learn more about their own character.
Entrepreneurs assume a new level of responsibility. The responsibility of keeping the business afloat is greater on the entrepreneur, because
Entrepreneurs see "networking" and business relationships differently than employees. Every relationship you develop is no longer about meeting a means to an end. Relationships become viewed as strategic developments to support not only your business, but to be an impact. Entrepreneurs realize that they are not in business simply to make money, but to establish and leave a legacy. These relationships become more valuable, and more nuturing of them are performed.
When you decide to make the leap
into entrepreneurship, your investment
level changes. No longer are you
operating in your comfort zone, you
have to step outside of who you "think"
you are to find out who you really are.
The possibilities are endless, but first
thinking has to change.