No Job? Start Your Own Business

07.13.2013

You have been looking for a job for a while now. Yes, the job market is improving and the unemployment numbers are going down (this does not include those who have STOPPED looking for work), but you still are having issues finding employment. What do you do? Some people are taking a different route. This may not be for everyone, but it is for some, and for some it has been successful. They are starting their own business. I am sure that all of us at some time in our life have thought about starting our own business. You have an idea, you have a talent and you have an hobby, so why not put them all together and try a hand at your own business?

While most businesses fail in the first year, if you think you have a successful idea and have the time and resource to put into it, why not give it a go? Be sure that you do it right, however. The first thing you want to do is have a plan. Write a brief plan outlining your goals. You don’t need anything formal unless you’re going to seek substantial capital. Go through a simple exercise of putting a few things on paper for your own good: describe your business in one sentence. Who will buy your products or service? How much money do you absolutely need to get started? How much can you realistically charge for your product or service? What will it cost you to deliver that product or service? In the worst-case scenario, how much can you make? You want to try to think of every possible want and need that you can.

You will need to choose a name for your business. Try to come up with something clever that not only describes what you do, but will be witty enough where people remember it. Try not to get too funky, though, as it can reduce your credibility. You then need to register your business name with your county clerk, if necessary.

It’s also a good idea to get some business training. There are many free training and counseling services out there that you can take advantage of. They will help you prepare your business plan and show you ways to secure financing. There are many government-backed loans that you can look into to help you fund this business. Also be sure to research venture capital and research the many grants that are out there.

You will also need to get a tax identification number with you can obtain from the IRS and your state revenue agency. Register with your state to obtain this number as well as workers’ compensation, unemployment
and disability insurance. A very important step is to be sure that you get a list of federal, state and local licenses and permits that are required for your business. The last thing you want to do is start off on the wrong foot by getting fined for not having the proper paperwork filled out.

While this is just a brief outline to help you on your way to get your business started, it is always a good idea to seek some professional advice from others who have done the same. There is no better feeling in the world than starting your own business and seeing it grow into a success. Be aware that there will be some bumps and bruises along the way, but try to look at them as growing pains and learn from them. Even if the business does not work out, you can at least say that you tried. Just think, if Bill Gates never tried to start his business, you would not be here, online, reading this blog. Good Luck!

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