Starting a new business
April 1, 2020

Many people dream of being their own boss, free from the constraints of someone else telling them what to do – and when. But, starting your own business and taking more control of decisions that impact your life can seem overwhelming and out of reach.

Still, becoming self-employed doesn’t need to be just a pipe dream if you are truly committed to a vision, have the drive and ambition to succeed and are able to develop a detailed plan. Experts in the arena of start-ups suggest a number of ideas to help guide those thinking of creating their own business:

1. What are you not only good at, but inspired by?

When considering starting your own business, it’s smart to think about more than what may be popular or trendy at the moment. Although what you enjoy and might have a talent for doesn’t ensure success, pursuing something you have a passion for will make it easier to get through the tough times that will certainly occur when you have your own business.

2. Honestly evaluate your skills.

While there are likely many things you love and care about, that doesn’t mean you can be successful in creating a business around one of them. For instance, you may enjoy restaurants and think you’d be great at owning your own. Maybe that’s true, but first ask yourself if you want to work the kind of hours that will be needed and if you have the needed skill sets to operate a thriving restaurant. Also, are you in a community that would support the kind of business you envision?

If not, that doesn’t mean you have to give up on the idea. Maybe you need to create a team of professionals to help you or, further your education.

3. Planning is key.

Once you have zeroed in on what you would like to do, it’s time to develop a detailed plan for how you’re going to get there. 

(a) Do your homework. What other similar businesses are nearby? Learn as much as you can about what and how they are doing.

(b) Determine what permits/licenses you will need and what other regulations you may need to meet. How much will that cost?

(c) What will your location be? Is parking needed? If your business will be home-based, you’ll need to understand regulations around that type of operation.

(d) What is your target market and how are you going to reach it?

Of course, these are just a few of the considerations you’ll need to think about. 

Be aware too, that you’ll need to be sure your business meets all the necessary legal requirements, including preparing for taxes and insurance. Here again, professionals can help guide you. It is always important to surround yourself and your business with an experienced team of advisors – at any stage of business ownership.

In all likelihood, you’ll need financing to get started. Do your research, talk to financial institutions and discover your best options.

Once you feel you’re ready to begin the journey to self-employment, make the leap, knowing you have all the information you need to be successful, and remember, your tax advisors at Diamond & Company CPAs is here to help and answer any questions you may have about business ownership.


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