Questions and Issues to Think About In Opening Your Own Business
Before you open your own business, there are many, many things that you should consider. The list below is not exhaustive, but it should get you to think about whether going into business for yourself is the right thing for you:
- Do you have adequate funds to open your business and keep it going? (You should not fund it with credit card advances.) You must keep operating expenses as low as possible.
- Should you take a course or read up on forming your own business?
- Investigate the type of business you are qualified to open. What is your area of expertise?
- Does the business you are contemplating require a license from the state?
- What legal form is a good one for you: Sole Proprietorship, Partnership, Limited Liability Company (LLC), or closely held corporation?
- Finding an accountant who can advise you on tax matters and what form the business should take for tax purposes.
- Do you need to obtain a business License and file a fictitious name statement?
- Should you create a website?
- Should you obtain insurance to protect your business if it is sued?
- Should you have any employees to begin with?
- Should you lease space or operate from your home? If you lease space, what location is good for you?
- Should you obtain a line of credit from your bank?
- What type of advertising should you do?
[Please remember that each client will answer these questions differently. There is no one size fits all situation. How you should proceed will depend upon the answers to the questions above.]
