| Starting and owning your own business can be a | | | | inexpensive and easy-to-use accounting software |
| very gratifying experience if done correctly. If done | | | | programs on the market. |
| incorrectly and without the proper preparation, it can | | | | 8- Before hiring an attorney or C.P.A., interview |
| be a nightmare. Since competition in most businesses | | | | several or ask reputable business owners in your field |
| is fierce, you must become an expert at your | | | | for a recommendation. |
| business and develop a niche in your market. | | | | 9- Consider an L.L.C. (a Limited Liability Company), to |
| Listed below are a few of the most important tips | | | | limit your personal liability. An L.L.C. is an inexpensive |
| potential business owners need to consider before | | | | and relatively easy form to fill out. Contact your |
| starting a business. Your preparation should be long | | | | state department of corporations for instructions on |
| and thorough. The more extensive your preparation | | | | how to sign up for an L.L.C. (contact information can |
| is, prior to starting your business, the greater your | | | | usually be found on your states website), obtain a |
| chance of success. | | | | form book from the library or office supply store for |
| Consider the following to start: | | | | instructions on how to add the articles of |
| 1- Make absolutely sure there is a market for your | | | | organization, this is a guide you will use to organize |
| product or service, research the need for your | | | | your business. Keep this for your records. Consult |
| product or service through your local chamber of | | | | with an attorney if you do not understand the |
| commerce or library. Librarians are helpful with finding | | | | articles of organization or you need to include |
| research information. | | | | partners. |
| 2- Use our free online business guide, for top | | | | 10- Set up your business as cost-effective as |
| business links. Located at: | | | | possible. That is, be very careful not to overspend, |
| 3- Interview several veteran business owners in your | | | | especially at the beginning. It takes time for most |
| prospective field, listen to both the positive and the | | | | businesses to become profitable; so don't quit your |
| negative aspects of owning and operating the type | | | | day job. In most cases that is a few years away. |
| of business you are interested in. It is only AFTER | | | | 11-If you are not funding your business with your |
| many business owners start a business that they find | | | | own funds, do thorough research to find various |
| the negatives far out way the positives. Be willing to | | | | forms of funding available for your type of business. |
| listen to the negative aspects of your prospective | | | | 12- Consider a mentor to guide you through the |
| business, so you will not fall into an "I wish I had | | | | process before starting your business and during |
| known," trap. | | | | your business life. A mentor is someone who is a |
| 4- Take business classes in your prospective field. | | | | veteran in your field, is not your competition, and has |
| Many community colleges or small business incubators | | | | the desire to help someone do the great things he |
| at major colleges offer small business colleges. | | | | she has done in your field. You can usually find a |
| Consultants also offer classes, many can be found | | | | mentor in an organization or association affiliated with |
| online. | | | | your business. Attend meetings in your business field |
| 5- Obtain a business lawyer for advice. You can sign | | | | and get to know the people at the top. |
| contracts after you talk with a lawyer or before. An | | | | 13- After you have done through research and |
| experienced business owner will tell you to speak | | | | spoken to several business owners in your field, write |
| with a business attorney before you sign a contract. | | | | a Business Plan. This should be a well-researched, |
| Speaking to an attorney after you sign a contract, is | | | | well-thought-out, business plan. This will be your guide |
| usually too late. | | | | throughout the life of your business. Go online to for |
| 6- If you have to sign a lease for your business | | | | a free business plan template. A business plan should |
| operation, make absolutely sure you consult with a | | | | be created before you start your business. Use our |
| business lawyer before you sign.. Business leases | | | | business plan template. |
| have many hidden clauses that are unfavorable to | | | | 14- Visit your local city offices and chamber of |
| small businesses. This includes leases for equipment | | | | commerce for all of the required permits and licenses |
| as well as occupation of real estate property. | | | | to operate a business in your city. |
| 7- Obtain a Certified Public Account (C.P.A.) for advice | | | | ~~~~~~~~~~~~~~~~~~~~~~~~~~ |
| in setting up a financial records system required taxes | | | | Lois Center-Shabazz is the author of the |
| to pay, and other business advice. There are many | | | | award-winning book, Let's Get Financial Savvy! |