How i start my own business

how i start my own business

This is called "architecture".

Here is some pointers for you that can help you.

Before anything let me introduce my self, I am an MBA from Oxford university and I am the president/CEO of a mid-size construction company in Houston, TX, USA, I have in the past 15 years created and helped start up several companies and have owned some of these companies my self.

It is hard to give a customized advise to your question without knowing the exact nature of your "dream company", however here are some basic rules that apply almost to any business when you start it up:

- Do a little research for the type of business you are interested in and check out what type of competition you will be facing.

- Do some market research and find out if the type of business you are interested in has a demanding market and if so, is that market isolated within a certain community or gender type or is it a wide range market.

- Find out what type of advertising and marketing is the most effective one for your business type and what are the costs involved for the marketing and for how long.

- Find out if your type of business requires supplies and inventory and an office facility or are you going to be mobile (if you need an office or storage facility consider and calculate the costs involved).

- Find out who are your suppliers and are you going to have employees and if so are they going to be employees or subcontractors.

Another words you must research and do a basic market analysis and a financial analysis.

A lot of time you don't need a major start up money or a perfect credit to start your own business and you can get a lot of the above questions and your own questions answered form the suppliers and the manufacturers of the products that you will be marketing and/or using, the suppliers will give you a lot of free help and good advice.

Once you are done with your research and evaluation you must decide if this is what you expected and if you still want to start your own business, if so then come up with an organized game plan and a basic market strategy so you know where you are going and when once you have started.

The final step would be to find a unique name for your business, I have found that the name of your business

is best and the most economic advertising so take your time and be sure that the name that you pick will somehow reefer to what you do, remember either it is obvious from your name what type of business you are or you must spend a lot of money to tell people what you do (for example SONY had to spend millions in the beginning to let people know what they do and who they are since their name doesn't say it, but Dunkin Donuts doesn't really need to advertise a lot to let you know what they do and an occasional reminder to make you hungry for a donuts is enough for their marketing since their name is already an advertising).

Once you have picked a name that is unique and to your liking you must make sure no one else is using that name so I suggested to pick a few names that you like at first and then contact your states "secretary of the state" office and ask for the name availability department (you can also find their website and gain a lot of tips for start of a new business) check and make sure that the names you have chosen are available and then register the name of your business with them (there will be a small fee involved) once you have received your certificate from them you contact the IRS to obtain a Federal Tax ID which you can get over he phone after filling out the form and reading it over to them over the phone.

At this point you are generally good to go, make sure to check with your local state tax office to see if you must also obtain a permit to operate a business in you state or city and if you have to pay any sales tax to the "state comptroller" an accountant can guide you with that as well, if you qualify register your business as C-corporation and when obtaining you Tax ID register as S-corporation so that you can file your taxes with your individual income tax and keep it simple until you grow.

Don't fall for the scams in the market, these are things you can do your self at little or no cost, it may sound complicated but its not, with a little research you can get info to help you do these things your self!

Good luck on your new venture and drop me a line and let me know if you have any questions and more importantly how thing are going!


Category: Personal Finance

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