Employment Spot

Entrepreneurs - Be your own boss

Starting your own business can be a daunting task. But for many, the idea of working for themselves rather than a large corporation is a dream come true. And although it can be a lot of hard work, owning your own business can be extremely rewarding as well.

"The key step in starting a business is writing a business plan and deciding on the legal way to organize the business," says small business expert and attorney Barbara Weltman. While there is commercial software available for writing business plans, there is also a business plan outline available for free at the Small Business Association. "Once a person develops a plan, it can be reviewed by someone at SCORE, an offshoot of the SBA," adds Weltman, author of "J.K. Lasser’s New Rules for Small Business Taxes."

In addition to drawing up a legal plan, it is important for potential business owners to consider key groups or individuals they will need to tap into for support. "Too often, people start by writing a plan, not talking to the folks whose support will make or break their business," says Alex Hiam, a consultant, professional speaker, author, and columnist for Entrepreneur.com. "You’ll need enthusiastic support from future customers and employees in order to succeed," Hiam says. "Talk to them about your idea and let them help you refine it until they love it."

Once you have a plan in place, the next step is getting the capital necessary to get your business off the ground. Inc magazine offers a lot of tips on starting a business, including guides such as Financing: Where to Find It and Getting Venture Capital. However, Hiam warns that personal financing is the way to go. "It’s a myth that small businesses start with venture capital," he says. "In fact, less than one percent get venture capital support. Don’t assume a banker or venture capitalist will bankroll your dream."

Additionally, Weltman advises start-up owners to be sure they have the capital to see them through until the business can be profitable. "Undercapitalization is one of the main reasons why business start-ups fail," she says. "For some, this may mean starting a business as a sideline while keeping a full-time job. For others, it may mean having a spouse who works full time."

Taxes, Taxes, Taxes

Taxes can be a daunting task for those who already own a small business or even for those considering becoming an entrepreneur. The IRS offers free information for small-business owners, including a free CD-ROM with some general information, as well as forms and publications that users can easily download. The office supply store Staples has information on a variety of different aspects of running a business. The site is also the home of Weltman’s tax column, which offers assistance to small businesses when it comes to filing taxes.

Other Resources

• USBX Advisory Services
  This site features mergers and acquisitions and finance experts focused on serving middle market companies, and is best for those who already own a business or are considering buying one. They also offer a large list of businesses for sale.
• Business Start-up and Management Guides
  Includes helpful topics by business type (grocery, day care, restaurant) and functional areas such as finance.
• Business Town
  From advice on accounting and advertising to hiring and firing, this site has a wide array of categories for those looking to start and run a small business.

   — AnnMarie Harris

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