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Starting Your Own Business

Updated on March 24, 2013

Starting your own business is no small feat. It is in fact a great accomplishment becoming an entrepreneur! Planning, fundraising, and finding a location if needed as well as maintaining a steady clientele is work. Freelancers and musicians are included. Depending on what you do and how you approach it all, it could be very fun and you can always start today!

Right now I work for myself. I do what I love the most, I sing. Some may not realize it takes a lot more than just singing to be a singer. I am a business woman also. I manage clients, I entertain, I track finances and clean up; there are no janitors here. There is more than meets the eye to being an entrepreneur but its not impossible.

When you are thinking of becoming an entrepreneur and starting your own business, the first thing you should do is think of something that you are interested in and find out if there is a demand for it. Once you do that then you can determine what type of company it will be. The best people to help you decide this is any local small business organization or an attorney or accountant.

You may decide on a sole proprietorship, a partnership, LLC, or corporation. Remember, lots of businesses start off as sole proprietorships so don't feel restricted when deciding what will work best for you when you start. It is possible to switch the type of company you have when needed. You can go from a sole proprietorship to an LLC or an LLC to a Corporation. Rules will vary according to different states so see what the rules apply where your business is located.

After you've decided that you will be well on your way! Start making a business plan that will include your goals, what licenses and permits you may need and how much it will cost to start your business and keep it running. The other highly important financial question you need to address is how much money your business will be bringing in. Since you'll likely want to be making a profit, you'll need those numbers to figure out at what point you'll come out even and when you'll be making a profit.

Here I am again today in the entrepreneur chair. Last year my family decided to start a family business together. We started planning and setting things up then we came across an organization in New Jersey called Rising Tide Capital. They have a great program teaching some skills on being an entrepreneur so we decided my mom should enroll in the program.

My sister and I are very proud that our mom completed the program this past summer and now we're off to getting the business up and running. Things aren't easy as expected, especially when you have multiple people working outside of the business but we are getting it done and it looks like things will be amazing!

Check out a short clip we created about our business.


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