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Starting Your Own Business 101

Updated on April 8, 2015
Reach For The Sky
Reach For The Sky | Source

Business Startup

Have you ever thought about starting a small business or home business? Lets get started today! Write down your accomplishments, What are your hopes for the future? How can you achieve your goals? Do you want to start a sole proprietorship? Start with writing down hobbies and activities that you are passionate about, for example:

  • Painting - If you like to redecorate or enjoy painting for others. This is a great way to generate more income
  • Home Childcare - A person that loves children and has a background in Early Childhood Education
  • Insurance Agent - Having a background in insurance is great, however, many companies will provide training and help you obtain your insurance license.
  • Landscape - This would be a great idea for a college student.
  • Restaurant & Bakery people who love to cook
  • Arts & Crafts, you can start this as a home business.
  • Cleaning Business - You can have the option of cleaning businesses or homes.
  • Most businesses require insurance or business license. Check with the small business requirements in your state.
  • Business Plan- Includes, demographics, set-up cost, merchandise and material cost, etc. When I started my own business having a detail business plan help me to become successful.

How To Write A Small Business Plan

Business Success

If your business requires a lend you should first start with your local bank. To inquire about a small business loan or line of credit. However, if you can't qualify for a loan, there are other options. There are different grants that you can apply for to start a business:

The U.S. Small Business Administration assist- Veteran's, Young Entrepreneurs, Native Americans, Franchise Businesses, Home Based Businesses, and Minority Business Development Agency.

Entrepreneurs - Provides free individual face to face, and internet counseling for small businesses, and low-cost training to nascent entrepreneurs and established small businesses in over 1,800 locations throughout the U.S. and territories.

Minority Business Development Agency- Help for minorities to start their own business, include business plans, and start up procedures. Minority businesses have a competitive advantage based on their cultural ties, language skills, nimbleness.

The 2007 Survey Of Business Owners reveals that among firms with export sales representing 20 percent or more of their overall receipts: Minority firms are more than three times as likely to have businesses generating 100% of all their sales in exports compared to non-minority respondent firms. The finding is quite substantial because it can support the Administration's goal of doubling the nation's exports by the end of 2014.

Veteran Business Owner's- The Elite Service & Disabled Veteran Owned Business Network is a Nationwide 501 (c) (19). Veterans Organization with the mission of assisting Service-Disabled Veterans start and grow their own businesses.



Small Business Development Center

Small Business
Financial
Market Research
free consulting
financial packaging
program support
low-cost training services
lending assistance
export & import
business development plan
disaster recovery assistance
advisor guidance
Financial, Market Research For Businesses

How To Sell To The Federal Government

Business Ethics

Business is sustainable because there is a common understood code of ethics universally that under pins the very fabric upon which commerce is conducted. While cheaters may win in the short term, they invariably lose out in the long run. You will find successful, sustainable business people maintain the highest standard of integrity. Leadership Characteristics:


  • Do you find yourself being the go-to person most of the time?
  • Do you find people asking your opinion or help to guide or make decisions for them?
  • Have you been in a management role in your career?


In almost every case, entrepreneurs never get to success alone. The best understand that it takes a network of contacts, business partners, peers and resources to succeed. Effective people nuture these relationships. They surround themselves with people who can help them more effective : Jason Bowser, Business Expert (8 Traits Of Successful Entrepreneurs)

Are you interested in starting your own business ?

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Believe in yourself ! Have faith in your abilities ! Without a humble but reasonable confidence in your own powers you can not be successful or happy !

— Norman Vincent Peale

Womens Business Center

Womens Business Center- represents a national network of nearly 100 education centers throughout the U.S. Which are designed to assist women in starting and growing small businesses. WBC's seek to "level the playing field" for women entrepreneurs who still face unique obstacles in the business world. The SBA's office of Women's Business Ownership over sees the WBC network, which provides entrepreneurs comprehensive training and counseling on a variety of topics in other languages for their success. Women entrepreneurs have many options available to them to finance their business. Due to diligence and gathering the facts are your most important first step. You need to determine how much capital is needed, available sources of funds. To be eligible a firm must be at least 51% owned and controlled by one or more women, and primarily managed by one or more women. For more information: Compliance Guide For The WOSB Program



SBA Local Assistance

Local Assistance

The Score Association, supported by SBA, is a nonprofit association of volunteer business counselors throughout the U.S. and its territories. Score Members- are trained to serve as counselors locally, they advise, and mentor aspiring entrepreneurs and business owners. Here are some ways you can connect with score and get free business advice:

  • Email a mentor- Online or virtual
  • Visit your local office- Make an appointment with a mentor in person
  • Online workshops- Participate in free online workshops to increase your success

Expense & Cost Chart

Expenses
Assets
Costs
Travel, rent, payroll, office supplies, marketing
Property, vechicles, equipment, inventory
Keep a budget of cost and expenses
Legal and state fees
Tax Depreciation items
Contact Local Small Business Development Center
Tax payments, business fees
Small Business Expenses and Tax Guide
Know the Legal Requirements in your State
Business Startup Plan
Success In Business
Success In Business | Source

Infuse your life with action. Don't wait for it to happen, Make it happen, Make your own future, Make your own hope. Make your own love, and whatever your beliefs, honor your creator, not by passively waiting for grace to come down from upon high, but by doing what you can to make grace happen...yourself, right now, right down here on Earth.

— Bradley Whitford

Reference

U.S. Small Business Development Agency, Minority Business Development Agency, Jason Bowser Business Expert (8 Traits of Successful Entrepreneurs)

Womens Business Center




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    • Carol McCullough profile image
      Author

      Success In Life 2 years ago from U.S.

      Thank you for sharing that information with everyone, financial freedom is the goal.

    • Carol McCullough profile image
      Author

      Success In Life 2 years ago from U.S.

      Thank you so much, hopefully it will help someone wanting general information on a business start up plan.

    • PinoyMom profile image

      Shiela Gerona 2 years ago from Philippines

      Great hub. Voted up!