Topic: How to start a small business?
June 27, 2019 / By Antoinette Question:
I want to start a small business of selling purses, and some clothing creations of my mom.
Do I need to register a logo and name of a company or is it possible to sell stuff on a website like ebay?
thanks for your help.
Zachery | 9 days ago
1. Have an idea. It might be a product that you've always wanted to make, or a service you feel people need. It might even be something people don't know they need yet, because it hasn't been invented!
2. Create a working name. You could even do this before you have an idea for the business, and if the name is good, you may find it helps you define your business idea. As your plan grows, and things begin to take shape, the perfect name may come to you, but don't let that hinder you in the early phases—create a name that you can use while you plan, and don't mind changing later.
3. Define your goals. Do you want financial independence, eventually selling your business to the highest bidder? Do you want something small and sustainable, that you love doing and want to derive a steady income from? These are the things that are good to know very early on.
4. Define your team. Will you do this alone, or will you bring in 1 or 2 trusted friends to join you. This brings a lot of synergy to the table, as people bounce ideas off each other. Two people can often create something that is greater than the sum of the two parts.
1. Find an attorney. There will be many hurdles to leap as you go from working stiff to overworked and underpaid small business owner. Some of those hurdles will be composed of stacks of documents with rules and regulations, ranging from building convenants to city ordinances, county permits, state requirements, taxes, fees, contracts, shares, partnerships, and more. Having somebody you can call when the need arises will not only give you peace of mind, it will give you a much-needed resource who can help you plan for success.
2. Form business entity. Decide what type of business you would like to be—a corporation, LLC, sole proprietorship, etc. This is important for tax purposes and for attracting investors.
3. Think money. How are you going to finance your business initially? The bank, venture capitalists, angel investors, Small Business Administration (SBA), your own savings: these are all viable options. Remember the four F's for investment: founders (people who share your idea), family, friends and fools.
4. Chart your way to financial success. What price do you intend to sell your product or service for? How much will it cost you to produce? Work out a rough estimate for net profit—factoring in fixed costs like rent, energy, employees, etc.
5. Check out your competitors. How much are they selling a similar product for. Can you add something to it to make yours different and hence a better price?
6. Keep a close eye on your running costs and keep them in line with your projections. Whether you're a $100 a year company, or a $100,000,000 company, you always need to know where your money is being spent.
7. Create a business plan. With a business plan, you will not only be defining for yourself what you think you need to launch your business—large or small. You will also be creating a map for investors, bankers, and other interested parties to use when determining how they can best help you.
Originally Answered: How to start a very small business in New York State? No need for loans/major business plan. Just the basics!?
1. business cards
2. web site
3. cell phone or land line just for work (on biz card)
4. DBA there is no form....it stands for "doing business as"
5. Best way to deal with taxes is get an accountant, a good one. the amount they will save you yearly will easily cover their cost.
6. If you do paperwork, track stuff, etc....I do recomend Quick Books Pro to deal with all your "business books". Its recognized by the IRS and almost every accountant has it, knows it, and prefers it.
7. Just go work, have fun, spread the word.
If it is just you there is no real need to get into LLC, S corp, etc as this will only cost you money to do and if you are not big, don't have product, stock, etc.....its kind of like wrapping a hamburger up in silk when a foil wrapper will do.
talk to the accountant, they will tell you how to set up your quick books, what catagories you'll need, what to track, miles, car expense, home office expense, etc.
save every receipt for the business, even food, pop, etc. anything that is used for the business.
I have been a DBA for the past 11 yrs in a specialized high line service for autos and its great. Great to be your own boss without all the legal mumbo jumbo of being an LLC or S corp.
You yourself, your SS#, etc are the business....your tax ID number is your SS#. And unless you are dealing with the public or selling an item, you shouldn't even need a license from the city. But still check into that, might need a sales tax ID, normally like $35 a year fee to the city that the business resides in.
since you mentioned working at home, seperate work from home, as in its own room, etc. then you can write off that space from your rent or mortgage as rental space for the business.
its not hard to start your own company......there is no mountain of red tape, no stack of forms, etc. its all myth.....just matter of wanting to be your own boss and having the drive and will to do it.
good luck.....great to see another come to our side of the corporate world.
I will endorse you to plot an commercial process for your online business. Today commencing a brand new trade isn't that gigantic assignment however exact assignment is to put it on the market that trade in a larger method. Start a trade which has scope to your field. Whenever any person thinks to begin new trade first he/she must do not forget field (nation, state and goal consumers) then make a right process for brand new trade.
you need to market your products to local clothing stores. they might want to sell some of the clothes that you guys create. it might also work if you hold a yard sale to showcase your guys' designs. And begin to network with friends, on facebook, twitter, tumblr, etc. to help spread the word.
you could put your items on ebay! or use FACEBOOK:) Around my area where I live they have different 'yard sale' type a groups and you can post pics of items you have and spread the word about your own business!!! it really does work! I make and sell tamales on there and around my town:) good luck:))))