Thinking about starting business?

Thinking About Starting A Business? Let’s Talk About What’s Next… Thinking About Starting A Business ? Let’s Talk About What’s Next… Creating a business that brings you joy The top 10 essentials for making a hobby into a business Why incorporate your business Choosing the right business structure for you Your business success check list Free resources for new business owners Recommended book list By Maria Marsala.. © Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 1 Thinking About Starting A Business? Let’s Talk About What’s Next… Creating A Business That Brings You Joy Building a strong business foundation is one of the keys to owning a successful busi-ness. Best of all, you can start to create your business while you`re working at another job. Create a business your heart desires and have fun, too! You just won the lottery and in order to receive your check, you must have a full time job. What would you be doing? Would it be what you are doing now? If not, ask yourself why. Do you just need to add a little fun to your career or business, or is it that you are not happy with your current position and feel ready to go for what you REALLY want to do? Following are some ideas on how you can make the most of where you are, or take the steps to get to where you want to be. • Choose a career that "makes your heart smile." It`s your desire level and commitment that will keep you going during any rough times. Use this guide "Finding Your Ideal Career (or Business)" to assist you as you create a business around what you enjoy. Make sure that your end product (your business) has a market, too. www. coachmaria.com/article/idealcareer.html • Know what helps you maintain your integrity -- your top 5 values, needs and wants. Base your decisions on what`s important to you. Read Tony Robins book, Awaken The Giant Within for more information. www.coachmaria.com/personalbooks.html • Be prepared financially when transitioning into your business by making sure that you have a reserve of money in the bank or another income. Even with the best plan-ning strategies, "things do occur" that end up costing us more money than we had planned to spend. • Build a strong support system - business and volunteer network, and friends. Join a success group www.coachmaria.com/events.html for support or hire a coach to assist you in your business evolution. • Recognize your strengths and work from them:. Acknowledge your weaknesses and failures (life`s way of providing feedback) and grow from them. Read The E-Myth Re-visited by Michael Gerber... it`s a "must have" business book. • Create a strong business foundation: a business plan, marketing plan, and operations manual. Follow them. Create forms and processes to keep you on track, etc. Choose to be organized and consistent. Your clients and employees will appreciate it! • Develop your boundaries and standards. They affect your business too! There are some wonderful Top Ten Lists on both topics at www.topten.org. • When business is no longer fun, it is time to reassess what you are doing. Even bet-ter - step back and assess your "fun" quotient every six months. Hey! Maybe its time © Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 2 Thinking About Starting A Business? Let’s Talk About What’s Next… to take your vacation!! • If you do not have enough time in your life, work with your coach to pinpoint tasks that you may be able to delegate or eliminate. In general, a Virtual Assistant (VA) is someone who performs administrative tasks away from the office of their clients. A VA is the modern day version of the executive assistant or personal assistant. Are you interested in learning more about VA`s? Or are you a VA looking for resources? Enjoy this list of resources www.coachmaria.com/coaching.html#Virtual. Listen to others and consider outside advice. Incorporate what you like into your plan. However, do not feel pressured to adopt another`s practices as your own. Ultimately, you are best equipped to implement how and why you run your business. The Top 10 Essentials for Making a Hobby into a Business The essential thing here is that the IRS is going to look at your intent. Did you intend to make money? You must intend to make a profit or it`s just a hobby. Here are some of the tangible indications that you have really embarked on a business enterprise. 1. Register your business name by filing a "doing business as" (DBA) statement with your local county clerk. 2. Use business cards and stationery. 3. Take out a company listing in the Yellow Pages. 4. Keep a log of the business contacts you`ve seen during the year. 5. Advertise in local papers. 6. Send promotional mailings to prospective customers. 7. Set up a business bank account. 8. Get a business telephone. 9. Buy a postage meter and a copy machine. 10. Hire at least some part-time help. Copyright 1998-2002 by Charles Powell, Personal and Business Coach who can be reached http://www.coach-charles.com. The original source is: Randy B. Blaustein, a former IRS agent. Used with permission. © Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 3 Thinking About Starting A Business? Let’s Talk About What’s Next… Why Incorporate your Business ? Anyone who operates a business, alone or with others, may incorporate. Under the right circumstances, the owner of any size business can benefit! Reduces Personal Liability Incorporating helps separate your personal identity from that of your business. Sole proprietors and partners are subject to unlimited personal liability for business debt or law suits against their company. Creditors of the sole proprietorship or partnership can bring suit against the owners of the business and can move to seize the owners’ homes, cars, savings or other personal assets. Once incorporated, the shareholders of a corporation have only the money they put into the company to lose, and usually no more. Tax Advantages – Deductible Employee Benefits Incorporating usually provides tax-deductible benefits for you and your employees. Even if you are the only shareholder and employee of your business, benefits such as health insurance, life insurance, travel and entertainment expenses may now be de-ductible. Best of all, corporations usually provide an increased tax shelter for qualified pensions plans or retirement plans (e.g. 401K’s). Anonymity Corporations can offer anonymity to its owners. For example, if you want to open an in-dependent small business of any kind and do not want your involvement to be public knowledge, your best choice may be to incorporate. If you open as a sole proprietorship, it is hard to hide the fact that you are the owner. And as a partnership, you will most likely be required to register your name and the names of your partners with the state and/or county officials in which you are doing business. Easier Access to Capital Funding Capital can be more easily raised with a corporation through the sale of stock. © Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 4 Thinking About Starting A Business? Let’s Talk About What’s Next… With sole proprietorships and partnerships, investors are much harder to attract be-cause of the personal liability. Investors are more likely to purchase shares in a corporation where there usually is a separation between personal and business assets. Also, some banks prefer to lend money to corporations. An Enduring Structure A corporation is the most enduring legal business structure. Corporations may continue on regardless of what happens to its individual directors, officers, managers or share-holders. If a sole proprietor or partner dies, the business may automatically end or it may be-come involved in various legal entanglements. Corporations can have unlimited life, ex-tending beyond the illness or death of the owners. Easier Transfer of Ownership Ownership of a corporation may be transferred, without substantially disrupting opera-tions or the need for complex legal documentation, through the sale of stock. Centralized Management With a corporation’s centralized management, all decisions are made by your board of directors. Your shareholders cannot unilaterally bind your company by their acts sim-ply because of their investment. With partnerships, each individual general partner may make binding agreements on behalf of the business that may result in serious financial difficulty to you or the part-nership as a whole. Adds Credibility ! A corporate structure communicates permanence, credibility and stature. Even if you are the only stockholder or employee, your incorporated business may be perceived as a much larger and more credible company. Seeing “,inc.” or “corp.” at the end of your business name can send a powerful message to your customers, suppliers, and other business associates about your commitment to the ongoing success of your venture. Provided by Active Filings LLC. Incorporation Services in all 50 States http://www. activefilings.com Sponsored by ACTIVEFILINGS LLC © Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 5 ... - tailieumienphi.vn