Preparation For Your Small Business Processes

Okay, you have decided to be an entrepreneur! If “decide” equals “A," what is “Z?" It equals success, of course!  In our world, there is an onslaught of information about business setup, processes, and management. Book after book and the internet overwhelmingly abounds with advice on the subject. Don't get too overwhelmed, just take a moment and remember that dream business. If you wrote it down previously, wonderful, if not do it now for clarity, write in a journal about deciding to be your own boss. Jot down everything you thought and felt. Now you are ready to start the formal process.

Formal sounds daunting, it only means some basics are required and there is no need to “reinvent the wheel.” Because you will need to be accountable to the Internal Revenue Service, refer to the IRS website dedicated to small business. Another great resource is the Small Business Administration (www.sba.gov). At least do your homework with their supplied content. Even if you choose to outsource structure setup and taxes, you are responsible to understand the basic process. You want to succeed!

Briefly, the basics after realizing a passion to control your destiny are a vision product or service. Before any investment, research the vision. Know the basic market and competitors. Commit minimally to a simple business plan; the dynamic structure leading to "Z."  Basics for a business plan are company name, product, finance structure, taxable ownership entity, tax management license/permits, operation location, marketing strategy, manufacturing options, shipping, and all facets of customer service. Equally important is an entrepreneurial network and a mentor to strategize and converse with for your balance. Friends, family, and colleagues challenged by your venture are unsettling often, reach out to your network, and mentor to regain balance.