How do you start a business?
It’s been a long time since you considered starting your own business. But you need help to make the first step. You don’t know what to do or might be afraid. You may feel fearful or unsure of what to do. Although starting a business can be difficult, it is possible. You may already be doing it, even though you don’t know it. Perhaps you wanted to open a pies business because you love making them. Because they can’t stop eating them, people in the office ask you to make their pies. You do! So you bake them several, and then continue your 9-5. You’re in business. Focus on setting a plan and taking it one step at a time.
Let me start by giving you some advice about starting your own business.
Accept rejections
During your initial phase, you will hear many no’s. You will have so-called friends who are trying to drag you down. There is a pie factory down the street. Don’t let them discourage you; I repeat, Accept their comments and move on. Remember to say hello from the top.
If you fall, get right back up.
Sometimes you may feel the entire world is against you. You may not be able to make a sale, but it is important to keep going. You only need one small step to reach your goals. You can’t stop falling if you don’t want to see what lies ahead.
Do it better if someone already does it.
You don’t have to go to a brick-and-mortar pie shop to start a successful home-based business. You already make homemade pies, so you have something to offer.
Could you do it?
Nike was the first to say it, but it is true. Why are you putting off doing it? Fear is our worst enemy. Let me clarify: WE are our worst enemy. Fear can take control and paralyze us until the point no return. Why? We constantly question ourselves. We start to doubt our abilities and try to undermine them. Then we stop. You can then stop worrying about it and do the job! The richest men and women follow this rule, and you should too! What are you waiting for?
Let’s now look at what you need to start a business.
Define your product or idea clearly.
Here is where business planning comes in. It can be simple or more than 100 pages. It should be simple and clear. Begin by defining your business name and objectives.
Pie Bakers Inc.
Pie Bakers Inc. will bake your homemade pies and other desserts. To ensure high-quality pies, we only use organic ingredients.
What can your business achieve, and when? Pie Bakers Inc. will produce 100 pies per week the first year and then increase its production by 5% yearly.
How Pie Bakers Inc. can help you gain customers. They will go door-to-door looking for customers needing more time or wanting to bake their pies.
Your business plan should be a living document. As your business grows, you will need to update it. If you feel that you are drifting from your original vision, this is the place to turn for assistance. You can get financial help from bank institutions, as they will use your plan to determine how much you should receive.
Business Structure
You should already have your business plan completed and in place. This is important as it will determine how you pay taxes and hire employees. A sole proprietorship is the most common form of business ownership. There may be better choices than this. To better manage any structure’s liability, it is worth reviewing the options a sole proprietor must legally register his/her company. You must register your company with the state depending on your chosen structure. Registering certain designs incurs fees. In Texas, corporations, limited liability partnerships, or limited liability corporations must pay $300 each to write. Check your state’s website to find out the exact fees.
Registering with the county clerk’s offices for sole proprietors costs only $14. After registering your business, you must apply for a sales permit from your state. (Check your state’s website). This will allow you to avoid paying sales tax twice: once when you purchase your materials and again when your state taxes are paid.
After you have chosen your structure, it’s important to request an Employer Tax Identification Number (ETIN) from the Internal Revenue Service. This number is required for any business selling a product or service. Government agencies use ETINs to identify your company. These numbers are free, and you do not need to pay. Request one online at irs.gov. Some types of businesses need licenses. To open a restaurant, you must have food handling permits and pre-opening inspections. You also must require each employee to get a request to handle food. For more information about your business, check your state and local licensing offices.
