Start Your Own Business in 3, 2, 1!
By Gloria Martinez
Are you considering starting your own business but don’t know where to begin? You’re not alone — as of 2019, there were 30.7 million small businesses in the U.S., according to numbers from the U.S. Small Business Administration. As online markets have shifted, and consulting businesses have become more viable, there are a lot of opportunities to carve a spot out for yourself.
Audacity offers these tips to take the guesswork out of starting your own business and see what you will need to take the step toward small-business ownership.
What Is Your Business Structure?
Before you go much further, you need to determine your business structure. Some common forms of business include sole proprietorship, S corporation, partnership, and limited liability company (LLC). Each of these forms comes with different tax structures and different levels of complexity, so determine which works for your business before moving forward.
For example, if you’re starting a new consulting business, forming an LLC can be advantageous for several reasons. For one thing, the LLC designation allows your business to benefit from pass-through taxes, which essentially means that your business doesn’t file taxes — you do. You just include it in your regular yearly filing. LLCs are also more flexible, require less paperwork, and provide a way for you to protect your personal assets.
Before moving ahead, do check formation rules in your state, as they vary based on your location in the U.S. In some states, you will not need to file an annual report if you’re an LLC. But if your business is a corporation, you can get a service to undertake this extra step for you so you don’t miss doing so and lose your tax status and liability protections in the process.
Quick Tip: Office Victories
Set yourself up for a quick win for your home-based business: Don’t skimp on your office setup. You’ll spend a lot of time in this room, and it needs to be comfortable to meet your needs, not to mention a space that allows you to be productive. Open the curtains and blinds, let some light in, and invest in a comfortable office chair. Make sure the area is decluttered and organized so you don’t waste time wading through paperwork to find the thing you really need.
Other things you will need when working from home include key pieces of technology (i.e., a desktop computer or laptop, a decent headset, an ergonomic keyboard, and energy-efficient monitors), as well as key apps and software.
Set Up Your Team
Once you’ve determined your business structure and have set up your office, you might want to think about filling out your team and hiring a group of experts who will be just as passionate about your business as you. One way to make sure you’re finding the right candidates for your company is to utilize the resources that a staffing agency can provide. These kinds of agencies offer direct-hire services, contract placement services, and contract-to-hire services — basically, they build your team for you so you can focus on the other important parts of running your business.
Consider Going Back to School
Going back to school to earn your MBA degree is an excellent way to lay the foundation for success. By learning the tools and skills necessary to grow your business, you’ll lessen the number of “blind spots” you’ll encounter during your journey. Going back to school is easier than ever these days. Online universities allow you to obtain your MBA by taking courses at home. This way, you can work these courses into your already busy schedule.
Starting your own business is an exciting time, but it will also take a lot of work. Putting all of these steps together will take time and patience, but once you have launched your own business, it will all be worth it.
Meet the Writer
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses and seek promotions in the workplace. She created WomenLed.org to spotlight and celebrate women’s achievements.
