STARTING A BUSINESS FOR “DUMMIES”

First things first … No one here is a “Dummy”, it takes more than just a good idea or business minded individual to build a company. However, starting out and entering into this new and confusing world can be very intimidating and can discourage you from doing what you had set out to do.

Considering that we are into a new year, we figured it was a good idea to start from the beginning and take aspiring entrepreneurs and small business owners through the steps necessary to successfully start a business and generate profit. This series will stretch over many posts as there’s a lot of ground to cover and many different ways to approach and execute each step. What we are hoping to do is give you as much information as possible so that you can take the route best suited to you.

There are many different paths you can take to start your business. You have to find yourself in all of it and do what makes sense to you. Making a name for yourself in the business world is about not being afraid to let yourself show up in your work, after all, you are what makes your business unique and different from everything else out there.

Before you start to doubt yourself LET ME MAKE THIS PERFECTLY CLEAR … You will not have all the answers and you will second guess your ability to do this every day … Especially after you put yourself out there and make it official. Don’t worry … YOU CAN DO THIS! We will help you find the answers you need and connect the dots between just starting out and turning a profit.

For starters, it’s a myth that you need to dish out a whole lot of money to get your business up and running. Actually, you don’t have to dish out any. Depending on what type of business you are starting you won’t have to spend any money until you are making it. This isn’t always the best way to start out, but it is possible. The old adage is true, it takes money to make money, but if you find yourself in a pinch there are a lot of ways to cut corners.

You don’t actually have to register your business before getting started. As a sole-proprietor (basically someone that is self employed) you can run your business under your own name until it grows to the point that it makes sense for you to start looking for other options.

For more information on what it means to be a sole-proprietor follow this link to a well written article on the topic:

www.entrepreneur.com/encyclopedia/sole-proprietorship

As a sole-proprietor you also have option to register a trade name (operating name for your business) so that you can start creating your brand and have the same professional appearance that other companies do. One of the advantages to registering a trade name is that you are able to open a bank account under your company name. This way your clients can write cheques to your company instead of to you personally. Depending on who you are dealing with, and the type of industry you are in, this can make people feel a lot more comfortable about the legitimacy of your company.

Follow the instructions provided in the links below to gain a better understanding of the benefits of trade names and how to register:

Benefits of a Trade Name

How to Register

This should give you a pretty good starting point as you embark on this life altering adventure. I want to remind you that these are just the minor details (necessary evils) that you have to take into consideration as you set up the framework for your company.

Don’t get stuck in the details … You can spend all day coming up with the perfect name and the perfect structure and the perfect plan and so on … But at the end of the day after coming up with all these “perfect” things, you haven’t generated any income. Profit producing activities are still, and always will be, the most important activities for you to spend your time on.  This is the one thing that will never change.

This will be the most rewarding career path you will ever choose to take Congratulations on taking the first step! We look forward to walking with you on your journey and being part of your adventure.

Please leave us a comment and let us know what you think of the direction we are taking our blog in 2014. We hope that you find this information helpful. If you have any questions or topics that you would like covered we’d be happy to hear from you!