Pinch me my Reality is Dreaming
1. Get your expectations out of the clouds and into reality - What do you expect from opening your business?
2. One of the first steps you have to take as a business owner is to understand your reality. Really, you think you operate in reality? Take this simple quiz
- I thought I would be making a lot more money by now. Y or N
- Its 11pm and I am still working, is this right? Y or N
- I planned to be my own boss but it sure doesn't feel like it. Y or N
- I fell into business and thought it would just work out. Y or N
- I started this business to do __________ but now I do everything else, is this ever going to end? Y or N
Starting a business is no easy task. Operating a business once you get if off the ground… well that is a different subject that we will cover later. For now we are going to stick to the start up phase of a business. It’s similar to a love triangle, it’s totally unstable and it sucks the life out of you but in some crazy way you love it.
Side 1 consists of the legal parts to become an actual business. Most businesses will need a Federal tax ID number (EIN) and to register their entity (S-Corp, LLC, etc) with the state.There are more steps like getting a sales and use tax number, filing for unemployment rate, business license, and insurance. These fundamentals are easily researched online and most forms can be filed out there as well. Sometimes a little pulling out of your hair happens as you try to get all this stuff done but don't worry, once its done, its done!
Side 2 is practical. It consists of writing your business plan, (which I think should be renamed a “Direction Plan”) and getting in order the actual needs for your business. What will your business need to get started? Will it need supplies, equipment, vendors, affiliates, employees etc. There is a lot to discuss here and is different for each business. If you need help that’s what I am here for, give me a call and I can help you list everything you need to do in detail.
Side 3 is all about you. You are an emotional being that cannot be neglected when you are opening a business. Yes, you are a real live human being and doing this business stuff can be daunting to your soul. Starting a business will test your self esteem and define your character. I think this is the number one reason business is so difficult for the majority of people who start one. I think we fail to recognize that our emotional state needs so much attention especially when its being tested every day with success and failure formed as a thin sheet of ice under our feet. There are those times when money is so tight you are rolling change to buy gas ( I have been there) and the other times when you make a mistake with a client and it eats at you (yeah been there done that too). There is hope, I am just not sure where yet, read on, maybe we can find some together, oh yeah, I know of some hope, once you get all this stuff done you can get out there and make some money, or at least try. Thats the plan anyways.
P.S. I will detail out how to get an EIN and file for Corp in a later post.
So whats your start up story like? I would like to hear about it.
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