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Lauren | I am about to start a business what are some of the things to consider? |
It is a consulting business. Should I Inc. or LLC it. |
 |
 
imisidro
|
The article "LLCs vs. C Corporations" http://www.powerhomebiz.com/vol97/llcs.htm shows the differences and similarities between the two legal structures.
Other articles that can help you decide the best legal structure for your business can be found at: http://www.powerhomebiz.com/startup/legal.htm
Starting a small business takes a lot of courage. But, as they say, courage does not pay the bills. To be successful – to stay in business – you need more than courage. You need a combination of hard work, skill, perseverance, and lots of luck.
Some things you need to consider:
- "How can I support my family while I build up by business?"
- "What are my abilities?"
- "Is there a market for the product or service I have chosen?"
- "How long will it take this business to reach the financial goal I have?"
You may want to read the article "How to Start a New Business Successfully" http://www.powerhomebiz.com/vol51/launch.htm , which lists six steps to launch a new business successfully:
1. Provide a benefit.
2. Determine the fit with your market.
3. Right timing is everything
4. Be ready to support your business
5. Develop a blueprint for success
6. Market, market, market
I recommend that you read the following books:
- What No One Ever Tells You About Starting Your Own Business : Real Life Start-Up Advice from 101 Successful Entrepreneurs
- Starting From Scratch: How To Start A Business When You Don't Have Money
- If You're Clueless About Starting Your Own Business and Want to Know More
- On the Move : How to Succeed and Survive As an Entrepreneur
- How to Make 1000 Mistakes in Business and Still Succeed
You may also want to read the articles:
How to Start a Successful Consulting Business http://www.powerhomebiz.com/vol83/consulting.htm
Seven Keys to Building a Profitable Consulting Business http://www.powerhomebiz.com/vol5/consulting.htm
Also check out the following consulting specific books to help guide you as you start your consulting business
- Getting Started in Consulting
- The Consultant's Quick Start Guide: An Action Plan for Your First Year in Business
- How to Make It Big As a Consultant
- The Seven Cs of Consulting: Your Complete Blueprint for any Consultancy Assignment
- Million Dollar Consulting, New and Updated Edition: The Professional's Guide to Growing a Practice |
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Irish
|
How you will market it. That's the most important thing in starting any business. |
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carolinethefierce
 |
Depends on your expected revenue, & the structure of your company. Incorporated companies are more expensive to set up, are taxed differently, & have many more requirements than LLC's. Personally, I'd start w/ an LLC, & consider incorporating after a year in business.
What else should you need to know? TONS - entrepreneurship can be rewarding, but is not for the faint of heart!
The best advice I got re. entrepreneurship: "Remember that you don't need to know everything to do w/ management, bookkeeping, law, finance, banking, marketing, etc., but whatever you don't know, you will pay someone else dearly for." If you don't have strong skills in any of these areas, you may be spending the business's entire revenue on specialists in these areas, & it might not be worth the effort of starting up if you can't sustain a profit.
I would strongly suggest you either take a college course in Entrepreneurship or Small Business Management, or at the very least buy the textbook for the course & read it. Also, if possible, find a business mentor that can guide you & your startup effort.
You'll need a solid business plan if you are even considering outside sources (banks, investors, etc.) to fund your venture. Either find someone to collaborate w/ to write one, or write a draft & have a business professional edit it. DON'T take it to a funding source w/o having a professional look @ it; even the best-looking & bulletproof business plans get turned down. (The statistic I got was only 3% of companies taking business plans to banks actually get approved for their loan on their first try, & even then, most of them don't get the amount of money they ask for.) Also, seriously consider an angel investor or family member first if you need startup capital - their terms (low/no interest, flex payment term, etc.) are almost guaranteed to be less rigid than a bank's.
This is a lot of random information - hope this helps. Good luck! |
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JRavey
 |
LLC, definitely. It's much easier to manage and less expensive. The IRS generally won't consider a one-man LLC to be much more than a sole-proprietorship.
Things to consider: taxes. Since it's a consulting business, you might want to hire other consultants as 1099s for some projects, just make sure you have a non-compete with them at least for the duration of the project. |
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haloangel8900
 |
not gettin advice frm strangers first of all |
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The Archive
|
First find a business liscense, get your tax id number.
Make sure you have a billing address, phones, computers and all necessary software. S-Corp has the best tax benefits for a small business owner. Make sure if you are selling product you have enough inventory and if applicable a shipping account with a major parcel company. Open a business bank account too and keep your personal finances seperate. save your gas receipts.
Good luck in your venture. |
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zeenarah
|
LLC is cheaper and easier, though INC. has more of a protection. What kind of business are you starting? I want to be a wedding planner and I know being a small business LLC would be a better option for me.
You should also consider your start up costs and how much money you have and your target audience. . . . Also, write up a business plan so you have set goals! |
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Calvin the Bold
 |
Do LLC you got a lot more flexibility and you can get away with more in the tax front. However LLC is not as time proven as Inc. When people see LLC they usually think you are small time. Keep that in mind and you can choose your rout.
Good luck, your going to go through the 10% survival test. |
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netjr
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A corporation or LLC is feasible if you feel there is going to be plenty of liability to protect yourself from...otherwise you can wait on that and do it later if you feel that need arises. It would save you a lot to just do a sole proprietorship right now. |
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dynomite_1998
 |
The guy above is right about the LLC. You will need to protect yourself. Check Sba.gov. Maybe you can get some pointer from there. |
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zskamin
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stay confidient u may have soame problems at the start employ people who r able to help u in building ur business they should be trust worthy be carefull when takig the discions and stay confident good luck |
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