Disclaimer: Please note that I am not an expert in owning a Business. This series is meant to solely provide information to the reader.Your hobby has been turning a profit lately and you’re wondering, “Could I really make a living at this??” I wouldn’t go out and quit your day job just yet, however keeping records and looking at the future could prove interesting. Depending on what business you have chosen, some people beat the odds and become thriving, growing companies; while others remain that time to time interesting hobby.
One of the first things I did when I made the decision to start my own company, was to determine what industry I wanted go into. My passion of customer service and working with my hands has always led me to some type of ‘craft’. I love jewelry and decided that maybe, just maybe I could really make a living at this craft. First, I looked at the industry; what did it have to offer, who is the competition, what are the trends, could I compete with those who’d been here for 10 – 20 years. How would I market my company and where to sell my wears? Could I learn to ‘master the art’ well enough to sell my goods to the public?
I spend about 6-8 months searching these and many other questions. After much research, I started writing things down, and begun my Business Plan, which was about another 2-3 months. This is an ongoing document that provides an ‘outline’ of my business, where I want to go, what I want to achieve and spans the first 1-5 years of my business. Next, I got my licenses; both sales tax and city business license. Then I breathed and thought “What am I doing?”!
Here are some sites that I highly recommend you start with to research the beginning of your business.
State Government Website – Find out what licenses you will need and how to register your business.
State Comptrollers Office – This is where you will get your state sales tax license.
SCORE – This organization offers free and confidential business advice from the experts in business.
SBA – Small Business Administration has a wealth of information on their website. Find services, tools, small business planners, and how to find local services for your business.
IRS – Get information on your business tax questions
This is just the beginning! In future posts of the Business Series I’ll go into more details about some of these and many other subjects. If there is a particular subject you would like to read about, please email me!
