By: David Lee, New York City Chapter President
There is no better time than now to start your business. If you are the entrepreneurial type, I don’t have to tell you that timing is everything when it comes to business, so this blog is more for the people who are thinking about starting a business but need that extra push.
If you are employed and working more than 40 hours a week, you can still start your business. Young entrepreneurs are at their prime. If you are working within an established company to satisfy your cashflow but would like to start a business in the future, you should really consider starting the basic necessary items now without conflicting with your current employment.
What is the value proposition? Well, this new business can be your extra income per year or your option out of your current position, or in case you lose your position or the job market changes. If you were to invest in yourself, besides IRAs and 401Ks, try a business which has the possibilities to return the most for your investment. I have started a business with minimal investment, and this was when I was in school and working part time. Within the first year, I was able to earn back my initial investment and now every client I have is pretty much profit.
Here is what you need to start your own business when you are not at your job (Your job pays you to work not plan your escape):
- Set aside some time in your day or week to focus primarily on the foundation of your business. What is the foundation of your business? Well, business registration and filing with your state and federal taxes is one thing, but not something you should do right away. First, you need a plan and structure to follow so that you don’t go off in a tangent thinking about all the possibilities of your business. They honestly will organically come to fruition, but you need a plan.
-It is important to figure out what benefits you reap from your business and the process of getting to the profits. You need to set a timeline for yourself, from the time you start to the point where you want to leave your job and start your business full-time. Depending on how much time you have allotted to planning out your business, you can start your business either in a month or a year.
-A simple way to set a plan for yourself is to see what your schedule is like now and see where you can fit in time for business planning. Before you start the technical side of your business which is the filing and taxes part, figure out what type of business you are looking to get into. What product or service will you provide? Are you good at what you do? How will customers get to your store or business?
Simple questions like those will guide you through your process much easier if you just set up shop and then worry about everything else later. It is okay and typical for new entrepreneurs to start selling their goods to the public prior to establishing your business (depending on the goods and which state). Once you find out there is a good flow of customers, that is the time you should file your business and register with the state and federal taxes.
I hope you have great success in your ventures, and keep in mind business is more than just about money--it could be an act of social responsibility to help build our economy in the recovery.
