People dream of owning their own business for different reasons. Some want to be their own boss or believe they will be able to set their own hours. Some are entrepreneurs who are sure that their idea (or product or service) will be successful. If you’re just beginning to explore the idea of starting your own business, here’s some helpful information to get started.
If you’re not sure about where to start, the Bureau of Labor Statistics of the U.S. Department of Labor has published a helpful article, Considering Self-Employment. It describes some of the most common occupations of self-employed workers and gives growth projections by occupation. It also asks questions that will help you evaluate whether you’re up to the challenge. How are your planning and organization skills? Are you willing to work long hours? Will your family be supportive?
The U.S. Small Business Administration (SBA) has a checklist of characteristics of successful entrepreneurs. Some of the characteristics listed include tolerance for ambiguity, goal-oriented behavior, and inquisitiveness. A little self-awareness about your personality type could prove enlightening as you explore ideas.
You have the drive and ambition. You have the support and family and friends. You now need to do some research, develop an initial business plan, and financial resources to get your business off the ground. A good place to start for information and assistance is the SBA, which works in partnership with various organizations. Among the services available are low-cost loans, counseling and technical assistance sources, special programs for veterans and women, and more. Please note that Congress has not set aside any monies for grants to start and/or expand a small business.
SBA’s education and assistance partners include the Small Business Development Centers and a national Clearinghouse that provides small businesses with management and technical assistance. There are more than 1,000 centers located around the country. In addition, nearly 100 Women’s Business Centers form a national network designed to assist women start and grow small businesses. The centers’ mission is to level the playing field for women entrepreneurs, who still face unique obstacles in the world of business. The Service Corps of Retired Executives (SCORE) is dedicated to entrepreneur education and the formation, growth and success of small businesses nationwide. There are more than 10,500 SCORE volunteers in 374 chapters operating in more than 800 locations. SCORE offers personal and online business counseling and training.
As a new business owner you need to know your tax responsibilities. The Internal Revenue Service Small Business and Self-Employed One-Stop Resource offers a broad range of resources across federal and state agencies, as well as industry/profession specific information for self-employed entrepreneurs, employers and businesses. It also provides information to assist you in making basic business decisions. The Social Security Administration also offers a convenient one-stop resource to help you determine how to report your earnings, what you need to know if you work outside the U.S., and more.
If you don’t have a strong entrepreneurial spirit or are unwilling to take big risks, purchasing a franchise may be an option. By purchasing a franchise, you take advantage of previously established name recognition, and can obtain training and ongoing support to help you succeed. By paying a franchise fee, which can be thousands of dollars, you get a format or system developed by the company (“franchisor”), the right to use the franchisor’s name for a limited time, and assistance. The benefits may include reduced risk, the opportunity to have a turnkey operation from the start, and consultants readily available. However, you may be subject to strict operational rules, or be contractually tied to a franchise program with no easy way to get out.
Be cautious. Not all franchise and business opportunities end up as successes. They can even be outright frauds. Don’t be tempted by claims that you’ll make over $100,000 while working only part-time or by promises of a lavish lifestyle. Fraud is most often associated with vending machine, display rack, pay phone, medical billing, work-at-home, and some similar Internet-related business opportunities.
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If you’re not sure about where to start, the Bureau of Labor Statistics of the U.S. Department of Labor has published a helpful article, 
Getting Started
Don’t Forget About Taxes and Social Security
Exploring Options
