subject: Running your own business [print this page] Whether you are a budding entrepreneur who is tired of working under someone else or if you are someone who is recently unemployed and is looking for a new start to life, there is much to be had in starting up a new business venture. Before you embark on starting your own business, research, research and do even more research. The too often sad reality of the matter is that most business start ups will fail within the first year of opening. Especially in today's economic climate, you can never be too careful. Businesses come and go, so do your research and size up the competition in your area. Will your business operate out of your house? What sorts of taxes and exemptions are involved if this is the case? If you are operating or planning on operating a business out of a rented space, then you will need to shop around to see what spaces are available. Also, depending on the kind of business you are planning on starting up, you may have to take the physical location of your operation into play. For instance, if you are opening a Popsicle shop to sell candies and treats, you will probably want to opt for the leased space that is located in a highly visible, highly trafficked area versus the leased space that is tucked away in the back of an office building on a quiet street.
The next thing that you will want to do is hire a CPA and/or a lawyer. You will need a lawyer to go over any legalities involved in owning and operating your business as well as to find out if your idea for a business venture is even plausible in the area that you live in. You may come to find out that the market conditions as well as your particular area isn't a great idea for your business. In some cases, people have moved their entire lives, uprooting their families, just to live in an area where the cost of living as well as the market is more suitable to owning and operating their own business.
After most of the legalities are out of the way, you will have to consider other things such as rate of pay for employees, hosting interviews and figuring out hiring and firing procedures. All of these things are a part of what helps businesses succeed in today's climate.
Running your own business
By: Hans Raymond
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