Information on Starting a Small Business

So many issues come to mind when thinking about starting a small business: “What form should the business be in?”, “Will I have partners?”, “How will I market?”, and so on. We’ll address these issues in a systematic manner, but first we should take a step back and think about what a business is. A business, in the general sense, is a for-profit organization providing goods or services. A business is going to have a value proposition, a target market, processes that develop value, ways to generate revenue, and a strategy to survive in the competitive marketplace. At the initial stages, we want to focus on the business model conceptually before moving on the how that model will be implemented or executed.

Value Proposition

Starting a small business first means to come up with the answer to:

• Who is my target market?

• What service/good am I offering them?

• How does my offering add value to the market? (Benefits)

• What is my response to existing competition – why would people buy from me?

This should not seem like either a daunting task, or simply an academic exercise. The answers to these questions will help define your strategy for marketing and revenue generation.

Business Plan

The answers to the previously listed questions can help you create your business plan. Why do you need a business plan? The answer is both for people within the business, and people outside the business. For outsiders, the business plan gives a summary of the objectives, history, and strategy of the business. This is important for investors, partners and any credit suppliers. Internally, the business plan is important because it forces discipline and focus in defining a vision for the company. Ultimately, business is about planning and execution. The reason this is important is that entrepreneurship requires personal characteristics of focus, fortitude, and conviction to succeed; the plan can help you stay the course. The plan creation forces you to consider, deeply, how you intend to generate and sustain the business.

There is no “right answer” when it comes to a business plan, and that can make some people feel uneasy. Below is a sample template that you can use to get started though (based on the SBA template):

Statement of business purpose and executive summary

Table of Contents

Description of business

Marketing (target segment, means to reach market)

Distribution and Partnerships

Competition Analysis

Operating Procedure

Personnel Insurance

Financial data

Loans and Capital

Capital Equipment List

Balance Sheet

Break-even Analysis

Profit/Loss statements

Historical Summary

Assumptions Supporting and Legal Documents

Tax Return/financial summary of business partners

Rental or Real Estate Contracts

Business License and Structure

Resumes of Partners

Supplier Data

Personal Skills Need to Succeed at Business

The entrepreneurial mindset is elusive, and there is no agreement as to what traits will lead to success in business. However, there are some characteristics which appear again and again when business analysts talk about success in business.

These are:

• Focus – doing one thing and perfecting it. Doing it better and cheaper than others

• Fortitude – continuing to work in the face of adversity

• Accepting Responsibility – owning the business and owning resolution of problems

• Learning from mistakes – continuous improvement

• Internal motivation – being motivated by internal factors (not by quick successes which may not appear)

Starting a small business is easy. Being successful in business is more difficult; like any other difficult human endeavor. The reason why so much emphasis is given to planning and personal characteristics is because of these difficulties. A very common question people who are starting a business are asked is: “Why do you want to start a business?” I think that the underlying question is, “Are you internally motivated to succeed at your business?”

Structure of the Business After resolving the “what and why” of business formation, the next question is “how?” This is where the structure of the business comes in. There are five common forms of business in the United States.

• Sole Proprietorships

• Partnerships

• Limited Liability Companies (LLC)

• S Corporations

• C Corporations

The factors that you should use to decide which type of business you need are the type of liability you are able to accept, the taxation implications, and finally, your record keeping sophistication. Each of the business structures are possible to create by yourself, but if you find that you get lost in paperwork, you may need to hire a professional to get started with a corporation or LLC.

Sole Proprietorship

A sole proprietorship is the most common and simple form of business. Simply put, the owner is the business; the business profits and losses are considered personal, and business liability is personal liability. This type of business is the quickest to start, and the business lifetime will end at the end of the person’s lifetime.

Partnership

A partnership business consists of two or more people working jointly; each contributing some skills, capital, labor, etc… to contribute to the running of the business. The share of the partnership does not have to be even, and the distribution of profits is reported on the personal 1040.

LLC

An LLC (C stands for company, not corporation) is a blend of partnership and corporation. It offers liability protection to partners in the company. An LLC is a pass-through entity for taxation, though optionally it can be treated as a corporation via form IRS 8832. An LLC is considered less complex than a corporation in terms of record keeping.

C Corporation

A corporation is like a fictitious person. It is an entity which handles the affairs of the business. Ownership of the entity is via shareholders, who receive a share of profits. The entity is also taxed separately than the shareholders (who are also taxed). Corporate structure is on a state-by-state basis.

S Corporation

A subchapter S corporation is a variation of the corporate entity where the profit/loss of the corporation is passed through to the shareholders. S corporations are legal entities and generally allow for limited liability for shareholders.

Registering a Business

After deciding the type of legal structure your business has and creating it, you will likely need to obtain permits to operate the business. This may include a business license and other licenses if your industry requires it. A city or county office will have the business license registration form available. If you are using a sole proprietorship business structure, you may want to do business under a fictitious name. This is called a DBA and is the name under which you are operating your business. To file a DBA, you generally will fill out a County form, and also post an advertisement in a local newspaper for one to two months to make sure the name has not already been registered.

18 thoughts on “Information on Starting a Small Business

  1. Buy Google Reviews 100% Safe
    Getting reviews can provide a business with a quick and easy way to generate
    positive feedback and increase its overall rating on Google.

    Order Nowhttps://cutt.ly/3weE75l0

    Thanks
    Webs Boost Custom Content: wKehda30

  2. GET USA, CANADA, UNITED KINGDOM AND WORLDWIDE TARGETED WEBSITE TRAFFIC

    BOOST YOUR WEBSITE VISITORS FROM ANY COUNTRY
    YOU WANT WITH TARGETED NICHE.

    VISIT : https://buytraffics.net

    Buy Traffics Custom Content: 7sQGMeIk

  3. Hi there,

    We run an Instagram growth service, which increases your number of followers both safely and practically.

    – Guaranteed: We guarantee to gain you 400-1200+ followers per month.
    – Real, human followers: People follow you because they are interested in your business or niche.
    – Safe: All actions are made manually. We do not use any bots.

    The price is just $60 (USD) per month, and we can start immediately.

    If you are interested, and would like to see some of our previous work, let me know and we can discuss further.

    Kind Regards,
    Libby Custom Content: nv36hiGs

  4. Hi there,

    We run an Instagram growth service, which increases your number of followers both safely and practically.

    – We guarantee to gain you 300-1000+ followers per month.
    – People follow you because they are interested in you, increasing likes, comments and interaction.
    – All actions are made manually by our team. We do not use any ‘bots’.

    The price is just $60 (USD) per month, and we can start immediately.

    If you have any questions, let me know, and we can discuss further.

    Kind Regards,
    Libby Custom Content: uwrNJbwm

  5. Hi there,

    We run an Instagram growth service, which increases your number of followers both safely and practically.

    – We guarantee to gain you 300-1000+ followers per month.
    – People follow you because they are interested in you, increasing likes, comments and interaction.
    – All actions are made manually by our team. We do not use any ‘bots’.

    The price is just $60 (USD) per month, and we can start immediately.

    If you’d like to see some of our previous work, let me know, and we can discuss it further.

    Kind Regards,
    Libby Custom Content: RFlrWnCF

  6. Hello,

    Hey, are you still open? I hope this message finds you well. When I looked for some websites in your niche, I found your website and my web designer eye saw a few things which can be improved in your website restorationfayettevillenc.com.

    I have taken the liberty to create a new homepage with a better UI/UX design. Would you be interested in viewing a preview of this design? There’s no obligation from your part and I am confident it could significantly improve your online presence and make a noticeable impact on your daily sales.

    I am looking forward to your positive response.

    Best Regards,

    Peter Custom Content: 9g5dP7ot

  7. I just wanted to send you more business. Would you be able to handle a few more clients?

    If you’d like to talk to me about it you can schedule a meeting with me at this link here:

    https://bit.ly/morebusiness360

    or you can text me at 855-627-0139

    P.S. As you can see, I’m direct and to the point. Let’s replicate that in getting you more clients. Ready for a quick chat?

    Kind Regards,

    Michael Di Carlo

    Opt out of future messages by replying to the message and saying opt out

    restorationfayettevillenc.com Custom Content: 1Ye9e6Tq

  8. Hi, my name is Waheed, I have noticed a few issues with your website, and I’d love to help you fix them, should I send you issues list? Custom Content: no1RmWbg

  9. AI is here to change the world, and people are going crazy over it

    So the question is, would you like a piece of that pie?

    BrainBox – The World’s First AI App Let You Launch Your Own “ChatGPT-like” AI Chatbot with 50 stunning AI features

    You can even customize this AI Chatbot with your own domain, branding and style and charge people for using it.

    Forget paying huge fees for Content Writers, Programmers, Designers, Translators, Video Editors, SEO Experts, Customer Support, etc

    BrainBox handles all of that for you 100%

    >> Click Here To See The Live Demo & Get Full Access Before Price Increases

    Use my coupon code: bit.ly/BrainBoxExclusive

    To get access to BrainBox you need just 4 easy steps away

    Step1: Login to BrainBox Cloud-Based App ( super-easy to navigate dashboard)

    Step 2: Create- With Just One Click, Create Your Very Own ChatGPT-Like AI Chatbot( this takes just few minutes)

    Step 3: Now Launch- You’re Ready To Charge Millions Of Hungry Customers For Using Your Very Own AI Chatbot.

    Step 4: Start Getting Paid by your Customers and Clients

    BrainBox comes with over 50 AI features that which includes ;

    Write engaging, high quality content for videos, blogs, scripts, emails, newsletters, ebooks literally anything

    Turn plain text into engaging, professional videos that attract thousands of free hits of traffic

    Generate the best AI designs that put 99% of graphic designers to shame, in just seconds

    Design salespages, sales funnels, fully functional blogs

    Proofread your writing without paying anything

    Translate your writing to over 50 different languages and profit

    That’s just a tiny fraction of all the features that BrainBox has to offer…

    Using BrainBox will give you full control and cut down your expenses on hiring freelancers that give you low service .

    >> Get Unlimited Access to BrainBox AI Technology

    bit.ly/BrainBoxExclusive

    And to make this a no-brainer, the first 25 people will get full access to my 100 bonuses.

    PS: If you act now, you will instantly receive [bonuses] worth over $14,659.44… This bonus is designed specifically to help you get 10x the results, in half the time required

    >>Click here to secure your access to BrainBox today

    bit.ly/BrainBoxExclusive

    Sincerely,

    James Custom Content: Q1Djw7iG

  10. Hey I saw something was broken in your website, can I fix it for you fro free?
    If yes please send me an email at bestoracledba1@gmail.com yes in body of the email

    Thank you,

    Chris Custom Content: 6poHsAf8

  11. Hi, My name is Gerald. If we could show you a way to save thousands of dollars a year on your FICA taxes, plus add benefits and increase salary to your W2 employees (at no out of pocket cost)…would you be interested?

    If so, here is more information:
    https://bit.ly/3SjBMCa

    Best,
    Gerald Daigner Custom Content: SnCpfJzh

  12. How does pulling in 3.5K+ a day sound?

    That’s what Chris is making with his 10 AI apps…

    Now you can get these SAME 10 AI apps…

    …his most profitable AI Apps…

    Along with case studies for making 120 to 5K/ day…

    Wait… what?

    Find out more >> bit.ly/AiApps

    He’s including resell rights too?

    This is vintage and cutting edge AI, like always…

    …full of awesome…

    Imagine having the power (and the resell rights) to these:

    VidGPT – create AI videos, with voice-overs, royalty-free images, videos & text-slides right from your browser and much more… easily worth the price of admission alone…

    Passive GPT MultiModal ChatGPT – Give Chat-GPT “ears” + plug it into ANY audio source or YouTube video – for an unlimited stream of content from other people’s videos…

    Infinite AI – Build Unique AI Software – Create your own unique, sellable, password-protected software apps, powered by Chat-GPT! This is the SAME tech he used to build my 1k selling “AI Commissions” app!

    And that’s just THREE of the 10 AI apps you’ll pick up today… with QuickStart Guide, training… piles and piles of training videos so you’ll have everything you need…

    …to be an AI Wizard… if you want…

    In the meantime, you can get ALL of these amazing apps for a ONE time fee, 96% off…

    …but hurry, this is a VERY limited time offer…

    Get this and watch your profits explode in 2024… >> bit.ly/AiApps

    To Your Success,
    Chase Custom Content: GetH6Svh

  13. Audiobooks is now the BIG goldmine, and people are making huge profits with it on a daily basis…

    Sadly, creating and selling them can be tough and super-expensive.

    But I have got good news for you…

    Meet Vox AI

    The World’s First ChatGPT4-Powered AI App That Turns Any “Text, URL, Website, Article, Keyword, Blog, Document or PDF” into High-Quality Audiobooks or Podcast In 660 Different Voices & 80 Languages…

    >> Click Here To See The Live Demo: bit.ly/VoxAiOffer

    With Vox AI, you can generate content on any topic using “Siri-Like” voice command & turn it to Audiobooks, Podcasts, or Voiceovers for VSL, TV Commercial, Webinars, Sales Videos, etc

    …Publish To The Built-In Marketplace with 2.3M active users, Sell & Receive Instant Payments Via Multiple Methods, including Paypal, Stripe, Cards, and Bank Accounts…

    >> Click Here to Get Instant Access to Vox AI and Sell On Automation: bit.ly/VoxAiOffer

    Coupon Code – VOX5OFF (strictly for the first 12 people)

    Even if you are a newbie with zero knowledge… VoxAI is your best shot.

    You can easily Activate VoxAI in 3 simple steps & start your audiobook empire:

    Step 1: Login – Login to VoxAI Cloud-Bases App

    Step 2: Generate- Enter a Keyword, article, PDF, or even a URL… and VoxAI will turn them into a Full Audiobook or Podcast

    Step 3: Publish- publish your audiobooks on our built-in marketplace with 2.3 million active users.

    Step 4: Start Profiting as soon as you are done

    It is as simple as that.

    >> Get Lifetime Access Here: bit.ly/VoxAiOffer

    With Vox AI, you can…

    Create Your First Audiobook Within 2 Minutes

    Turn Any Article, Website, Url, PDF or Blog Into Audiobook, Podcast, VSL, Audio/Music Track…

    Create A Podcast With Human Voice Without Recording

    Choose From 660 Real Human Voices

    Create Voices In 80+ Different Languages

    Comes With 50+ Built-In AI Features That Will Make Your Life 100x Easier

    We Don’t Even Write Scripts, We Let AI Do It For Us.

    Publish Your AudioBook To Our Marketplace With 2.3 Million Active User

    Publish your AudioBook Or Podcast To (Spotify, Audible, Scribe)

    No Complicated Setup – Get Up And Running In 2 Minutes

    …All these, and many more without Paying Any Monthly Fee

    >> Click Here To Get Earlybird Access (Ends In 2 Hours From Now): bit.ly/VoxAiOffer

    Coupon Code – VOX5OFF (strictly for the first 12 people)

    Fair Warning – Go In Now To Avoid Paying Monthly Fee Later

    Sincerely,

    John Custom Content: w2Rf4bW8

  14. Hi there,

    My name is Nehal & I have noticed a few issues with your website & I would love to help you fix them.

    As an SEO specialist. I am specialized in helping post construction cleanup businesses to get more customers using their website. Should I send you the list of issues I have found on your website?

    Reply “yes” if you are interested, No worries If not have a nice day!

    Regards,
    Nehal K.
    (605) 309-8865 Custom Content: ug9p09AE

  15. Hi there,

    We run an Instagram growth service, which increases your number of followers both safely and practically.

    – Guaranteed: We guarantee to gain you 300-1000+ followers per month.
    – Real, human followers: People follow you because they are interested in your business or niche.
    – Safe: All actions are made manually. We do not use any bots.

    The price is just $60 (USD) per month, and we can start immediately.

    If you are interested, and have any questions, reply back and we can discuss further.

    Kind Regards,
    Megan Custom Content: JCREqVFd

  16. $40 per hour, regular work

    Have you ever written short email messages before?

    We need to talk if you have that skill set.

    We are currently looking for new beginner-paid remote workers who want to start work right away!

    All employers hiring through our company are looking for people with no previous experience but are willing to learn.

    These are remote positions, meaning that as long as you can work the required hours, you can work from home.

    Click here to complete your application if interested.

    >> https://3314d6rhpbg17ucafp5h12521w.hop.clickbank.net

    In this position, you will be assigned tasks related to sending promotional email messages about various products and services.

    You must write in clear English with no errors and provide consistency so we can rely on you to produce many weekly messages.

    The rate we offer varies depending on what kind of assignment(s) you’ll take. Still, generally speaking,

    it ranges between $40-$80 per hour depending on what service(s) they entail and your level of expertise.

    Interested? Check out this page before completing an application to get everything important!

    Best of luck! Custom Content: R2k6weuo

  17. Hi there,

    We run a YouTube growth service, which increases your number of subscribers safely and practically.

    We aim to gain you 700+ real human subscribers per month, with all actions safe as they are made manually (no bots).

    The price is just $60 (USD) per month, and we can start immediately.

    Let me know if you wish to see some of our previous work.

    Kind Regards,
    Emily Custom Content: yhgNngyL

  18. Dear Sir,

    We provide country targeted website visitors and social media services.

    Website Traffic, SEO Services, Backlinks, Google Reviews, Classified ADS, Social Followers etc
    If you are interested then please visit our website.

    https://webstraffics.com

    Thanks
    Webs Traffics Custom Content: fv0Q8DqQ

Leave a Reply

Your email address will not be published. Required fields are marked *