Are your attempts at quiet quitting falling on deaf ears? Had enough of your awful co-workers and their puke-smelling fish lunches? Have you thought about being your own boss?!
Ever since the Great Resignation began, starting a business seems to be on everyone's mind – but it ain't that simple. There's a lot of ducks to get into a lot rows before diving head first into the entrepreneurial pond.
Thankfully, there’s a ton of information out there for wannabe biz owners – so much it'll make your quiet quitting head spin! So, we took the best of the best advice and rounded it all up into a pretty lil' top 10 list! Keep reading, future Elon Musketeer:
1. Dream Up an Idea - Have you been sitting on a Shark Tank winning business idea? Have an extra-special hobby or talent that could turn into a profitable business? Start brainstorming all of your wacky ideas and start putting the pieces together. Brainstorming is the first step in starting any business, and don't be afraid to think big! Use an idea board app like Trello to help you stay organized.
2. Do Your Research - Get nerdy and look at what you'd need to do to make your business a success. Do you need more training in a certain area? Will you need to hire people or can you make things happen solo? Take a look at businesses like the one you're thinking about starting and gather up some inspiration.
3. Know Your Competition - Wanna start the neighborhood's next best taco truck? You better make sure you know who else is slinging similar tasty treats around town. Instead of brawling it out to see who's got the best refried beans, take some time to study your competitors and outshine them by making your business unique!
4. Get Your Finances in Order - Starting a business can be super-costly, so you’re going to need to plan ahead. Start socking extra money away to put towards your new entrepreneurial adventure as early in the process as possible. Check out your local community's small business resources for information on loans and financing. Make a trip to your local bank and see what kinds of business resources they have for existing customers.
5. Brush Up on Tax Laws - Good ol' Uncle Sam requires businesses to pay their taxes, just like everyone else. Depending on which legal business structure you choose, your state will require you to file and pay business-specific taxes, all with their own unique due dates and paperwork. If you have employees, you'll be responsible for payroll taxes as well.
6. Create a Business Plan - Once you have all of the nitty gritty details together, it's time to tie it all up into one big pretty *official* package! A business plan doesn't just help you get all of your entrepreneurial ducks in a row - it's also a key part of applying for business loans and going into partnerships. And the good news is there are all kinds of templates and help available online so you don't have to start from scratch.
7. Pick a Business Structure - When you set out to formally register your business, you'll need to determine which structure fits best for you. Some of the most common legal structures are corporations and limited liability companies (LLCs). If you're riding solo as a freelancer or consultant, you might be happy with being a sole proprietor. Business structures each come with their own set of advantages and disadvantages, so get nerdy and read up before settling on the right one.
8. Ask for Help - If you feel overwhelmed by all of the planning, you're not alone! Don't be afraid to tap your local tax accountant or business law expert for advice on what structure to choose, how to file taxes, and all that good stuff. The US Small Business Administration is a great place to start if you're looking for help. Check your local community for free or low cost programs for entrepreneurs.
9. Know The Risks - Let's face it - starting and owning a business is...well, risky business. You'll likely face challenges and bumps in the road now and then, especially as you're getting up and running. The financial risk of starting a business isn't something to take lightly, so make sure you're as prepared as possible before jumping in. And it never hurts to have a plan B just in case you need it.
10. Pull The Trigger! Once you're all planned up and feel prepared to launch your dream biz, the last step is to Nike that shiz and just do it! You'll never know what owning a business is like until you try, and it's an incredible journey. Have confidence in yourself and have fun! Being your own CEO is a huge accomplishment.
Guess what? The President doesn't have nearly as much influence on the business startup environment as your local & state government reps! Here’s three small things you can do that make a BIG impact:
