Starting your own business can be a very exciting and rewarding experience. You get to be your own boss, create your own hours, and hopefully work in an industry you will enjoy for years to come. But running a business is not always all that pleasant, especially if you’re not set up properly or lack thorough planning. Here are a few basic tips how to start a business in Southern California.
First, create a business plan beginning with the type of business entity you will operate under, such as a sole proprietor, corporation, or one of several partnership arrangements. Each one has its advantages and disadvantages so research each one carefully before making a final decision. If you’re not operating under your real name, you must file a fictitious name statement with the local government in your area. As a part of the fictitious name registration, you may be required to publish a legal notice of your intent to use this name in a local newspaper for at least 30 days.
Your business plan should include knowing who your customers will be and where you will find them. For example, if you’re starting a catering business, will you cater only to weddings and small parties, or perhaps you want to limit your services to business luncheons, conventions, and corporate events. Research your territory thoroughly to see if there is a demand for your products or services before investing thousands of dollars in business equipment and startup costs.
Once you’ve decided that your business plan is feasible, you need to create a complete list of all the costs involved in starting and operating the business. If you need an office or storefront, determine the minimum amount of square feet you will need and check building leases in your area. Business equipment can be simple and affordable or complex and expensive. If you need financing, check with a few banks in the area, private investors, or even family members and friends who want to invest in you.
Once your business is up and running, you need to perform all the duties involved with business management. This includes communicating with clients, supervising employees, managing and ordering inventory, making out payroll, keeping business records, paying taxes, and much more. All these tasks can seem overwhelming for business owners who simply want to take care of customers and collect a pay check. Don’t be afraid to delegate some of these duties to others such as hiring the services of a Rancho Cucamonga CPA office or having your Los Angeles bank do payroll for you.
As you will find out when you create and implement your business plan, starting and running a business is not going to be easy, at least in the beginning. So why do people start businesses? Because the feeling of accomplishing something so unique and complex is extremely rewarding. It's nice to say that you did it all yourself and nobody can take it away from you.