In December, the Bureau of Labor Statistics reported that about 7 million of the 10.9 million new jobs added were created by start-ups and small business enterprises. For 15 straight quarters, small firms contributed to employment growth, accounting for 80% of job gains. Small business is booming!
Entrepreneurs are starting businesses from their homes, where there is little overhead besides a computer and Internet access. Such businesses allow parents to be flexible in scheduling, able to manage parenting responsibilities, while at the same time pursuing creative ventures.
Every new business starts with an idea. The people who start these companies are risk takers, setting their own standards and policies. Owners take pride in their work, do the best they can and push the envelope to burst through mental and physical barriers. In other words, they are driven to succeed.
Entrepreneurs are kindred spirits on a shared journey, have shared beliefs and values and mutual respect. The ties that bind the community together are strong. The Pay it Forward notion is very popular. CEOs and service providers throughout the entrepreneurial world are usually willing to lend a hand, donate time and provide guidance and counsel. While cultural norms vary, young people are now listened to more carefully—especially in the technology sector—and given more opportunities to have an impact.
Ricky Cohen, former CEO of Conway, writes essential lessons for discovering your unique talents and finding success in his book Risk to Succeed. He encourages entrepreneurship and there is no better time than now.
There are basics for setting up a business. What’s your niche? What differentiates your business from the competition? Popular startups are in service industries, construction, healthcare, online stores, restaurants and bakeries, non-profits, and construction.
There are legal and financial considerations. Do you need to incorporate? What type of corporation should you form? What are the tax implications of your business? Each corporate type has different tax implications.
Business owners must be financially literate. How much is needed to invest in starting up the business and getting it up and running? What will the monthly operating costs be? What are the personnel needs? What is the projected revenue? How will bookkeeping be handled?
To determine if your idea is worth pursuing as a business, you need a business plan. The plan must include objectives, a determination of target consumer, space needs, a marketing plan, a budget and so much more.
Starting your own business is a risk. It shows you have confidence and helps you rise above the competition. The Sarina Roffé Group can help you make your dream a reality with a business plan and the logistics of getting your company up and running.
by Sarina Roffe