Forget some of the advice so called “experts” give you. You can start a business without a complicated business plan or borrowing a lot of money. Start small, keep legal and work hard. Others have done it; so can you.

How To Start Your Own Business…

plain and simple, in 11 easy steps

by Catherine Lee

A Lagniappe List, copyright 2009 by Lawrence And Lee Publishing. All rights reserved.

Does it cost a fortune to start your own business? Do you need a “business plan”? A bank loan? A fancy office, expensive furniture? Lots of ads? In one word…no. Not if you are reasonably intelligent, willing to work, willing to “do without” some things for a while. We can’t promise success. That depends on the person…if you give up easily, if problems overwhelm you, then maybe you don’t need a business, you need a job. But, for those who want control of their future, here are 11 simple tips.

  1. What  do you do best and enjoy most? That should be your business, whether it’s baking cookies, fixing cars, painting, hiking, decorating your home, or ironing. If you love what you do, you’ll be better at it. If you are better at it, you will make more money.
  2. Is what you want possible? If you live in a sub-division with covenant rules you may not be able to have a business where people drop in all the time or you get a lot of deliveries. That’s when you use a computer and keep  your work confined to one room.
  3. Be legal. Get a business license from your county courthouse, get a tax number from your state treasurer’s office. The forms are usually simple, easy to obtain. If you have to estimate how much money you make (for a deposit) “aim low”. Don’t put pressure on yourself to  make a lot of money. Not at first. Keep records of what goes out and comes in. Keep the tax man happy. Don’t lie on your taxes. You will have about 3 years to become profitable. Always pay your tax bill on time, even if you have to borrow the money. That is the one time borrowing makes sense.
  4. Should you borrow money for operating expenses? No. A bank won’t consider a rank beginner with no collateral. Anyone who would loan you money would want excessive interest. Try to get by with what you have. Be especially wary of borrowing on your credit cards. Lots of big businesses have started in spare rooms and garages and sheds. You can always grow; you can’t always get out of debt.
  5. Do you need a partner? Beware of this one…especially with relatives who may turn out to be not what you thought.  Nice people can turn into something else. And partnerships can be very hard to break.
  6. Don’t sign any ironclad promises to anyone in exchange for money. These can come back to haunt you. Don’t give a portion of your business in exchange for money. Keep it.
  7. Don’t be too vocal about starting a business. Try it, keep quiet and see what happens.
  8. Pick a name you can grow with. One of our first names included “enterprises”. Well, that can mean a lot of things. Pick something simple, easy to spell, easy to say, nothing embarrassing. If you can draw,  design your own logo, or do it on PhotoShop. Don’t imitate anyone else’s, don’t use anyone else’s name or you could end up with a big, painful law suit.
  9. Use the internet. One of the social sites can get you more publicity than any amount of paper ads. But don’t try to sell something to everyone you contact. They’ll get angry and report you. Just respond if someone asks.
  10. You can run free ads in throwaway papers, or cheap or free ads on some web sites. If you have a local business, radio is a good choice for ads, or help sponsor a local sports team.
  11. Be prepared for some lean times. Another part time job can help get you through.

Enjoy what you do and keep doing it. It will get noticed. But when you make money don’t rush out and buy “things”. Save the money to maintain or reinvest in the business.