New to business

[ghusa]

Hi all, i have recently become unemployed and i am thinking of starting up on my own, buying a truck and doing mini-skips. how do i go about setting up from scatch as i have never been in business before. I am looking for some basic advice on the first steps to take ie; banking , naming the business, do i register the business. Any help at all would appreciated,:confused: thanks

[Steve B]

First of all, I'd need to know where you are located and what is "mini-skips"?

Are you in the U.S.? If so, what state?

But, some basic advice is to write a business plan (formal or informal - but, something to capture your thoughts in writing). It's a good way to make sure you are thinking of the business in an analytical and hopefully objective fashion.

Research your competition.

After that - I advise you to make an appointment with an attorney and an accountant to make sure you get set up correctly. The rest depends on the answers to the questions above.

[cocoy]

Don't forget insurance requirements.

Are mini-skips the same thing as dumpsters?

[huggytree]

start by making a list of all the things you will need.

truck
insurance
accountant
company name
invoices/envelopes/letter head
fed. tax id
tools
figure out pricing
figure out what will make you different
figure out how to do it better than the competition
how will you find customers
advertising
do you have cash or do you need a loan?


i could go on & on...usually id expect it to take 2 months of prep to get rolling properly

[vangogh]

As far as banking is concerned you should be able to go to your usual bank and set up a business account. Depending on how you set up the business you may need the separate account, but even if you don't it's still a good idea as it helps to keep your business and personal finances separate. My accounts are tied together so I can still move money back and forth easily when I need to.

Names are hard. At least they are for me. I think it's a good idea to get something in there that lets people know what you do. You also want to make the name memorable.

You should register your business name with the state you live in. You really don't have to do more, but you may decide to get a trademark with the state or nationally. All you really need to do though is register your trade name. If I'm remember correctly it's the department of state for your state that handles it. Odds are if you find their website and search around you'll find out what you need to do to register your name. Here in Colorado it was filling out a very short form and paying $8. You'll also want to search on the state department website to make sure someone else hasn't already registered the name.

One thing you may want to do is get a federal tax id. It's not a difficult process. I did it over the phone in about 15 minutes. You'll only need to get one if you have employees or need to charge taxes for your business, but if you have one you'll be able to use it in many places in lieu of your social security number.

[fountainhead]

It's not a bad idea.. good luck on your new ventures, by the way everything seems to be easy but thinking of a company name is a little bit tricky :p

[seema]

If you have started a new business and you dont have any prior experience in that please research out related business. First you have to set your guide lines and your budget .Than divide budget in different area like advertisement, organizing assets and other issues.

[stevewalter]

Hi all, i have recently become unemployed and i am thinking of starting up on my own, buying a truck and doing mini-skips. how do i go about setting up from scatch as i have never been in business before. I am looking for some basic advice on the first steps to take ie; banking , naming the business, do i register the business. Any help at all would appreciated,:confused: thanks

Choosing the right name will help ensure you’re creating the right image for your business. It'll also help to distinguish it from your competitors. Before deciding on your name you should familiarise yourself with the different registration requirements.

A business name is the name under which your business trades and it needs to be registered in every state where trading takes place.

The right planning can increase your awareness of your market, help you to understand your financial needs and make sure you stay competitive while building your skills and resources. Writing a business and marketing plan will help you understand the factors that can affect the success or failure of your business.

It's important to develop a business plan before you start a business because:

* it will be necessary if you're going to borrow money or get others to invest in the business
* if you're going to go into business with others, the business plan will ensure you and your partners are on the same wavelength when it comes to where you want the business to go and how you will work to achieve it
* it will help make sure your business will be successful and not waste your time and money