If you’re not already in business for yourself… Have you ever thought about starting your own business?
These days, having a career is not like it used to be. There was a time when you went to school, got a job, and worked there until you received a pension and a gold watch. For better or worse, those times have passed. A stable career these days is harder and harder to achieve. Too many businesses want to hire contract workers, and many reduce staff on the fly.
If you’re starting to worry about your career, there is an exciting choice to make: Should you go start your own business? For many people, having career trouble is just the nudge they need to become an entrepreneur. Read on for some tips on some great choices for starting a new gig and how to get the paperwork done. But first, you need to know how to begin.
How To Get Started
A business or entrepreneurship starts with an idea. You can do some market research, but it needs to be something you’re passionate about. If you don’t care a lot, then you’re likely to give up when things get tough. (And things will get tough at some point.) You also want to think about a need that’s unfulfilled. If you can give people something they want but cannot currently get, you have a great idea.
The Small Business Administration has an excellent list of steps for turning your idea into reality. Some of these include:
- Writing a business plan
- Finding capital to get your business off the ground
- Choosing the right business structure
- Registering your business to make it legal
Don’t Forget The Paperwork
Speaking of making it legal, it’s an unfortunate reality that any new business requires paperwork. You can’t simply start making products and earning big bucks — you have to complete some papers before you start selling.
Much of this paperwork comes from the IRS. Thankfully, they have a checklist on their site explaining what tax forms need to be completed. This includes applying for an Employer Identification Number (EIN). If you’re creating a sole proprietorship (one where you are the only employee), you can use your social security number for this. But if you intend on hiring anyone, even contractors, then you need an EIN.
You’ll also need to register your business with the government. Each state (and sometimes county) has its own rules, so visit your local government’s website for more information. This has to be done whether you’re incorporating or not. Even if you are just starting a home-based business, you need to get the right permits and licenses.
Great Choices For A New Entrepreneur
But what kind of business should you be focusing on? Again, you need to create a product or service that other people need. But you can also be your own boss by joining an established field.
For example, take real estate. You can become a real estate agent and sell houses now that the market is coming back, and you’ll mostly be your own boss. Redfin explains that you will need to get a real estate license first, then work with a brokerage.
It’s Still The American Dream
If you’re having some doubts about your career, you might look into becoming an entrepreneur. You can start with either a great idea or by joining an established field like real estate. Then create a plan, complete the right paperwork, and start enjoying your new business. You will never know if it works until you try it.