To start a business or to plunge into entrepreneurship you might be in a place where you are still employed or been down sized and or unemployed for several years.
Whatever the case maybe if it is time for you to fulfill that dream, follow your vision, write that novel or design the idea yet, you need to make a sacrifice, avoid the naysayers and distractions and move forward. But you must be PREPARED - Prepared to Grow- Prepared to Serve and Prepared to Lead.
When speaking to individuals and many women’s groups who are conflicted or puzzled about their next move, I stated (SUE) – Sisters United Enterprise is here to help coach and navigate you through these steps.
Listed are initial steps we recommend which is this Acronym of AIA –
- A- an Attorney or legal advisor to ensure the steps you are taking is sound for the business you are pursuing or if this is not an affordable approach we recommend you might want to consider signing up with LEGAL SHIELD which offers a far lesser expense than an attorney to help formalize your business. (Sole Proprietor, LLC or LLP)
- I - is for Insurance. This will protect your assets, GL – General Liability, W/C – workers compensation to cover your employees if an accident or injury should arise or if you do not have staff at this time (non – employees 1099s) check with a broker what is required. You might also be in a business that requires product liability to cover your product design or patent and if in a commercial business with vehicles auto insurance is required for your personal vehicle as well.
- A – is an Accountant, to ensure your books are in order, to generate income statements, work with your bookkeeper or to work with your payroll company when quarterly and annual tax filing reports are required.
Nonetheless, the traditional route is to obtain an initial (EIN) Employers Identification Number, register the business with the Department of Consumer Affairs and if required to get contracts as many certifications you need such as:
WBE – Women Business Enterprise, MWBE – Minority Women Business Enterprise, DBE – Disadvantage Business Enterprise or 8a – Ownership Diversity Certification.
While you are following these initial steps make sure you work on generating a business plan or fine tune it which should not be hard to complete. For know one knows your business better than you. It starts with your story and your plan to achieve and succeed.
Finally, this is Series One of our blog on making a sacrifice to become an entrepreneur. State tune for Series Two which we’ll address Personal Scarifies.
By GW Durham, ED - SUE