Steps to Take Before Starting Your Own Business

In a still-recovering economy, many professionals are actually opting to star their own job and work at home. You may have heard the phrase "Be your own boss", and it is definitely a worthwhile dream, as you get to pay yourself what you feel you deserve. However, it is also a dream that is sometimes easier said than done. Before taking the plunge and become your own boss, there are a few things you should get in order first. Some of those steps are outlined below.

Savings Account
You may have also heard the phrase "It takes money to make money". That may or may not be true, but in the case of starting your own business, it definitely is. The recommended practice is having a savings account with anywhere between three to six months in the bank. One reason for this is that it may take that long - if not longer - to build up a list of clients.


Marketing
Of course family and friends will help, but you need more contacts outside of them, and it will take time. Use social networking to your advantage; set up profiles on Facebook and Twitter, and start reaching out to those who could make up your client base. The best thing about social media is that it serves as a free marketing tool. With millions logging into Facebook and Twitter daily, you have a very easy marketing base readily available.


Salaries
How many people do you plan to have at your company? If it is just yourself, then consider enough to pay yourself, but also others who work for you. As a small business, you may want to start with yourself and bring in others as the company becomes successful.


Office Equipment
Depending on where you set up shop, you may not want to buy industrial-sized printers or copy machines. You can still find smaller printers to handle your individual needs, or "all-in-one" printers that feature a fax machine, scanner, and copy machine.

Regulations
To start your own business, keep in mind that there is various paperwork you have to fill out to legally qualify. You may have to apply for Limited Liability Company (LLC) licensing, or something similar. Do your research to figure out what you need. This also comes in handy come tax time, as your corporate status could determine what you can write off or pay for down the line.