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A Business is Now a Necessity—Not a Luxury

Black news - commentary on business now a necessity and entrepreneurial spiritMy sister, Clara Hunter King, ESQ, and I released our newest book What You Need to Know before You Start a Business. As you know, we are facing the worse economy since the 1920s. But take heart, even though things look bleak, those having an entrepreneurial spirit will rise from the ashes.

As businesses downsize and close and unemployment rises, it's a good time to take a look at what service or product people need and can afford and will pay for. For example, people are more willing to rent a room in their home now than ever before. Car pooling is attractive nowadays. When you see people being laid off all around you and businesses closing at an alarming rate, it's time to be proactive. Take a lesson from the book, Who Moved My Cheese? It's time to stake out another spot.

There has never been a better time to start your own business. Even if you have a good job, it's an excellent idea to investigate a business opportunity and seek other sources of income. Most of us have heard stories of individuals who showed up at their place of employment—only to find the doors padlocked and employees wondering what happened to their paycheck. Because job security is a thing of the past, you are wise to turn your thoughts in the direction of a new venture that can be profitable and rewarding.

It's a good idea to start a business—conventional or home-based. Home-based businesses are rapidly growing in the U.S. According to the U.S. Census, almost half (49 percent) of America's businesses are operated from home. Two obvious benefits of operating a home-based business: In a home-based business, you will not have the multiple overhead expenses, and you are eligible for all the tax deductions and benefits as any major business and corporation. What You Need to Know before You Start a Business will arm you with the pertinent information you will need before starting a new business, buying an existing business, and can help you to better manage your existing business.

It's always a good idea to "sit down and count the cost" before embarking on any new endeavor. Starting a business doesn't have to be difficult, but you must do your homework before you begin. It will make your passage smoother as you glide through the maze of government red tape that all new entrepreneurs are confronted with.

We recommend that you check with your family attorney, tax advisor, and financial planner so that you are armed with all the information you need to get off to a good start. It always costs more money to backtrack and make corrections and adjustments in a new business than getting professional assistance up front. Remember to work smart—not hard. Here are some of the things that you will learn from reading What You Need to Know before You Start a Business:

1. Reasons to own a business

2. Choosing a business structure: sole proprietor, general partnership, limited partnership, corporation, S corporation, limited liability company, exempt organization. (You will have a start-up checklist for each business structure.)

3. Legal obligations when hiring employees

4. Business and tax obligations

5. Marketing for profit

6. Businesses that are conducive to home-based operations

7. Buying an existing business

8. How to find a business mentor with a mentor's questionnaire

9. Business forms and much more: Choosing a business structure: sole proprietor, general partnership, limited partnership, corporation, S corporation, limited liability company, exempt organization. (You will have a start-up checklist for each business structure.)

Don't get caught without the knowledge you need to get your business up and running. Starting a business doesn't have to be difficult, but you must do your homework if you want to be successful. What You Need to Know before You Start a Business is a blueprint for business success!

[Dr. Rosie Milligan, Business Consultant, author of "What You Need to Know before You Start a Business" and "Black America Faces Economic Crisis" Contact: 323-750-3592, email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , website www.Drrosie.com.]

 

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