Ideas Personified

So you want to be in business; that’s wonderful! Now let’s bring that brilliant idea to life. Having a business idea is easy, but taking action is a bit harder. I know what you are thinking; opening a business takes money, but there are plenty of free or low cost resources that will get you on the right track. That is why The Shoestring Diva is here!

Most people don’t know where to begin. Step one: Plan like you have never planned before. When I started my first business, all I had was a piece of paper of what I perceived I needed to get started. I knew I needed a business plan, but that cost anywhere from $300.00 and up. I sought free templates online and still couldn’t quite understand what the heck each section was asking. That is when I found my local SCORE and the USC School of Business. I worked on my business plan for free with them. Many colleges and universities have community services as a part of their school of business. I also sought help from the Benedict-Allen Community Development Center (CDC) and Palmetto Center for Women. Both organizations are designed to give you free or low cost economic development services.

Don’t forget to plan for the downsides of business as well. Develop a plan for marketing and advertising, financing, and even how your family will be affected by opening a new business. Strategic planning is key!
Step Two: Become legit. It does not cost a lot to become a limited liability company (LLC) or incorporated (INC). As a sole proprietor, there is so much liability on you personally. In South Carolina, the Secretary of the State charges a one-time fee of $110.00 to become a LLC. Just think, your business will be a reality for less than $9.00 a month for the first year. That may mean no lattes or Big Mac’s but look at the reward.
After you get your Certificate of Existence, go to www.irs.gov and get your federal tax id number. Your business and Uncle Sam are now married. If you are wise you’ll consult your CPA, for a pre-nuptial evaluation. Next, contact your county and city business offices to get the fees on your business license. If you are going into retail, you must also get a resellers license. Stop worrying about the cost of the fees. You just got started they will be extremely low.

Look at that! Your dreams are now reality! If you are in SC, you have only paid an average of $200.00 or less to start your business. Sometimes investments of time are more important than money. If you take the time to plan, build relationships and research, you’ll discover that ideas personified are not the far out of your reach.

Coming soon: Marketing, Websites and Networking on a shoestring budget!

Smooches




Please be advised that this advice is one Diva’s opinion. This advice is from research, observation and personal experience. No solution is guaranteed.