Hi all :)
 

Hi everyone :)

I'm new here and I'm thinking of starting up my own business.
So if anyone would like to shed some pearls on the traps and pitfalls of running my own business I'd be grateful :)
Thanks,

- Growing

Re: Hi all :)
 

Best advice I can offer: set your business to be up as a BUSINESS right from the start. People try to 'ease into' or 'test the waters' by doing things like a hobby at first. Testing and going slow at first is fine. What 'gets you' is when you go to do it like a business, how do you know what to carry forward and what not to, how do you set things up on those things you've already started and incorporate them into your official business and so on. Depending upon the business, you can get into a real fiasco.

For example, if you purchase 'a few tools you need' while you're in hobby status, you will find yourself at a tax disadvantage when you convert to a business. This CAN have long-term effects on your business profitability...again depending upon the business and how you set it up. Doing things piece-meal can leave you in a difficult position when determining the value of your business and proof of how much you actually put into the business. Not recommended. BTW I'm not talking about boot-strapping, which is a subject unto itself.

Lots of luck in your new venture.

Sandi Bowman

Pearls and pitfalls.
 

Pearls: don't invest in anything you can't personally control.

Trap: you'll work far harder and longer for yourself than with a job, but the rewards are great.

Pearl: Start with a TRANSACTION, EVERYTHING flows from that.

Trap; spending too much time posting to forums ;)

gjabiz