Over the last few months I have met many crocheters wanting to start their own business and I’ve come to realise that there are some key ingredients to not only making your business successful but also to keeping you sane. If you want to offer a product, then you will want to start doing market research, product testing and surveys. Research different accounts to help you find the right one for your business and look for accounts that offer online and mobile management tools and end-of-year summaries.
It can be hard to find the time to pursue your own business while you’re still working for someone else, but it’s the most secure way to test your idea without taking a big financial risk. A limited liability company is an unincorporated business entity which shares some of the aspects of Subchapter S Corporations and limited partnerships, and yet has more flexibility than more traditional business entities.
Ensure that your home business is properly insured, by discussing the business with an insurance agent. You’ll need to account for city or municipality licensing, state incorporation or business entity fees and more. If you have a 401(k) plan through your employer, consider borrowing against the plan.
For Money: Money is always a good motivator and one of the solid reasons for starting a business. Fully disclose your proposed business idea, and your attorney will give you their opinion on if you’re violating any of your agreements. Owners of Subchapter S Corporations may deduct business losses on personal income tax returns, similar to a partnership.
Now, to help better illustrate these steps to starting a business while working a full-time job, I teamed up with Brian Downard at BD Ventures to bring you this awesome infographic. I contacted every major insurer in my state (Ohio) and was either ignored or sent an application to register my pharmacy within the network.