So I'm going build my own business and...
I'm tired of unemployment and working in rubbish jobs were I'm fired or forced to leave.
Everything happens for a reason and I'm worth more then those jobs.
I'm wanting to design my own cakes and sell them. I've always been creative and been to art college. Could I make ok money if I do well in this? My dream for long time is to professionally act and write even comedy. But I want to do my own business for a day job and I'm good with working with my hands. Any advice? Should I apply for a licence asap?
10 Steps to Start Your Business.
Starting a business involves planning, making key financial decisions, and completing a series of legal activities.
1) Conduct Market Research: Market research will tell you if there is an opportunity to turn your idea into a successful business. It is a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
2) Write Your Business Plan: Your business plan is the foundation of your business. It is a roadmap for how to structure, run, and grow your new business. You will use it to convince people that working with you -- or investing in your company -- is a smart choice.
3) Fund Your Business: Your business plan will help you figure out how much money you will need to start your business. If you do not have that amount on hand, you will need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.
4) Pick Your Business Location: Your business location is one of the most important decisions you will make. Whether you are setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.
5) Choose a Business Structure: The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.
6) Choose Your Business Name: It is not easy to pick the perfect name. You will want one that reflects your brand and captures your spirit. You will also want to make sure your business name is not already being used by someone else.
7) Register Your Business: Once you have picked the perfect business name, it is time to make it legal and protect your brand. If you are doing business under a name different than your own, you will need to register with the federal government, and maybe your state government, too.
8) Get Federal & State Tax IDs: You will use your employer identification number (EIN) for important steps to start and grow your business, like opening a bank account and paying taxes. It is like a social security number for your business. Some -- but not all -- states require you to get a tax ID as well.
9) Apply for Licenses & Permits: Keep your business running smoothly by staying legally compliant. The licenses and permits you need for your business will vary by industry, state, location, and other factors.
10) Open a Business Bank Account: A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it is easy to set one up if you have the right registrations and paperwork ready.
Source: This SBA Webpage
Yes, Fnord appears to have been very thorough giving good advice.
All sounds good.
I would buy a few books. I think Dummies guide / idiots guide for 5 year plan etc. Would be a good start too.
Also, do you have the skills to do the job, if not, then this would also be worth reading up on or taking courses.
My mum almost started such a business about 15 years ago. She was attending night courses in cordon bleu cooking.
She was all geared up to start, had her kitchen set up for starting a business. Had environmental health around to gives the thumbs up. But then sadly my brother died, which spoilt her plans. but nevermind.
You may also be worth joining a sugarcraft guild, and pick up some courses in cake decorating.
Some of them are amazing!
At the time my mum was into the idea, i was going to help her, as I have a background in art as well as music.
When i started to look into the subject, I found out there are all sorts of things you can do with sugarcraft
You can get a type of resin that you can use to make moulds out of practically anything
which you can then mould icing and fondant out of and with the right edible paint
you can literally make cakes that look like real physical items that you cant eat.
Absolutely amazing.
Yere, I was told when i received my diagnosis that as i had ASD and i was intelligent and had talents in some areas,
as well as a history of being abused and bullied in the workplace
i would be better off starting my own business
I think that most Asperger types should do this too
if only employment services in the various governments understood this and did more to help us
Dear_one
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Operating a business is a distinct skill set. Most talented people do better with a manager. One credit union put huge weight on the question "Did you grow up in your parent's store or other small business?"
Since you don't want to go full-time, maybe you can start small, and find your market while working from home. Starting with a tiny investment is a lot more work, but a lot less risk.
Everything happens for a reason and I'm worth more then those jobs.
I'm wanting to design my own cakes and sell them. I've always been creative and been to art college. Could I make ok money if I do well in this? My dream for long time is to professionally act and write even comedy. But I want to do my own business for a day job and I'm good with working with my hands. Any advice? Should I apply for a licence asap?
I would contact a baker and ask them about their business. It would just be an informational interview. There also might be a local group that might provide mentor's for people wanting to open a business.
But this will take some thought. Making food for yourself is easier than making it for public consumption. You may need to find the regulations around that.
Also, who are your customers? What is your business model? And in a pandemic, how are you going to get to those customers and how does that change your business model?
Making things is really easy. Selling them is not.
CockneyRebel
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