So you want to start a business? Many Americans do, especially Millennials fed up with the way corporate America is being run. Many startups consist of a partnership or team of people pursuing an idea, but what if you’re all alone in your endeavor? Here’s what you need to know about going solo.
Have a Plan
Do as much market research as you can and come up with a plan for your startup. What is going to set you apart from your competition? What is your brand going to be? What kind of customers are you hoping to appeal to? How much money do you need to make to keep yourself and your business afloat? Look into what is being done in the industry today and what you can do differently. Setting yourself apart with a detailed plan is the perfect first step.
Be Prepared For Loneliness
In doing a startup solo, you’re going to be working long hours at first and might be entirely alone. Make sure you can emotionally handle what comes your way and that you have some form of support to get you back on your feet when things don’t work out.
Make Sure You Have Sufficient Capital
Some startups, like being a freelance writer, are relatively low cost, but others can require serious money that you may not have access to. You may need to take out business loans to get your startup off the ground. Talk to a financial advisor to see what you might need to do to qualify.
Find a Business Attorney
Striking up a relationship with a business attorney could be the best decision you ever make. Attorneys specializing in startups, small business, or self-employed individuals are going to be able to give you the best legal advice for your business, including and not limited to what kind of entity you should form. Your attorney can also help you get your business registered with the proper federal, state, and local administrations.
Hire a Tax Preparation Service
Hiring a tax preparation service is invaluable, but especially if your business is registered as an S or C corporation or there’s something else not straightforward about your situation. Many self-employed people are confused about taxes and surprised by how much they owe come tax time with a small business. A solo startup is required to pay both employee and employer tax when you would only pay the employee half as a traditional employee. Professionals like Karla Dennis and Associates can help get you on the right track.
Find a Mentor
Finding a mentor, or another person who has created a successful startup in the past, could also help you tremendously. They will be able to walk you through the snares you might get caught in while beginning a solo startup.
It’s a long and grueling journey to get a startup off the ground by yourself, but certainly doable. Do as much research and preparation as you can, and then make the plunge. Good luck!