New Year, Big Resolution: Be Your Own BossSophie Troxell
Have you ever had a bad boss? If so, we’ve just given you one of the many reasons to start a small business! Owning and operating a successful small business is the pinnacle of an American dream. As a small business owner, you call the shots, work your own hours, and you set your own deadlines. As 2020 comes to an end, 2021 provides the perfect opportunity to take charge of your career. Start a business in 2021 and be your own boss.
We’ve all heard the story of Steve Jobs spending hours on end in the garage of his childhood home working on what would later become a billion dollar, multinational tech superstar – but this is not far from the reality of owning a start up. Every entrepreneur has a different story. Although a garage is suitable for some, an incubator or coworking space may be a more appropriate fit for others. Whether you plan to own a brick and mortar storefront or sell your product or service solely online, you have to start somewhere. IASourceLink is here to help as you seek the necessary resources to power your greatest New Year’s resolution yet.
There are many things to take into consideration before jumping into entrepreneurship. You’ll ask yourself a few questions such as “how will I fund my business?” and “what kind of license, if any, will I need to get up and running?” Although you may not have the answer, don’t give up. Our Start a Business Guide is here to help. If you’ve asked yourself if you have what it takes, you’re already one step closer to becoming a successful small business owner. Here are some additional questions to ponder before you start a business in Iowa.
New year, new business. Sounds easy enough, right? Before you toast to your business idea, you’ll need to work through the nitty gritty. Writing a business plan will help you determine your business structure, ideal customer, target market, and more.
Once you determine your business structure and register for state and federal taxes, you’re halfway there. Set yourself up for success by choosing a structure that is right for your business. You’ll need to consider factors such as how you will pay your taxes and how much personal liability exposure you will risk.
Did you know the state of Iowa does not have a “general” business license? Instead, Iowa regulates the activity of your business or profession. Don’t skip the small stuff: check for additional business licenses.
If you’re unsure whether you have the financial means to support your business endeavors, consider the resources available. If your friends and family have nothing left to give, maybe its time to turn to venture capital and government loans. Each business is unique – weigh out all of your options for funding before your sign.
Once you have written your business plan, registered your business, identified tax and financial obligations you will need to stay on top of, and acquired the needed licensing to operate your business legally, you’re ready to start! Remember, you are not alone in this. IASourceLink is here to lend a helping hand. As you navigate the ins and outs of owning your own business, take advantage of the resources available on our website. Our Resource Navigator provides a directory of over 360 public organizations in Iowa that offer services to entrepreneurs and small business owners for little to no charge. Check out our statewide calendar for upcoming events and webinars across Iowa. As always, keep up with our Business Blog to learn new and exciting ways to stay in tune with your business and community!