Part 1. A twisted tale of a blossoming
Business person Developing business ventures
Have I always wanted to own my own business? No. When I was young then I stuck to the ideals my UAW-founding grandparents had given to me.Visit online https://usidesk.co.uk/ for more details , They conceived within me the thought that work for good company so you will have job forever with retirement advantages as you progress with company. Then, at 40, I changed. People with years of experience fall aside as the workplace transformed.
I lost some of that loyalty that kept me just plugging along and I just had to branch out. I had been with a major automotive supplier for almost 20 years and I wanted something different and personally fulfilling. I had a good job, a modest salary, and was working in my chosen area of IT. So I started to do a little thinking and researching. Here are some bullet points outlining my thought processes during the earliest of days.
Each point is important and worth in its own way!
1. What really motivated the spirit within me? I will enjoy and also gain personal happiness in doing what I want and get paid well too? I knew it had to involve small businesses. My target initially were Mom and Pops with 3-4 other employees.
2. In what way could I help these businesses? As so many businesses didn’t have website at that time, so I decided to start web development only.
3. How was I going to structure my new company? I also decided that in order to form corporation I had to keep my personal and business finances separate An “S-corp” to be more precise. It may not be the best model but still research is needed to progress further.
4. To start I will have to do accounting work in bulk. Rather bothering about my financial software, I hired analyst to help me initially. With 2 years of college-level accounting I was sure I would be OK as long as I got started out correctly. This was money well spent.
5. I hired an attorney. She drafted up some basic documents for me, cleaned up minor details that I had missed thus far, and although more money was spent here, I knew that this was an area that I needed expertise in. I also took time to hire the best I could afford and make sure that she did not require a retainer.
6. What should have been my cost? I had ko keep some affordable cost. Though I also wanted to make money of my time. I came up with client necessities and decided the cost about $15 per hour, this made me realise that I should deliver product well without undercharging.
7. Branding. I came up with a logo design and then had some inexpensive business cards printed and I made some tri-fold handouts. I even added my brand on my portfolio too.
8. Did I need an outside office? The work I was going to be doing could easily be done from my home office – which was very well equipped even back then so there was no reason to burden my new company with office and equipment leases.
9. Should I quit my job and just run with it? I was clear in mind to say NO. In fact, I was able to keep working for almost a year into my startup, and I have to say prevented me from failing miserably!
But that is a tale for next time in Part 2 of our series.