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Re: So You Want to Start a Small Business

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Message 31 of 49

@febrown67 wrote:

@billcurryjr55 

Thank you for question. If i understand you correctly, it is your desire to start Literate in a Minute that helps MA English students fine writing opportunites that pays. It’s great that you want to create a pathway for students to get a jumpstart in the work world. Regarding financing the business, I would start first with developing your business model/plan that outlines your services and how you plan to generate business to pay the writers. Will you become a temp agency for contractors or freelance writers? Once you have that system in place, you can then begin to market your services low-cost through social media, which your tech savvy son can assist with, and networking with companies that find your services beneficial. From what I can tell, your start-up cost would be low to include a computer, which it appears you already have, paper and phone, perhaps. The writers could work from wherever they are - you would not need to have a physical place for them to write. If you get a windfall of money, use it to pay off debt and rebuild your nest egg. Before you spend money determine your business cost, how you will build the business and move from there.  I would encourage you also attend AARP’s Telephone Town Hall on Feb 21 at 7pm EST on Turning Your Passion to Profit. You can register here https://vekeo.com/event/aarpfinancialresilience-37309/ to participate.


@I saw that the @reply to @billcurryjr55 didn't work as intended, so quoted your post, @FeeBrown in its entirety so that a.) Bill will get an email with a link to this post telling him he was mentioned, and b.) so that he'd know of your response. Smiley Happy

 

Best wishes to both of you. Smiley Happy

 

 

 

"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Re: So You Want to Start a Small Business

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Message 32 of 49

@SIMPLEGAL I'm not so sure I understand your question.  Are you looking for a business partner; looking to mentor a small business owner help start and/or grow their business; or, looking to invest in a small business?  If you are looking for a business mentor, I suggest you look to SCORE (https://www.sba.gov/tools/local-assistance/score) and find a local office in your locale.  They have proven success on helping business thrive.  If you are looking to serve as a mentor, you can volunteer with SCORE to offer your business expertise.  If you are looking to invest in a business, one place to visit is www.KIVA.org where you can find a list of microbusinesses in need of financial assistance. 

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Re: So You Want to Start a Small Business

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Message 33 of 49

I am hoping to find a successful business partner for a mentor or a business owner who is interested in investors in their venture.

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Re: So You Want to Start a Small Business

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Message 34 of 49

So, it's day three of our online community conversation around starting a business.  I wanted to end by providing some information on funding your business.  We all know that funding is the most challenging obstacle small business encounter either during the start-up or growth phase of the business cycle.  While in the start-up phase we find that many small businesses are not quite ready to secure a loan from SBA or their local banking institution and find it difficult to open the door.  Non-traditional funding as become a viable option for many.  Here are some options to consider - Angel Investors, persons who might be interested in investing in your business that may include family and friends, lending groups, and/or individuals;  Microloans, having more flexible repayment options include entities such as Kiva and Kabbage; and, Crowdfunders, people who are willing to invest in your idea, such GoFundMe and Kickstarter.  These are just a few suggestions for those who are ready to get started.

 

I encourage you to continue to submit your questions and suggestions.  Again, I invite you to attend AARP's two upcoming events on Feb 19 and Feb 21.  You can register for both at www.aarp.org/startabusiness.

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Re: So You Want to Start a Small Business

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Message 35 of 49

@ru1352 great question.  Here is what I've learned.  Assuming you are in business by yourself and you've identified your business as LLC, you can simply write yourself a check from your business account.  The IRS considers single-member LLC a "disregarded entity".  So for tax purposes, you are seen as a "sole proprietor".  All net profit is considered taxable income.  As a sole proprietor you can simply pay yourself when you need to.  However, according to my tax expert, which I am not, you may want to consider having your LLC taxed as an S-Corportation to avoid self-employment tax.  I would highly consider having a trusted ethical tax specialist/expert on speed dial, because as you know taxes can be tricky, given the flexibility of business profits and losses. 

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Re: So You Want to Start a Small Business

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Message 36 of 49

@briank271115 that a good question.  As you can imagine many successful small business owners simply had an idea they believed in and took that leap of faith and "just did it".  But as someone aspiring to become an entrepreneur and not sure if your idea is a good one or not, there are some things you might want to ask yourself about your product or service.  Who will you sell your product to - essentially, who's your audience; who's your competition - is there another product similar and how will yours be different; what problem or need are you solving; how will your product/service help make someone's life easier or simplier; how will you market the item; and, how will you measure success.  These are a few things to consider as you think of your business idea.   Perhaps being a franchise owner is the path you want to take.  If so, listen in on February 19 at 12EST to learn more.  And, participate in AARP's Telephone Town Hall on Feb 21st at 7PM EST to ask more questions as you develop your business idea.  You can register for both at www.aarp.org/startabusiness.  You will also find there good businesses for persons 50+. I look forward to seeing your product or service in the marketplace. 

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Re: So You Want to Start a Small Business

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Message 37 of 49

When and how do I pay myself if I formed an LLC? At the end of the year when I do my business' taxes, how do I indicate how much I paid myself? Better yet, how do I pay myself? Do I just take it from my business bank account? Do I need a W2 as a single owner in an LLC?

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Re: So You Want to Start a Small Business

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Message 38 of 49

The question I always ask myself is, How do you determine if your small business idea is a good one? 

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Re: So You Want to Start a Small Business

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Message 39 of 49

@m878880n thank you for your question.  Congratulations on taking the leap of faith to turn your passion into profit. There are a few online tools that help you create your business plan, such as Live Plan.com and B Plan.com.  These sites and others will formulate your plan for you at a cost - most startins at 9.99 for a basic service, and for more services, more money.  The SBA offers a Business Plan Tool (https://www.sba.gov/tools/business-plan) that allows you to create your business, save it and continue to refine it.  I would also invite you to visit a local SCORE Office, a resource partner of SBA, where you can one on one assistance.  Lastly, you can visit www.aarp.org/50plusentrepreneurship to review our learning video that outlines the necessary componets of a good business plan.   Be sure to tune in to our upcoming Telephone Town Hall on Feb 21st at 7pm.  Register at www.aarp.org/startabusiness. During that time you can talk to SCORE representatives about how to move from gigging to a full business.

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Re: So You Want to Start a Small Business

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Message 40 of 49

Could you suggest a few online tools for formulating an initial business plan? I'm curious about the process of moving from "something I do on the side to make a little extra money" to really launching my own business, and doing a little work on something to present for a bank loan seems like a smart next step. Thanks!

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