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Let’s Talk About What’s Next…
Thinking About Starting A Business ?
Let’s Talk About What’s Next…
Creating a business that brings you joy The top 10 essentials for making a hobby into a business Why incorporate your business Choosing the right business structure for you Your business success check list Free resources for new business owners Recommended book list
By Maria Marsala..
© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant E-mail: Maria@CoachMaria.com © Web: www.CoachMaria.com © (360) 598-3880 Page 1
Even better .html Know what helps you maintain your integrity -. Even with the best planning strategies. Awaken The Giant Within for more information.com/article/idealcareer..com/events. and friends. you can start to create your business while you're working at another job. Read Tony Robins book.your top 5 values. you must have a full time job. Base your decisions on what's important to you. Recognize your strengths and work from them:.coachmaria.topten. They affect your business too! There are some wonderful Top Ten Lists on both topics at www. ask yourself why. "things do occur" that end up costing us more money than we had planned to spend. Join a success group www. www. Choose to be organized and consistent. Follow them.step back and assess your "fun" quotient every six months. www. What would you be doing? Would it be what you are doing now? If not.org. Read The E-Myth Revisited by Michael Gerber. Create a strong business foundation: a business plan.CoachMaria. When business is no longer fun. it's a "must have" business book. • Choose a career that "makes your heart smile. Acknowledge your weaknesses and failures (life's way of providing feedback) and grow from them. Build a strong support system . or is it that you are not happy with your current position and feel ready to go for what you REALLY want to do? Following are some ideas on how you can make the most of where you are.business and volunteer network.Consultant E-mail: Maria@CoachMaria. coachmaria. and operations manual. etc. needs and wants. Do you just need to add a little fun to your career or business. Create a business your heart desires and have fun.. Make sure that your end product (your business) has a market.com © (360) 598-3880 . Your clients and employees will appreciate it! Develop your boundaries and standards." It's your desire level and commitment that will keep you going during any rough times. Best of all. Use this guide "Finding Your Ideal Career (or Business)" to assist you as you create a business around what you enjoy.html for support or hire a coach to assist you in your business evolution.coachmaria. too.com © Web: www. marketing plan.com/personalbooks. Hey! Maybe its time Page 2 • • • • • • • © Copyright 2002 Maria Marsala — Business & Life Coach . Create forms and processes to keep you on track. or take the steps to get to where you want to be.Thinking About Starting A Business? Let’s Talk About What’s Next… Creating A Business That Brings You Joy Building a strong business foundation is one of the keys to owning a successful business. it is time to reassess what you are doing. too! You just won the lottery and in order to receive your check.html Be prepared financially when transitioning into your business by making sure that you have a reserve of money in the bank or another income.
Advertise in local papers. 9. 8. 6. a Virtual Assistant (VA) is someone who performs administrative tasks away from the office of their clients. Set up a business bank account.com/coaching.html#Virtual. Listen to others and consider outside advice. 10. Take out a company listing in the Yellow Pages. 7. The Top 10 Essentials for Making a Hobby into a Business The essential thing here is that the IRS is going to look at your intent. Hire at least some part-time help. 5. a former IRS agent. do not feel pressured to adopt another's practices as your own. Here are some of the tangible indications that you have really embarked on a business enterprise. Send promotional mailings to prospective customers. A VA is the modern day version of the executive assistant or personal assistant. However. In general. Get a business telephone.CoachMaria.Thinking About Starting A Business? Let’s Talk About What’s Next… to take your vacation!! • If you do not have enough time in your life.coach-charles.Consultant E-mail: Maria@CoachMaria. Used with permission. 1. 3.com. Did you intend to make money? You must intend to make a profit or it's just a hobby. work with your coach to pinpoint tasks that you may be able to delegate or eliminate.com © Web: www.com © (360) 598-3880 Page 3 . Keep a log of the business contacts you've seen during the year. Copyright 1998-2002 by Charles Powell. Register your business name by filing a "doing business as" (DBA) statement with your local county clerk. 2. The original source is: Randy B. Use business cards and stationery. 4. Ultimately. Personal and Business Coach who can be reached http://www. Buy a postage meter and a copy machine. you are best equipped to implement how and why you run your business. © Copyright 2002 Maria Marsala — Business & Life Coach . Incorporate what you like into your plan. Blaustein.coachmaria. Are you interested in learning more about VA's? Or are you a VA looking for resources? Enjoy this list of resources www.
benefits such as health insurance. travel and entertainment expenses may now be deductible. cars. if you want to open an independent small business of any kind and do not want your involvement to be public knowledge. it is hard to hide the fact that you are the owner. the shareholders of a corporation have only the money they put into the company to lose. Once incorporated.com © Web: www. For example. and usually no more.Consultant E-mail: Maria@CoachMaria.com © (360) 598-3880 Page 4 . Under the right circumstances. Tax Advantages – Deductible Employee Benefits Incorporating usually provides tax-deductible benefits for you and your employees. savings or other personal assets. © Copyright 2002 Maria Marsala — Business & Life Coach . you will most likely be required to register your name and the names of your partners with the state and/or county officials in which you are doing business. Anonymity Corporations can offer anonymity to its owners.CoachMaria. Easier Access to Capital Funding Capital can be more easily raised with a corporation through the sale of stock. alone or with others. Creditors of the sole proprietorship or partnership can bring suit against the owners of the business and can move to seize the owners’ homes. may incorporate. corporations usually provide an increased tax shelter for qualified pensions plans or retirement plans (e. the owner of any size business can benefit! Reduces Personal Liability Incorporating helps separate your personal identity from that of your business. If you open as a sole proprietorship. Best of all.g.Thinking About Starting A Business? Let’s Talk About What’s Next… Why Incorporate your Business ? Anyone who operates a business. 401K’s). And as a partnership. your best choice may be to incorporate. Even if you are the only shareholder and employee of your business. life insurance. Sole proprietors and partners are subject to unlimited personal liability for business debt or law suits against their company.
managers or shareholders. credibility and stature. Provided by Active Filings LLC. Easier Transfer of Ownership Ownership of a corporation may be transferred.CoachMaria. all decisions are made by your board of directors. Adds Credibility ! A corporate structure communicates permanence.com © (360) 598-3880 Page 5 . through the sale of stock. With partnerships. each individual general partner may make binding agreements on behalf of the business that may result in serious financial difficulty to you or the partnership as a whole.” or “corp. investors are much harder to attract because of the personal liability.” at the end of your business name can send a powerful message to your customers. If a sole proprietor or partner dies. officers. Seeing “.Thinking About Starting A Business? Let’s Talk About What’s Next… With sole proprietorships and partnerships. the business may automatically end or it may become involved in various legal entanglements. An Enduring Structure A corporation is the most enduring legal business structure. Incorporation Services in all 50 States http://www. your incorporated business may be perceived as a much larger and more credible company. Centralized Management With a corporation’s centralized management.Consultant E-mail: Maria@CoachMaria. without substantially disrupting operations or the need for complex legal documentation. Investors are more likely to purchase shares in a corporation where there usually is a separation between personal and business assets.com Sponsored by ACTIVE FILINGS LLC © Copyright 2002 Maria Marsala — Business & Life Coach . extending beyond the illness or death of the owners. Corporations can have unlimited life. activefilings. Also. and other business associates about your commitment to the ongoing success of your venture. suppliers. Even if you are the only stockholder or employee. Your shareholders cannot unilaterally bind your company by their acts simply because of their investment.inc. Corporations may continue on regardless of what happens to its individual directors.com © Web: www. some banks prefer to lend money to corporations.
based on their needs.com © Web: www. Subchapter S Corporation A Subchapter S Corporation is a general corporation that has elected a special tax status with the IRS after the corporation has been formed. A general corporation may have an unlimited number of stockholders. a stockholder's personal liability is usually limited to the amount of investment in the corporation and no more. Below are useful descriptions. If the company also declares a dividend. is the most common corporate structure. General Corporation A general corporation. many close corporation statutes require that the directors of a close corporation must first offer the shares to existing stockholders before selling to new stockholders.com © (360) 598-3880 Page 6 . Businesses may choose from a variety of corporate entities. it is usually chosen by those companies planning to have more than 30 stockholders or large public stock offerings. There are a few significant differences between a general corporation and a close corporation. Not all states recognize close corporations. A close corporation limits stockholders to a maximum of 30. Consequently. also known as a “C” corporation. In addition.Thinking About Starting A Business? Let’s Talk About What’s Next… Choosing the Right Business Structure For You. Close Corporation A close corporation is most appropriate for the individual starting a company alone or with a small number of people. Subchapter S corporations are most appropriate for small business owners and entrepreneurs who prefer to be taxed as if they were still sole proprietors or partners. Since a corporation is a separate legal entity. it pays a federal corporate income tax on the profit. © Copyright 2002 Maria Marsala — Business & Life Coach . the stockholders must report the dividend as personal income and pay more taxes.Consultant E-mail: Maria@CoachMaria.CoachMaria. When a general corporation makes a profit.
C. the S Corporation offers the best of both worlds. activefilings. LLC’s are now available in all 50 states and Washington. D.com Sponsored by ACTIVE FILINGS LLC © Copyright 2002 Maria Marsala — Business & Life Coach .com © Web: www.Consultant E-mail: Maria@CoachMaria. Many small business owners and entrepreneurs prefer LLC’s because they combine the limited liability protection of a corporation with the "pass through"" taxation of a sole proprietorship or partnership.htm Provided by Active Filings LLC. combining the tax advantages of a sole proprietorship or partnership with the limited liability and enduring life of a corporate structure. LLC’s do not have the ownership restrictions of S Corporations. For many small businesses. but it offers many of the same advantages. For an Entity Comparison Table.com/en/information/entity_comparison. Limited Liability Company (LLC) The LLC is not a corporation. Incorporation Services in all 50 States http://www.com © (360) 598-3880 Page 7 . If you have other questions regarding LLC’s.CoachMaria. please visit http://www. • LLC’s have additional advantages over corporations: • • • • LLC’s allow greater flexibility in management and business organization. LLC’s accomplish these aims without the IRS' restrictions of an S Corporation.Thinking About Starting A Business? Let’s Talk About What’s Next… S Corporations avoid this "double taxation" (once at the corporate level and again at the personal level) because all income or loss is reported only once on the personal tax returns of the stockholders. be sure to speak with a qualified legal and/ or financial advisor. making them ideal business structures for foreign investors. activefilings.
independent contractor. solid business foundation. starting your own business is never something you do all by yourself. Know your strengths. top 5 values and needs. supplies.Thinking About Starting A Business? Let’s Talk About What’s Next… Your Business Success Checklist How do you start to plan your business? What is required? What should you research? Where do you start? Use the checklist below to guide you as you build a strong. From support to legal advice. Check the need for your services. and how you want your business to be organized. Budget your income. Choose your ideal business. Develop a strong network and referral base.CoachMaria. Prepare a business plan and ideal client profile. Order a copy of your credit report.location. • • • • • • Make the time. • • • • • • • Read a few books on business start-ups and marketing. Price your service or product. Create balance in your life. Create an Operations Manual. Any new business venture will go more smoothly if you know right from the start what you have to offer. Make sure you are ready mentally. • Look for assistance: employee. utilities. Check your Personal Foundation. © Copyright 2002 Maria Marsala — Business & Life Coach . Get organized. and set-up fees.com © (360) 598-3880 Page 8 . Plan for your office . Develop a customer service policy.Consultant E-mail: Maria@CoachMaria. weaknesses. emotionally and financially to begin your new venture. who you want to offer it to.com © Web: www.
Money: taxes. etc. marketing. To subscribe email: mariasplace-subscribe@topica. business coach. service marks. ad's. contracts. Insurance: health. • • • • • Design your marketing plan with your integrity in mind. computer and life tips and resources.com © (360) 598-3880 Page 9 . an assistant. USP. Marketing: copywriter. income. Re-evaluate your plan every 3 months.CoachMaria. home. Develop print media (business cards. newsletter.com/articles. trademarks.com © Copyright 2002 Maria Marsala — Business & Life Coach .com © Web: www. advisors. disability. A new business often doesn't have a huge budget for marketing and a plan can help you save money. etc. internet.html.coachmaria.Thinking About Starting A Business? Let’s Talk About What’s Next… • • • • • Legal: licensing. marketing and personal development articles at www. risk. elevator speech). stationary. friends. loans.). patent. Build support: family. Decide if online marketing will be part of your plan (website. advertisements. accounting. etc. newsletter. loss of pay. graphic designer. proofreaders. Start your research with the business. liability. cash flow.). Toastmasters. consultant. Create a Marketing Plan. billing. business and social networking. “Helping You and Your Business Grow" is a weekly HTML online newsletter containing business. car. business type. website designer. copyrights.Consultant E-mail: Maria@CoachMaria. banking. Practice describing the benefits of what you do in 30 seconds and 2 minutes (called verbal logo. forms.
. Puerto Rico and Guam. 1.Thinking About Starting A Business? Let’s Talk About What’s Next… Free Resources for New Business Owners Below is a list of time saving resources to help you start formalizing your new business.Consultant E-mail: Maria@CoachMaria. Web site also has templates and sample Business Plans. Consult phone books and web sites for local information. So you're ready to start your own business. Business Kit Publication # 454 includes an Employee Tax ID Form. classes they offer. • • © Copyright 2002 Maria Marsala — Business & Life Coach . • Internal Revenue Service (IRS) • • • • Web site www.com © (360) 598-3880 Page 10 . Enjoy this list as a guide as you "plant the seeds" for your new venture and enjoy the networking opportunities.treas. or additional contacts that would be helpful for you to add to this list. contains information on Business Tax Classes given in all 50 states. etc.be your own boss. Small Business Administration (SBA) • • • • Web site www. Request any free information and an order form for other publications. helpful publications.. Tell them what type of corporation you are thinking of becoming.gov Toll Free: (800)U-ASK-SBA.CoachMaria.sba.gov/prod/bus_info/sm_bus Toll Free: (800) 829 .3676.irs. how many employees. Contact your local office to find out where you can attend a free business owners tax class. so that they can send you other free.or are you? If you still have questions. Federal Agencies • U. STEP (Small Business Tax Education Program) Publication # 1057. Remember to ask about any mailing lists.S. below is a list of places offering free information that can assist you.. OK...com © Web: www.
800/634-0245 Cooperative Extension Service Offices.htm Census Department Consumer • • • Web site www. Service Corps of Retired Executives SCORE http://www.gov Toll free (888) 878 .org/. Order a Consumer's Resource Handbook. City/Town • Chamber of Commerce (search using your city and county name).org/ about/ag1.asp Rural Business Development Center.com/en/resources/ state_departments.agora-business-center.nbia.gov Call Customer Service at (301) 457 .Consultant E-mail: Maria@CoachMaria. Page 11 © Copyright 2002 Maria Marsala — Business & Life Coach .CoachMaria. Small Business Incubators National site: www.4100.pueblo. Meetings. • Consumer Information Center • • • • Web site: www. Continuing Education Classes.businessfinance. View their Small Business brochures on line. National Organization site: www. Your source for social.com © (360) 598-3880 . "The Small Business Resource Guide" at http://www. • • • • 3.com © Web: www.Thinking About Starting A Business? Let’s Talk About What’s Next… • • Request a free copy of IRS Publication 3207. 4.score.gsa.com/sbacd. Find the links to all State Departments at http://www.naag.activefilings.htm Small Business Technology Development Center: www.3256. com/business-information.census. State Agencies • • Attorney General's Office US. demographic and economic information. Business Seminars.org Colleges for Small Business Centers. 2.cfm Secretary of State and State Department of Revenue. County • • • Business Development Offices.
www.com .switchboard. too.com are just two of many online bookstores.com. Join an e-mail list. Ask the Librarians for information or advice.com. Libraries • • • • Many libraries have at least one free computer for patrons to use.Thinking About Starting A Business? Let’s Talk About What’s Next… • • • • • Professional Groups .com. yahoogroups. newsgroup or business newsletters www. are a few sites with phone and e-mail directories.Consultant E-mail: Maria@CoachMaria.. Remember. people ask them for advice. Check local newspapers for organizations to join or volunteer to be a speaker. www. ya know!!! © Copyright 2002 Maria Marsala — Business & Life Coach . 5.check phone books.smartgroups. www. too! Check bulletin boards for information.CoachMaria. Friends • If you do not tell the people you know you're looking for information or referrals.topica. 8. Search the web for bookstores.html Locate a Lawyer and start to develop a relationship. They're a great place to put your business card or brochure. www..com . www.activefilings.altavista.classmates. The Internet • Search the WEB using a variety of search engines or directories such as: www.yahoo.com . Tell them about your business.com • • • 6.. Develop a relationship with a Banker. 7. Interview CPA's Use this "Tips for Hiring a CPA" as a guide.coachmaria.www.com/articles/cpa.www.bn.com © Web: www.com.comlycos.www. Bookstores • • Bookstores give you a variety of great ideas. then they'll never know.excite.com.com Use the WEB to search for former colleagues and others to let them know about your business.com.com Incorporate your business on-line: http://www.amazon.com. four11.infospace. www. www.google.com © (360) 598-3880 Page 12 . www.
Other Business Owners • • • • Contact other business owners that you know. Start a referral book of local business owners. After all.Thinking About Starting A Business? Let’s Talk About What’s Next… 9. etc. referrals.com © Web: www.. but who work in a different state/region/county. and their business cards.. Do I hear lunch anyone? Ask for advice. Don't forget to contact owners who do the same work as you. to keep focused.CoachMaria. hire a coach! Request a free 30-minute interview/consultation session here! • Sponsored by ACTIVE FILINGS LLC © Copyright 2002 Maria Marsala — Business & Life Coach . to bounce ideas off of. they maybe more willing share their secrets of success with you!! For encouragement.com © (360) 598-3880 Page 13 .Consultant E-mail: Maria@CoachMaria. since they aren't the competition . Family Members • Let everyone in your family know you're starting a business.. and watch all the free advice come in! 10.
com Sponsored by ACTIVE FILINGS LLC © Copyright 2002 Maria Marsala — Business & Life Coach . To subscribe email: mariasplace-subscribe@topica. and Friends into Customers by Seth Godin. by Donna Fisher and Sandy Vilas Selling the Invisible: A Field Guide to Modern Marketing by Harry Beckwith The Portable Coach by Thomas Leonard (Attraction Principals) Guerrilla Marketing Books by Jay Levinson Permission Marketing: Turning Strangers Into Friends.com © (360) 598-3880 Page 14 . go to www. marketing. computer and life tips and resources. Power Networking: 55 Secrets for Personal & Professional Success.com/businessbooks. html ) • • • One Page Business Plan Book By Jim Horan Emyth Revisited by Michael Gerber Working From Home by the Edwards.CoachMaria. Don Peppers • • • • • “Helping You and Your Business Grow" is a weekly HTML online newsletter containing business.Thinking About Starting A Business? Let’s Talk About What’s Next… Recommended Book List (for more recommended business books.coachmaria.com © Web: www.Consultant E-mail: Maria@CoachMaria. internet.
The Company Makers http://www. somebody to be accountable to. Page 15 © Copyright 2002 Maria Marsala — Business & Life Coach . she enjoys working with computers and gardening. "Helping You and Your Business Grow". In both her professional and volunteer positions. Publisher Edition & E-book Design: Grupo Urbano New Media Corp http://www. to go "home" to New York City. or adding fun and focus to their life. When Maria is not coaching or writing or teaching. consulting. getting organized.Thinking About Starting A Business? Let’s Talk About What’s Next… About the Author Maria's Place for Holistic Evolution is an internationally known coaching. They want more from life—more fun. speaking and teaching firm. solid business foundation. a partner in personal or professional growth. more financial security—and they are willing to work hard and try new things to get there. Maria’s personal commitment and belief in the coaching process keep her motivated to help others succeed. mentor. She has seen the positive difference that focus and accountability make in her clients lives.net Sponsor This e-book is free for the users thanks to: Active Filings LLC. Founder. She has authored many articles and a bimonthly ezine. Maria uses her love of writing to reach people who need help building their business.activefilings. Let’s talk about What’s Next ? by Maria Marsala. skilled at hearing what people are not saying. Thinking About Starting A Business? is her 2nd ebook and with it she hopes to help her readers build a strong.com © Web: www. Many of her clients complete their business plans and increase their incomes within 90 days of working with Maria.Feb 2002. relaxing in her Washington home or driving across the country. Her clients describe her as a good listener.com Thinking About Starting a Business…. sounding board.com © (360) 598-3880 . 1st Edition . as well as in her own life through her relationship with her coach. more time.grupourbano.Consultant E-mail: Maria@CoachMaria. Also an avid writer and teacher. Whether through her writing or coaching. more energy. and she draws on this wealth of experience to help her clients to grow. the people who benefit most from Maria’s services are those who know they want to make changes in their life – personally or professionally—and would like a little guidance and accountability. Maria’s acted as teacher. Maria Marsala has blended her career as a Wall Street trader and manager with her love of community activism and her experience as a consultant to create Maria's Place.CoachMaria. and good at helping them look at things from other angles.
United States http://www.com ..com © (360) 598-3880 Page 16 ACTIVE FILINGS LLC .E. Incorporation Services in all 50 States 10651 N. Miami Shores.ActiveFilings.CoachMaria. 11th Court.Active Filings is Your Starting Point. FL 33138.com Phone 305-893-9870 .Thinking About Starting A Business? Let’s Talk About What’s Next… If the Sky is Your Limit… .Fax 305-402-2248 © Copyright 2002 Maria Marsala — Business & Life Coach .sales@activefilings.Consultant E-mail: Maria@CoachMaria.com © Web: www..
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