So, you're thinking of going into business for yourself. You have several options available, and all involve some degree of risk. Do you want to create a start-up operation? Perhaps you are planning on buying an existing business. Or, you may be considering the purchase of a franchise operation. 

What is it?

Naming your business or product is an important marketing decision. The name you choose will position your business or product in people's minds, affect the image you project, and have a major impact on your success.

What is an entity?

To start a business, you must first decide what form your business will take — in other words, you must choose an entity. You, the business owner, create the entity. You give the entity its existence and its name. It may live independently of you.

What is it?

A sole proprietorship (SP) is a type of business entity unlike all other business entities in that it is not considered separate from its owner (the sole proprietor). Rather, the SP is regarded as an extension of the sole proprietor. Both combine to form one entity. 

Discover the key differences between LLCs, LLPs, and Professional Corporations with our easy-to-understand comparison guide. Learn which business structure best suits your needs, protecting your assets while optimizing your business’s growth and legal benefits.

Explore how C Corporations, LLCs, and LLPs protect your personal assets by creating a legal separation between your personal finances and business liabilities. Our guide breaks down each structure’s unique safeguards, helping you choose the right protection for your business.

What is a business plan?

Essentially, a business plan is the management and financial blueprint of your company. It is meant to serve as both your business guide and as a tool to help you attract investors. The plan should be comprehensive yet concise.

Why should you research the competition? It's better to know what you're up against. Experienced runners try to avoid looking back so they won't see the competition gaining on them. As a prospective business owner, however, it's better to know what you're up against. 

You've written your business plan, you're excited about your business idea, and now it's time to get started. One problem: You don't have the financing to fully realize your dream. What are your options? Aside from using your own funds and borrowing from friends and family, there are numerous routes that you can take, and each has its advantages and disadvantages. 

Why finance?

An important ingredient to a successful business is adequate financing (capital). The failure to acquire adequate financing often determines whether a business can get off the ground, not to mention whether it can sustain itself after it does. So how much financing do you need and how do you get it? 

What is business insurance?

As you would expect, business insurance includes policies of insurance (such as fire insurance) procured by your business to protect its physical assets. It also includes various forms of liability insurance similar to what you might have for your home and personal vehicle.

If you work in a business you own, you may be able to increase your take-home dollars by carefully planning how you compensate yourself. If you're like most owner-employees, you want to get the most out of your company, and that often means minimizing the amount you give to taxing authorities.

What is it?

If you would like to work for yourself but would rather not start your own business, then purchasing a franchise might be a solution. Though far from simple, franchising permits you, the franchisee, to own a business with both a proven method of operation and a familiar name and trademark.

What are the advantages of working at home? Imagine rolling out of bed on a cold winter day, and with your hair still disheveled, slipping on your slippers. You get a cup of steaming hot chocolate loaded with marshmallows and stroll into your office, which is located next to your bedroom. Sounds enticing, doesn't it? Well, for many people this is work. And this is one of its advantages.

What is business insurance?

As you would expect, business insurance includes policies of insurance (such as fire insurance) procured by your business to protect its physical assets. It also includes various forms of liability insurance similar to what you might have for your home and personal vehicle.

Many businesses start small, begun by people seeking the exciting and potentially rewarding experience of "being their own boss" while doing something they enjoy. If you're thinking about starting your own business, you'll need a sound plan, a little creativity, personal dedication, and probably some form of financial investment.