process of starting a business is
an exciting process, yet it involves so many questions!
sort of business do I start? Take a look at what interests
What are you good at and what do you love to do? The point
of starting a business is to do what you like.
This is your time to be creative, have fun, and
earn some money in the process. Think about your current
job, what do you love or hate about it, is this line of
work that you would like to continue in? If so, maybe look
at creative options to apply the same skills in your
donít need to quit your job to start the business; you
can try it part time, and see how much momentum you gain
with the venture.
you have figured out what you like to do, you need to get
an idea of whether this will work.
This is where business planning comes in.
Roll up your sleeves, grab a pen and paper, and
start writing. Whatís
your idea? What will you need to start the venture? What
will you charge? Most importantly, who is your customer
and what is the market need?
Once you have answered some of these basic questions, use
the Small Business Association site, http://www.sba.gov,
to download a business plan and to fill it out.
A business plan is a great way to assess the
positives and negatives of starting a business, it will
help flush out potential hurdles you may encounter or lead
you into a new approach into starting the business.
Make sure that you realistically assess the number
of employees you may need, the equipment and any other
overhead you may have.
that you have decided you have a feasible idea, you have
to figure out how to finance it.
Look into SBA loans, borrowing against your 401k,
or getting a contract and utilizing the money from that to
fund the venture.
are numerous other factors you need to look at before
starting your venture, such as minority 8(a) status. Many
South Asians overlook this, but it may allow eligibility
to a select portion of government or private work.
You can download the application and get more
information on 8(a) status from
You need to also think about how to register your
business and the question: Should I or should I not
you own a house, or have or investments that you would
like to protect? If
so, incorporating you business may be the answer for you.
If you are going to have a partner, you may want to
look at a Limited Liability Partnership or if you are
starting something that doesnít have a lot of legal
complications, you may want to keep it registered under
your name as a sole proprietor.
Taxes and the method of accounting to use is
another issue that you need to think about in starting
your own business. What type of bookkeeping methods should
you use and do these have any legal implications?
Review the Small Business Association site http://www.sba.gov
for additional resources.
have focused on the basics of starting a business.
Once you have it set-up correctly, you will need to
look at the Marketing, but that is for another article.
Marketing is the method in which you use to create
demand for your product.
Some basic methods are to utilize the web, print,
or promotions to stimulate demand. The process of starting
a business is a challenging one, but itís definitely
worth the personal satisfaction you gain.
The strengths and lessons that you gain from the
venture are oneís that you can apply to any endeavor you
take on again in life.
Saveeta Rampadarat, MBA, is currently working in
Advertising/Promotions for Sony Electronics.
Ms. Rampadarat had founded two companies.
Spin Marketing Consulting, a marketing strategy
company, where she worked with a range of consumer
products: Cosmetics, Childrenís, Jewelry, Retail,
Biotech and other categories.
Real time Unlimited, a promotions and brand
marketing company. Her
client list has included some of the following:
Best Buy, Columbia Tri-Star, Polydor, Sony Play
station, Island (Polygram Company), Margarita Ville
Records, New Line, MCA Nashville, Universal, Amblin
Entertainment, Mercury Records, No Limit Records,
Atlantic, Ruthless Records, Relativity, Elektra, MGM,
Paramount, 20th Century Fox, etc.
Contact Saveeta at firstname.lastname@example.org