Speak to any successful business owner or entrepreneur who created a business, and there is a compelling uniformity in the words they choose: “commitment”, “persistence” “determination, “flexibility”, “hard work”. The words leave little doubt in the minds of the observers that it takes commitment with a capital ‘C’ to succeed in business. Obstacles, hurdles, changes, lack of resources, misadventures, and unforeseen circumstances, the unknowns and sheer bad luck are all par the course for a business owner, especially in the earlier, formative years.
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Several people I know have recently decided to start to their own business and have been asking me the same question:

Should I start a business?
How do I know if I am making the right decision?

Well I will start by saying starting a business is tough stuff and it can be even tougher in today’s world.

One of my passions is business and I LOVE fellow entrepreneurs. So I will share my thoughts and on whether you should leap into entrepreneurship.
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There are a couple benefits of forming a limited liability company. An LLC is a business structure that allows for personal protection for the owner’s business debts. It is a similar structure to an S-corporation except that an LLC does not have to pay a corporate tax. Instead, an LLC acts as a pass-through entity, so the owner files business profits and losses on their personal income tax.

The steps to forming an LLC include:

1. Choose a name that has not been already taken an that will comply with your state’s LLC name rules;

2. File your Articles of Organization with the appropriate state office, usually the Secretary of State, and pay the required filing fees, which range from $100 to $800 depending on the state. In most states the office of the Secretary of State has the Articles of Organization already written for you, all you have to do is fill in your specific information;

3. Draft your LLC’s Operating Agreement, similar to a corporation’s bylaws. The Operation Agreement is a document that spells out the LLC member’s roles and responsibilities. You can find other LLCs Operating Agreements online and use them as a template for your own;

4. In some states it is required that you make an LLC’s existence publicly known. You can do this by taking out an ad in your local paper with your intent to form an LLC and with your registered LLC name;

When those steps are completed you have successfully formed your Limited Liability Company. Now you need to secure the proper business permits and licenses, like a business license, zoning permits, and a federal employer ID number.

And now you can start operating your new Limited Liability Company.

When I started my business I made simple mistakes I didn’t have to make because I was to proud or afraid to ask questions and seek help. First there no dumb questions and being afraid is OK but use it to your advantage. Use fear as a motivator not a stumbling block. Read over this list of mistakes, try not to make them, lace up your boots and GO FOR IT!

1. Trying to do things on your own.

You need to have an understanding of what abilities you offer and what type of people you need to place around you. Your not doing yourself any favors by trying to do a task you don’t enjoy doing. For example, your not good at selling then you need to find a salesperson to help you. Concentrate on your strenghths in your business and surround yourself with the right complementary personnel and your business will run much smoother.

2. Starting up without enough money.

This mistake is very common with new business. This is why most shut down when the owners money runs out. Cash is king in any new start up business and you need to be ready for that. One way is to start on a part-time basis to see how things go. Another way is to convince investors to help you or invest some capital in yourself.

3. Starting your business just for the money.

If you want your business to be a success you truly need to love it. By all means money is important but it may take a while before you see a profit. If you don’t really like what your doing you won’t last long. Try not to fall into FAD traps, make sure you’re doing something you love to help you stay motivated.

4. Lasting to year one, and past the second year.

When you don’t start a business from your heart chances are you won’t make it out of your first year. When you start without doing your homework and preparing you’ll usually run out of money and shut down very quickly. It usually takes about three years to get your business going. You really need to keep at it once the year one excitement wears off and know that your money is coming if you don’t give up.

5. Losing valuable momentum.

Most new entrepreneurs start out with a bang handing out fliers, business cards buying a website and then after a few months completely stop. Always remember it takes time to develop your business and get people used to what you have to offer. Make sure that you do something everyday no matter how big or small to move your company forward. Never lose momentum.

6. Set your mind to Survival.

Survival is what starting a business is all about. At first this may mean doing things you don’t want to do, but it helps pay a bill or two. You need to do what it takes to survive until your business starts to support itself.

7. Waiting to long to hire.

You should always consider what personnel you can bring aboard to help your business succeed. You have to assign certain things to other people in your organization so you can concentrate on other aspects. Even if you have no money you can still find people like high school students to help you. When you do get a budget bring people in slowly for an hour or two a day. Spend the bulk of your time developing your business.

8. Ignoring your community.

Many opportunities are brought about by connecting with other young entrepreneurs and finding out what they’re doing and how you can help them out. This way you can make new business contacts, partners, ideas etc. for your company. You could possibly cut years off your learning curve.

9. Don’t build around a customer.

As a beginning entrepreneur the best way to make money is to find a person with a problem and help them solve it. Talk to potential customers, find out what interests them, identify who has the money and what their problem is and then create a product or service for them.

10. Not seeking mentors.

One of the best ways to get your business off the ground is to find out what other people have done to be successful and implementing that strategy into your business. Find mentors who have knowledge of your business and are willing to help you. If you approach the right people and show a genuine appreciation the advice you get will help your business be a success.