So, you've decided to start a business - control your own destiny - be a woman of substance, a woman entrepreneur - what should you do first? 
First, please ask yourself this very important question: Are you prepared to be an entrepreneur or an entrepreneur-wannabe? The difference is simple: a woman entrepreneur has a strong desire for autonomy. She is a self-starter and highly motivated to succeed regardless of what others think or how often she might fail. She understands that being the boss requires the ability to see how everything relates to each other and is willing to work tirelessly to make sure that every decision moves her business to profitability.
A woman entrepreneur-wannabe wants to call her own shots in her work-life and get permission to turn her hobby into a business and make a life not a living.
If the first description sounds like you then you are ready for step two.
To be an entrepreneur you have to start a business and you have to know something about the business you want to start. Many entrepreneurs start businesses doing what they have been doing for someone else - just doing it on their own and becoming responsible for the work as well as the business generating the work. If you have chosen this way to go into business ask yourself if you clearly understand what it costs for the business to operate in order for the work clients need to get down. In other words, YES, write a brief business plan.
A business plan will map out what people and expenses are necessary to provide the work and/or product that you want to offer (sell). Until you know this number you will have a difficult time pricing your service and/or product. Don't make the mistake that many entrepreneurs make and price your service and/or product at what you think your prospects will pay. More than likely, that price will NOT be a price at which you can make a profit.
Yes, I said a profit! On day one you must prove that you can make a profit in your business by selling your product and/or service or you will immediately put yourself into the entrepreneur-wannabe category.
Don't forget that starting a business means YOU have become a business investor. You have invested in a business with your time, energy, money and most likely life's blood. You just happen to be the owner of that business. So, ask yourself NOW: would you invest your time, money and energy in a business that doesn't make any profit?
Now that I have your attention and, if you are still reading, you are ready and willing to do what it takes to be a woman entrepreneur - let's really get started.
After writing a brief business plan mapping out what the business will do, who it will do it for and where the prospects for the business are, you are ready to choose a name for your company. A name will eventually become a brand and hopefully a money maker. Make sure the name you choose has a url available. For example, there is no sense naming your company ABC if you can't get the abc.com web address. The name also should be available in the USPTO (US Patent Trademark Office) since you will likely patent or trademark it at some time.
Next, register your business name with your state and/or incorporate. You can find great information about incorporation here http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/choose-your-business-stru - the SBA (Small Business Administration is very helpful in getting entrepreneurs started and it is all FREE.
It's now time to open a business checking account with the bank that you want to do business with. Shop around and see what bank wants to establish a relationship with you and your business. Business success is often built by creating strong business partnerships with professionals that will be there for you and your business when you need it. The earlier you start making these relationships the better chance you have depending on them.
With your business just beginning it is time keep adequate records so that you will be able to get the most deductions possible when tax time rolls around. Don't forget you must keep every receipt, sales slip, invoice, deposit slip, cancelled check (not necessary if you are doing online banking and dont receive them back). While you are building your business your expenses will be more than your income, but that is expected. It is important to determine which expenses are startup costs and which are monthly, quarterly or yearly and will occur regularly in order to operate your business. This is when reviewing your business plan and how you planned on spending is helpful to getting you profitable.
The most important question woman entrepreneurs ask me is; "When should I expect to start making money?" Of course, if I could answer this question I would be psychic not a business coach. But, I generally suggest that every entrepreneur plan to see a profit in her second year. If you are able to make it in year one - congratulate yourself -- not many do. But, if by year three you are still running a deficit it is time to rethink the business or at least the business model.
Women entrepreneurs continue to thrive around the world and it is all about taking one step at a time and believing we have what it takes to succeed.
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Date/Time
• Location
• Amount
• Business Purpose
• Business Relationship
Keeping adequate records not only helps you get the most deductions come tax time, but it’s required by law. No matter what your system, file folders, accordian files, plastic baggies, make sure you are keeping accurate records and filing them appropriately.
You must keep:
• Receipts
• Sales Slips
• Invoices
• Bank Deposit Slips
• Cancelled Checks
• Other documents to substantiate
• income
• deductions
• credits
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Date/Time
• Location
• Amount
• Business Purpose
• Business Relationship
Keeping adequate records not only helps you get the most deductions come tax time, but it’s required by law. No matter what your system, file folders, accordian files, plastic baggies, make sure you are keeping accurate records and filing them appropriately.
You must keep:
• Receipts
• Sales Slips
• Invoices
• Bank Deposit Slips
• Cancelled Checks
• Other documents to substantiate
• income
• deductions
• credits
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Date/Time
• Location
• Amount
• Business Purpose
• Business Relationship
Keeping adequate records not only helps you get the most deductions come tax time, but it’s required by law. No matter what your system, file folders, accordian files, plastic baggies, make sure you are keeping accurate records and filing them appropriately.
You must keep:
• Receipts
• Sales Slips
• Invoices
• Bank Deposit Slips
• Cancelled Checks
• Other documents to substantiate
• income
• deductions
• credits
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Date/Time
• Location
• Amount
• Business Purpose
• Business Relationship
Keeping adequate records not only helps you get the most deductions come tax time, but it’s required by law. No matter what your system, file folders, accordian files, plastic baggies, make sure you are keeping accurate records and filing them appropriately.
You must keep:
• Receipts
• Sales Slips
• Invoices
• Bank Deposit Slips
• Cancelled Checks
• Other documents to substantiate
• income
• deductions
• credits
Keep a notepad in your purse, car or briefcase to log your mileage to and from client meetings, business lunches or dinners, business gift expenses and receipts for all.
• Date/Time
• Location
• Amount
• Business Purpose
• Business Relationship