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Do I have what it takes to own/manage a small business?
You will be your own most important employee, so an objective appraisal of your strengths and weaknesses is essential. Some questions to ask yourself are:
- Am I a self-starter?
- How well do I get along with a variety of personalities?
- How good am I at making decisions?
- Do I have the physical and emotional stamina to run a business?
- How well do I plan and organize?
- Are my attitudes and drive strong enough to maintain motivation?
- Can I afford to start a business?
- How will the business affect my family and are they supportive of the time and financial commitments?
Think of the four entrepreneurial Cs: Control of your time and income; Creativity in your profession; Cash - the possibility to create more than a paycheck; Challenges - you must like them. If you can say yes to these AND you are willing to withstand risk and possible failure, you have what it takes.
How do I convert from a Sole Proprietor to LLC
To change from a sole proprietorship to an LLC you will need to first register the LLC with the Idaho Secretary of State. Then you will need to transfer licenses and permits to your new LLC and there are details included in that process: taxes, state requirements, and separation of personal property. As an LLC, you must maintain separation between business and personal finances. If you have employees, you will need to transfer your withholding and unemployment accounts to the LLC. The Small Business Development Center can refer you to attorneys and CPAs that can assist you.
I need to reinvent my business, how can you help?
One needs to look no further than the newspaper industry today to realize that even the most notable of business models needs to reinvent to survive. Successful companies find ways to make industry change their catalyst for growth. Reinvent your company and plan for change by understanding your industry and the direction it is headed, your business assets, core competencies and strengths. With that knowledge, you can build a toolkit that will reinvent the way you do business. If you haven’t already, apply to work with an SBDC business advisor for free to guide you through this next step of your business stage.
How can you help me grow my business?
We have several tools to help you identify new customer segments and revenue streams and we can also help you reduce costs and increase efficiency. We use the Business Model Canvas, Lean Launchpad, Profit Mastery, Reference USA and various databases to help you develop a growth plan.