More of your financial questions are being answered. If you have ever wanted to start a business, but weren’t sure how, then the answer for today’s edition of Ask Ash Cash may be of some help.
Dear Ash Cash:
I currently work a city job in downtown Baltimore but I’m interested in starting my own business. Where do I start and how can I do it successfully?
– Jerrod E (Baltimore, MD)
A: If this were a classroom and I asked how many people have a “side hustle,” I can guarantee that almost everyone would raise their hands.
When I say “side hustle” I mean something that you love doing that gives you extra money, but is not your main source of income. It can be DJing, Promoting parties, your Hip-Hop blog, or selling your mixtapes on the weekend. We all have our “side hustles” and if this were a perfect world our “side hustle” would be the main. But why isnâ€™t it?
Starting a business is not an easy task but with the right preparation, dedication, and focus you can free yourself of that dreaded job you hate so much. All action isnâ€™t created equal, so itâ€™s important that you follow certain steps so that you can increase the chances of your endeavor being successful. Starting a business should be done in an effective way instead of just doing it for the sake of just doing it.
The following are a few steps to take in order to start a business effectively:
1. Find time – First you need to put aside at least two to three hours
a day to focus on your business. No matter how crazy you may think your life is, I can guarantee you that with proper time management you can find two to three hours.
2. Set goals – Once you’ve flushed out all of your ideas and have come
up with a strategy to execute them, make sure you set goals for you and your business so that you have something to be held accountable to.
Make sure that your goals are S.M.A.R.T., which stands for Specific – Measurable – Achievable – Realistic – & Time bound. They should also be broken up into short and long term.
3. Take care of the legal and administrative stuff – Now that you know where you’re going and how you’re going to get there, you have to search for and create a business name.
Once you find an available name go to either DreamHost.com or GoDaddy.com to register it and create your website. Complete forms on LegalZoom.com or WeThePeople.com to legally set up your business as a sole proprietorship, Corporation, LLC, DBA, or LLP. Lastly, you need to go to the IRS and get a Federal Tax ID number. Itâ€™s free and you can print it out in seconds by visiting IRS.gov.
4. Learn more about your business – There’s never a such thing as too much knowledge. Whenever you have some free time, preferably on the weekends make sure you are taking online classes, workshops, and seminars, pertaining to your business.
5. Launch and spread the word – Now you’re ready to start making some money! Once you launch your business, its imperative that you tell your friends, family, co-workers, church congregation, classmates, strangers and whoever else you run across.
6. Stay focused and committed – Now that you’re officially a business
owner, you have to remember one thing: not all days are going to be the same. Some days business is going to be great and others not so great. The important thing is to work your plan and stay committed to your success.
Congratulation! You are truly a boss! Keep grinding and make those dreams become reality! Again, NOTHING CAN STOP YOU!
THE WORLD IS YOURS!
If you have any financial questions for Mr. Cash, please email him at AskAshCash@FreesWorld.com.