Where do I start? who do I contact and how do I go about it?

Question

I'm going to retire in a few months and want to start my own business,where do I start? money is tight and won't be able to pay very much to get started. I have a very clever idea on a product I'm interested in selling,but don't know how,who to contact to get started. Any help will be greatly appreciated. Thanks

Answer 1

Hi Envy,

   That sounds wonderful and I am happy to see that you are retiring. How does it feel? :) There are a few things that you can do to get yourself off the ground. If it's start up cost your worried about maybe you should build up some capital first and then move on from there. My advice to you is do what you love and not what "makes the most money". You are retired now so you should do something easy and relaxing and not more of a headache. Take care of yourself :)

Answer 2

Hello, Congratulations on retirement and your new venture. You definitely want some liability protection, dint risk your retirement you've worked so hard for. The other response advised you to visit a notary public and file, although the idea is right notaries don't generally form corps or llcs. ( It will also cost a bit more than 20-30 dollars most likely)

You can file it with the state yourself or use a service (filing company or attorney) It still should not cost much. And you really want and in most cases must have liability insurance. (also inexpensive)

I would suggest you go to  www.about-small-business.com   and read  the site pages first it has some very basic and simple info that should prove very helpful.

Really don't risk it as a sole proprietor, its to easy to form an entity.  

Answer 3

Go to score.org and in the upper left hand corner, enter your zip code. On the next screen, you will find the SCORE chapter nearest you. Call them and arrange for a free meeting with a SCORE counselor.

SCORE "Counselors to America's Small Business" is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

SCORE was founded in 1964 and is headquartered in Herndon, VA and Washington, DC and has 389 chapters throughout the United States and its territories, with 11,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.  SCORE is America's premier source of free and confidential small business advice for entrepreneurs.

Answer 4

Go to your local notary public and get incorporated should only cost $20 to $50, you would likely want to go with LLC (limited liability corporation) you will need to file that paperwork with local and state government.  Depending on the nature of your business you should call an insurance agent and discuss your plans.  You should definitely get some type of liability insurance, especially depending on what assets you will put in the name of your corporation.  If your product or service is especially unique, or if you have a special "spin" or addition/change to an existing product/service you will also want to do a patent or copyright, or other liscensing.