After years of working for other people, do you find yourself daydreaming of owning your own business? Are you secretly harboring a fantastic idea that you just know would bring in the big bucks? If you answered yes to either of these questions, then you’re ready to start your own business. However, you are probably wondering how one starts such an endeavor. You do not need to be a corporate whiz to succeed, and with a little help from DRDA business consultants and the BORSA Plan, you will be well on your way.  If you are currently clueless as to how to get your business off the ground, here are some of the pivotal steps to get you going:

Step 1: Choose the Right Business

Whether or not you have a specific product to push or just like the idea of entrepreneurship, you need to determine the type of business you want to go into. Pick something that you will be passionate about.  Why do all the start-up work for nothing?  Create a pro and con list to clearly weigh the costs involved, not only financially, but to your personal life as well. 

Step 2: How to Finance Your Business

When starting up a business, there are so many things to take into consideration, with the most important being funding. Determining which financing options will meet your short-term and long-term needs is essential. Perhaps you have holdings in a 401(k) pension plan, profit sharing 401(k), a 403(b), 457, or IRA rollover, which you would like to apply toward your start-up business. Normally, withdrawing from such funds will land you with major penalties, but through the BORSA plan, managed by Suzy Granger and her team at DRDA/CPAs, you can access your money without incurring early withdrawal taxation.

Another option is an SBA loan.  The SBA is not a direct provider of loans, but a guarantor that lowers the risk to lenders providing small business loans. They have several viable programs designed to assist you in getting the capital you need to start your business. By combining an SBA loan with the BORSA plan, you will benefit from the best financing option available.

Step 3: Writing a Business Plan

In order to define your objective, you will need to write a business plan, which can seem a little intimidating.  It is, however, an essential step to achieving your goals. Failing to plan can mean failing to succeed. There are many avenues available to assist you in crafting a plan, but here are some of the basic elements that need to be covered:

• Summary of Goals
• Business Description
• Finances and Insurance
• Marketing Strategies
• Operation and Management

Now that you have a basic idea of how to set up your new business, you are on your way to success! To learn more about the BORSA plan and how it can help you, contact Suzy Granger at 281-954-6023 or visit the DRDA/CPAs website at www.drdacpa.com. To learn more start-up tips, stay tuned for Part 2 of this series.