ForumsStarting a Business

There is always a method to the madness. Going into business requires a bit of planning.

First of all, determine what your legal form of business will be. You can start with a sole proprietorship but accounting figure you will move into some other form to limit your liability soon. Most states allow you to create an LLC yourself at minimal cost.

Then, decide who your target market is comprised of...who they are, what problems they have, where they hang out, etc. The narrower the niche, the more likely you are to succeed. It seems contrary to common sense, but it is true.

Then determine what you provide to solve their problems. That is, define the services you provide and how you provide them. Read the Purple Cow by Seth Godin to give some good ideas of how to make yourself different from all the other people offering the accounting/bookkeeping services.

Third, figure out who your competitors are and then what they are doing (well or not) to make sure that you are a different kind of service, one that stands out.

Start networking like mad. Find local groups that you can attend meetings with and join them. It is all about making connections and building a KLT factor (know, like, trust).

Make a plan for yourself. Be like Tom Watson and start with a picture of what you want the business to look like when it is done.

Sorry, but this is only scratching the surface of how to begin a business. Perhaps you should consider finding a mentor.

Good luck.

That's funny Odgrell!

That guy is SO TOS'd!

Hi Danycount9. Real brief. I am 48 years old. Owned a small finance business on Wall St for 18 years ( just recently closed it ) and am in the process of researching other businesses to purchase.

I have limited college credits and have been using Quickbooks I would have to say since 1997. My firm had accountants and lawyers but I became so well versed at using quickbooks, I saved a lot of expense by handling 95 % of the accounting work myself and then pretty much handed the file over to my accountant to review for accuracy and then file any quarterly reports with the IRS, State, City and two major Stock Exchanges. Very rarely did he come back and tell me to make adjustments.

Point being.........Quickbooks is very user friendly and if someone like me with no college degree and no accounting background can learn it relatively fast, then certainly you should be able to also.

Good luck in your future endeavors.

Business Intelligence (BI)

Fraud Investigator for major banks

Forensic Accountant Entry level- Which if you find this job they may pay for some school or for continuing education.

Human Resources

Possiblilities are really endless when you think of broad terms. Dont just think about what you do as accounting. You are also very good with numbers and that is very valuable to most companies.

This is an unusual position for me to take, after being in business my entire life until I retired.

But, IMHO, I suggest that you conservatively invest your 6,000 for now, and concentrate on finishing your education, taking business courses along with your accounting courses.

Then, after you get your degree (MBA, if possible), and have "learned where the bath room is". Begin pursuing your career, or business interests.

As the bible tells us: "No man can serve two masters, for he will love one and despise the other." So it would probably be with you if you attempt to divide your attentions between your education and an business. And with 6,000 investeed, I think I know where your priority would be.

(Don't bother to exemplify Bill Gates. For every one of him, there 100 others you never hear about.)