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mgcchkn

posts: 3

Aug 08, 2007 12:24 AM ET    Quote  Report Abuse
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Hey there SuN community.

I`m new to the thought of wanting to start my own business.  Been working for a public company in the Internet industry for the past 9 years and am on the verge of being downsized (not 100% sure yet), so I thought I`d look into starting something for myself.  And if I don`t get downsized at least I`d possibly have a second income.

I live in California and have absolutely no idea where to even start.  I am most afraid of the tax aspects of doing my own thing, especially since I can`t afford an accountant.  Not even sure what I would want to do yet either.   Just throwing the idea around in my head.

Anyway, just saying hi.

Eric (aka Magic Chicken)

CraigL

posts: 9051

Aug 08, 2007 2:25 AM ET    Quote  Report Abuse
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Hi Eric, welcome to the boards. :-)

You`re actually a representative of a tidal wave about to come into play in our historic times. Countless people are reading the writing on the wall, seeing that there isn`t anymore a "secure" future found in working for an employer.

Pretty much everyone has heard of the growing small business sector, and we have a lot of information from history books about the pioneer days, cottage industry, and the self-made people of the past.

America was founded on the principle of free enterprise, and the capacity to make of oneself whatever one might accomplish. AND to keep the fruits of one`s own labor. And so, many people are entertaining the notion of "maybe soon" starting their own business.

The desire and environment for starting a single-owner venture isn`t slowing down. In fact, it`s just a tiny trickle, right now, in comparison to what will happen when the floodgates open and starting a business becomes a "fad."

By that, I mean when the corporations start cracking, and outsourcing becomes even bigger than it is. "Fad" in the sense that people are talking about it on the streets, and everywhere. It becomes "the next thing," so to speak.

My advice is to listen to your intuition! It almost routinely takes two years to go from the first inspiration to making enough money that you`re willing to call what you`re doing a business. Then it takes more time to make enough to replace an employment wage or salary.

Even though so many domains are taken, this is still the "frontier." It`s the Wild West, in that not much has come under government regulation. That`s coming too, with taxes, constraints, and an attempt to grab as much money as possible from the last remaining growth sector of the economy.

Get into it now. Don`t just mess around with a maybe-kinda-I-dunno vague thought that someday things might have to change. Things ARE going to change, and in the not-too-distant future.

Figure out what you enjoy doing, what you`re good at doing, what you`re skilled at doing. Then figure out how you can interest other people in either buying that or trading (bartering) for it. I`d suggest you try to find something tangible, as it`s easier than selling an intangible like a service.

Modern life has become filled with people who move paper around, and believe they`re actually doing something. But real life involves actually doing something necessary. We`re coming to a time where there won`t be room for people to make money doing nothing. So figure out something that has a real value, then work out how you could get involved in starting to sell it.
CraigL2007-8-8 2:28:19
greatmanagement

posts: 269

Aug 08, 2007 7:01 AM ET    Quote  Report Abuse
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Hi Eric,

welcome to SUN.

What`s your passion?

Oh and enjoy your journey here at SUN!

Keep us posted on your thoughts.

Andrew

ToddF

posts: 261

Aug 08, 2007 9:26 AM ET    Quote  Report Abuse
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What ever you do DON`T GIVE UP on your dream. Taxes are easy when your self employed it`s when you start adding in employees and a brick and motor shop, thats when I suggest getting an accountant.

Oh and Welcome to the site!



-------------------------

He who gets greedy like a pig, gets slaughtered like a hog!
CFOtoGo

posts: 67

Aug 08, 2007 2:42 PM ET    Quote  Report Abuse
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Being a tax person, I may be a little biased,  but unless you are willing to spend a fair amount of time educating yourself on taxes, you do need a tax person. In many cased they can save you money. I`ve been doing small business taxes for about 18 years now, and I find that many "do-it-yourselfers" are not taking all the deductions they are entitled to.  They may not know about the deductions, or they are afraid to take them because they are an "audit flag".   The computer programs you can buy are better than nothing, but they are not as good as a sharp tax person. 

At the very least, keep great records and all your reciepts, read some books on taxes, ("What the IRS Doesn`t Want You To Know" is a good one) and pay for a one time consultation.  That will get you started in the right direction.

Good luck! Self -employment is great. Spend some time on this site, there is an amazing amount of excellent information. Find your passion, and Go For It!

 

 

tikki50

posts: 93

Aug 09, 2007 8:57 AM ET    Quote  Report Abuse
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welcome!
Nuevolution

posts: 1223

Aug 09, 2007 1:34 PM ET    Quote  Report Abuse
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Where in California do you live?

-------------------------

Edgar Monroy
Web Developer / Owner / Consultant
When starting your own business the need to "know-how" is greater than money!
http://www.nuevolution.net
mgcchkn

posts: 3

Aug 09, 2007 5:53 PM ET    Quote  Report Abuse
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Where in California do you live?

A couple hours north of you up in Bakersfield.

Nuevolution

posts: 1223

Aug 09, 2007 8:32 PM ET    Quote  Report Abuse
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Well that would be close to Selma or Salinas correct? or more on the 99 fwy?

-------------------------

Edgar Monroy
Web Developer / Owner / Consultant
When starting your own business the need to "know-how" is greater than money!
http://www.nuevolution.net
mgcchkn

posts: 3

Aug 09, 2007 9:25 PM ET    Quote  Report Abuse
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it`s on the 99.  about 20 miles north of the 99/5 split.

http://maps.yahoo.com/#mvt=h&q2=Bakersfield,%20CA&q1 =Monrovia,%20CA&trf=0&lon=-118.510895&lat=34.759 666&mag=9

 

mgcchkn2007-8-9 21:42:16
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