Start Up Requirements

“Location, location, location” was the mantra for business in the ‘80’s and maybe it still is for retail and restaurants, but I wouldn’t recommend either unless you have a great deal of experience and money to get you through the start-up phase. Less than one in thirty restaurants make it beyond the first two years. Investing in retail a store requires four times more than the average annual sales volume. Both types businesses require a seven day work week, employing minimum wage employees and they have the highest rate of employee theft of any business. What amazes me is that after knowing this, there are still so many people who risk everything they have to start these businesses.

Make sure to get a second phone line or a cell phone so that you can keep your business calls separate from your personal calls. You’ll find that your privacy is extremely important and that your clients forget that you aren’t available 24/7.

Go to your bank, or if you have access to a credit union and open a business account. Credit unions are always better because they are non-profit, so you’ll get to keep more of your money.

You’ll need business cards. That’s the most practical means of letting people know how to get in touch with you. You might start out with a simple card, many online print shops offer free business cards with their company name imprinted on the back. It doesn’t matter what you start out with, as long as the cards look professional.

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