UlTImATE SUccESS GUIdEIf you pick a name other than your own personal name, you will have to
register it at a cost of about $25. This will assure that no one else is do-
ing business under the same name, and to protect the name for yourself.
You don’t even need a lawyer. You can call the appropriate government
office in your city/state yourself.
Remember the great philosophical principle, “If you build it, they will
come.”
Nature abhors a vacuum, and strives to fill it. If you take the steps to
start your own company, even if you are not sure what business you are
going into, you will create a natural vacuum in your personal universe.
By some strange principle, business opportunities will begin emerging
to fill that vacuum. Your business life will begin to change.
If you have a clear idea of the kind of business that you want to start,
that is even better. But the very act of starting your own company and
opening a bank account for it will cause things to happen in your life
that you cannot today imagine. You will create a force field of magne-
tism that will begin attracting people and opportunities to you to make
your business a successful enterprise.
stARt sMAllIn starting your own business for the first time, it is better not to incor-
porate at the beginning. If you create a corporation, which can cost you
several hundred dollars, there are definite disadvantages for the first-
time entrepreneur. These have to do with revenues, losses and taxes.
With a sole proprietorship, you can deduct everything you invest in your
business to get it going against your current income. But with a corpora-
tion, you can only deduct losses against profits in the company. Since
you will not have profits at the beginning, you will have nothing to de-
duct your expenses from. You will be unable to deduct them from your
taxes, thereby making them twice as expensive. It is best to use a sole
proprietorship, or perhaps an S corporation when you begin, so that all
income and losses can be deducted from your personal income.
seleCtIng A BUsInessHow do you select a business to start or go into? There are a hundred
different ways. But the most important determinant of all is that you get