“You have got to be…”
Her friends and family thought Kris Price had lost her mind when she sold her house and left a successful 23-year career with Nike, Inc. to launch her own business. But after four years of hard work and research, Business Plan Pro customer Price achieved her dream in June 2002, by […]

If you want to work for yourself, but don’t have a particular business in mind, you’re probably wondering what kind of business you should start. Fortunately, the answer is always the same: start a venture you know intimately.
Know the ins and outs of the business
Don’t fall into the trap of starting a particular business just […]

By now, you’re probably familiar with the advantages of running your business as an LLC: limited liability protection and a simpler method of paying taxes than that imposed on corporations. (To learn more about these benefits, read LLC Basics.) This article focuses on the steps you will take to make your LLC a legal reality. […]

Forming a nonprofit corporation is much like creating a regular corporation, except that nonprofits have to take the extra steps of applying for tax-exempt status with the IRS and their state tax division. Here is what you need to do:

Obtain nonprofit materials from your state’s corporate filing office.
Choose an available business name that meets the […]

If you’ve decided to create a corporation, you’re facing a list of important — but manageable — tasks. Here’s what you must do:

Choose an available business name that complies with your state’s corporation rules.
Appoint the initial directors of your corporation.
File formal paperwork, usually called “articles of incorporation,” and pay a filing fee that ranges from […]

Developing your sales forecast isn’t as hard as most people think. Think of your sales forecast as an educated guess. Forecasting takes good working knowledge of your business, which is much more important than advanced degrees or complex mathematics. It is much more art than science.
Whether you have business training or not, don’t think you […]

How do you estimate specific costs for a new business? How do you predict expenses? Normally you need some experience. If you have no idea, then you might think again about starting this business. Maybe your team should add somebody who does have experience, and can make estimates. Here is why.
In the real world, there […]

Forecasting is usually easier when you break your forecast down into components. As an example, consider a forecast that simply projects $1,000 in sales for the month, compared to one that projects 100 units at $10 each for the month. In the second case, when the forecast is price x units, as soon as you […]

How do you transition from employment to self-employed entrepreneur without losing your shirt? That is a fundamental question. If the business you want to start allows it—not all of them do—many people test the waters first by starting the business with limited funds in their spare time. Consider this option: ask yourself whether you could […]

Businesses spend money before they ever open their doors. Start-up expenses are those expenses incurred before the business is running. Many people underestimate start-up costs and start their business in a haphazard, unplanned way. This can work… but is usually a harder way to do it. Customers are wary of brand new businesses with makeshift […]