Hello there,Planning a budget is a starting point. You will need a full business plan.After that, you should cover all of these points: Set up your suppliers. Set up your marketing/ distribution chain. Do you have all the permits (city, county, state and federal) that will be required of this type of business. Do you have your state and federal taxpayer id numbers. If you will be handling sales tax, do you have your account set up with the state. If you have employees, are you set up for handling the federal and state employment taxes. What bank do you plan to use as your depository for the federal payroll taxes. Have you checked to make certain that particular bank does perform that service. Do you have your account set up with your state unemployment department. Have you obtained your business liability insurance with sufficient coverage to protect you against the risks. Have you obtained your workman s comp. insurance. Will you be operating as a business entity, such as a corporation or limited liability company. to give you some limit to your financial exposure. If not, are you certain you do not need that protection. If you have set up an entity, is it all in order. You will be relying on this to protect your personal assets from business creditors; it must be in proper order. If it is a do it yourself or an on-line job, it may be worth less than you paid for when it comes time to protect you. Given your projected budget, do you have adequate capital resources available to carry the business for a period of months. Have you fully analyzed the projected receivables turn and are confident you have enough working capital to start with to carry the business. Have you done your research on viable forms of marketing or advertising. What sort of contingency plans do you have in case the first few months do not go as you expected. Without that, you could find yourself out of business before you really get a good start. Do you have your accounting system in place. Just a few things that pop to mind, not intended as a complete well thought out list.Later,
I read a very good book that maybe helpful: The 4-Hour Workweek Escape 9-5, Live Anywhere, and Join the New Rich by Timothy Ferriss. He has a lot of good resources in there.
You need to be prepared emotionally as well. You can not expect to make money that much at first. Good thing there s someone that could give you some helpful advice: http://budurl.com/cvisualizationGood luck!
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