For many the idea of opening their own business has crossed their minds, and several questions come to mind such as the capital to invest, the type of business and the profits you make. At a virtual round table held in March by El Perico, we spoke with experts on the subject of entrepreneurship. In this edition we try to summarize the most important points of the hour session.
For businesswoman BC Clark, the first thing to do is to explore the terrain. Do a pre-study to make a business plan that takes time to realize. At this point, you know how much capital you need to invest and whether you require financing.
“You have to look for people who might be useful to you while you’re doing that survey,” said the women’s Business Center president.
The main goal is to make money, “but you also want to get to the point where you can hire people because, as an owner, your ultimate goal is to be able to open new doors for that business, not so much to work day by day. Many times, people do not plan how to grow the business and how to deal with downturns,” she said.
On this point, the possible falls in business, Guadalupe Millán said that it is necessary to be prepared to deal with this issue.
“We can have the best business plan, but at the end of the day, everything can change and you have to be prepared to look for solutions. During difficult times many things can change. We need to adjust that business plan as we see changes,” explained Millán, who was director of the Juan Diego organization’s entrepreneurship program on Q Street south of Omaha.
For Juan Montoya, director of the Midlands Latino Community Development Corporation (MLCDC), he supports the ideas of Clark and Millán, but also adds the fact that the potential entrepreneur must focus on their strengths, and not their weaknesses.
“Let’s put this case: I’ve worked in the construction business for two years, but then I want to open a restaurant, what do I need to know about the restaurant if I can’t cook? But I want to do something different from construction – because here we are not seeing the strengths in something,” he said.
The case was applied by Montoya, who chose to be an accountant, not because he liked it, but discovered that he is skilled with numbers and now sees the fruits. That’s why at MLCDC he offers entrepreneurship courses to Latinos, in Spanish and online, and he wants to extend it to other languages to reach refugee groups in Omaha.
Montoya is methodical about creating business, for him the important thing is the numbers, what, if invested, is earned and what is lost. It is important for him to have an idea and work so that it becomes a concept and to know whether that business is viable or is a hobby.
“Sometimes we get into things and just think it’s going to be a business, but then we realize it’s not something you want to do, or it’s not feasible to invest money that,” Montoya said.
Like everyone else, he identifies planning as an important factor, but also whether it is feasible to get partners, financing and the profits that are generated.
“If you have a business and you only make money to pay rent and real estate then that’s not where it goes. I also have to see how I can pay myself, if I have support and how much my egress is. There are people who have no idea how much they will charge for their service, this happens because no planning is made. We help with that,” he said
It is true that the issue of entrepreneurship can occur from home, especially for the group of Latin immigrants who seek to offer their own services. Leo Martinez, who is a business mentor at Nebraska Enterprise Fund, noted the need to register the company for both the name and type of company, as well as applying for the Employer Identification Number (EIN) which will be used for the paying taxes. Martinez maintains that registration is a benefit to the economic growth of the city, not only with paying taxes, but applying for financial aid from the government.
“You can start a business without being registered, which I don’t advise. Honestly, registering brings a lot of benefits to the entrepreneur,” he said.
Everyone at the virtual table agreed that to start a business you have to have on your list a banker, accountant, insurance and a lawyer, if it is business with physical spaces. This applies, for example, to those who have decided to start a business online such as writers, teachers or any service on an individual basis. But always keeping in mind a business plan.
There are several types of companies that can be created United States, the most commonly used are sole proprietorship, partnership, LLC and Corporation. Experts recommend the LLC, which allows for a flexible structure, and the payment of taxes is the responsibility of each shareholder. That’s why employers suggest creating separate business bank accounts from staff to maintain order in finance. It is recommended to have a specialist meter. We leave the link online for more information.
Although we do not extend, remember that your company name also has a value and you must verify at the state and state level that it has not been used. You can visit the IRS page that will give you more details about it. Finally, you have to take in to account when you have a business, you deal with others, so you have to avoid getting angry and taking things personally. So, if you want to get started, regardless of the reasons you’re in Omaha: think of an idea, create a plan, make connections, and make it happen.