Start Up 

Is Owning Your Own Business For You?

There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business. Carefully consider each of the following questions.

Are you a self-starter?

It will be up to you not someone else telling you to develop projects, organize your time and follow through on details.

How well do you get along with different personalities?

Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business

How good are you at making decisions?

Small business owners are required to make decisions constantly, often quickly, under pressure and independently.

Do you have the physical and emotional stamina to run a business?

Business ownership can be challenging, fun and exciting. But it?s also a lot of work. Can you face 12-hour work days six or seven days a week?

How well do you plan and organize?

Research indicates that many business failures could have been avoided through better planning. Good organization of financials, inventory, schedules, production can help avoid many pitfalls.

Is your drive strong enough to maintain your motivation?

Running a business can wear you down. Some business owners feel burned out by having to carry all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.

How will the business affect your family?

The first few years of business start-up can be hard on family life. The strain of an unsupportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.

On The Upside

It's true, there are a lot of reasons not to start your own business.

But for the right person, the advantages of business ownership far outweigh the risks.

You get to be your own boss.

Hard work and long hours directly benefit you, rather than increasing profits for someone else.
Earnings and growth potential are far less limited.
A new venture is exciting.
Running a business will provide endless variety, challenge and opportunities to learn.
Are you still interested?

Okay - Let's Get Started

A good place to start is to review the series of  "Frequently Asked Questions" provided on the SBA Wyoming Web Site and National Web site. .

Now go to "Manage Your Business from Start to Finish". This site outlines the business planning process step-by-step and provides a link to a very comprehensive business plan outline. Or, go directly to the business plan site at http://www.sba.gov/smallbusinessplanner/plan/writeabusinessplan/index.html.

Part of the business planning process requires you to determine what form the business will take: proprietorship, partnership of corporation. For a description of the pros and cons of each form - http://www.sba.gov/smallbusinessplanner/start/chooseastructure/index.html. and scroll down to "Basic Structures".

Need some help with the business plan?

Local SBDCs regularly conduct training for business plan preparation and both the SBDC and SCORE Chapter provide free one-on-one counseling on this subject - "Counseling and Training" for links to these district-wide resources.

The plan is done and you need financing - what now?

To start, we suggest you review the Frequently Asked Questions on SBA loans, check financing basics for general information and for complete details on all SBA loans access our snapshot site.

If you need assistance with the loan application, you may wish to contact the local SBDC and/or SCORE Chapter.

Other start-up assistance can be located as follows:

The national SBA start-up site.
Go to http://www.sba.gov/library/pubs.html 

There are many Federal and State laws, regulations and requirements which impact small businesses - taxes, insurance, labor laws and licenses. The following are some sites you may find useful:

Taxes

Federal taxes - Find out what is required - www.irs.gov. Request the latest "Tax Guide for Small Business" (Publication 334).

Wyoming Taxes - information you may need to know - click here!
Insurance

Small Business Insurance - learn more at - the Wyoming Legislative Site for access to the Wyoming Statutes regarding insurance online.

Labor Law

Federal -www.dol.gov/elaws.
Wyoming - wydoe.state.wy.us for the state agency that regulates Unemployment Compensation, Workers' Compensation, Worker's Safety & Compensation, etc.

When Wyoming businesses hire employees they must file a "New Hire Reporting Form". - newhirereporting.com/wy-newhire

Other - State And Federal

Information on Corporations, Partnerships, Sole Proprietorships, etc. Contact the Wyoming Secretary of State. Occupational Safety & Health Adminstration - Federal law requires businesses to provide a safe workplace and, in many cases, maintain records of occupational injuries - www.osha.gov .
Discrimination - Federal law prohibits employment discrimination on the basis of race, color, religion, sex, national origin, age, or disability. - http://www.eeoc.gov/facts/qanda.html.
See also http://www.usdoj.gov/crt/ada/.

Licenses And Permits

State - Wyoming requires licenses and certificates of competency for some professions and occupations. Some require special training and examination. Check out Commonly Asked Questions on the Secretary of State site for more information.
Local - Many cities and counties require local occupantional licenses for most businesses. Check with your local city or county government for more information.

You may also need a zoning permit. County planning departments or city building inspection divisions can provide information on zoning requirements.

Good luck and remember, if you have specific questions you can reach the Wyoming District Office at (307) 261-6500 or (800) 776-9144, extension 1 or e-mail your questions to sbawyo@sba.gov.