Re: I quit my job! Going into business for myself
 

LLC is a good idea, Mems...oh and CONGRATS on starting to work on a business of your own... follow the dream, Mems, you've been working toward it pretty hard this last few years with school and such and now I think you deserve to get out there and work for yourself!

Check out a few other books- you may have already read some of these but I'm told they're also 'essentials' for entrepeneurial folk:


Finding what YOU want to do and making opportunities:

No More Mondays by Dan Miller
For selling/advertising -marketing yourself and your business-

Guerrilla Marketing by Jay Conrad Levinson
Tribes by Seth Godin

General interest : The Millionaire Next Door by Thomas J. Stanley and William D. Danko

Best of luck with this new path, Mario!!! Keep us updated, ok?!



Ertai...CONGRATS!!!

Re: I quit my job! Going into business for myself
 

I agree on Dan Miller's book... I've got that, and he also provide a weekly podcast free on iTunes.

Also, if you haven't read them yet, Robert Kiyosaki's Rich Dad, Poor Dad books are good. I find he's got a practical and different view on finance and accounting that differs quite a bit from what I learned at Uni, but makes a lot more sense.

Make the library your friend... it's amazing how much good stuff you can get for nearly free.

Re: I quit my job! Going into business for myself
 

First of all, congrats on taking the plunge! running a business is damned hard work, but from what I see, it can be well worth it.

I am not sure if other have said it, but I would recommend finding a good accountant who you get along with and who will understand your aims etc. This means they probably wont be the cheapest out there, but good quality advice is worth its weight in gold.

Find someone who will tell you the bad news as well as the good - and who isnt afraid to tell you you are making a mistake.

I would also recommend you invest in a good bookkeeper to effectively keep control of the finances - invariably clients of mine who dont have a handle on the figures dont have a handle on the business.

Learn to understand a balace sheet, profit and loss and cashflow statements. These are fantastic tools to help you run the business as a whole.

If viable, also prepare a detailed budget for the upcoming year that is realistic. this will help you measure your performance against targets. Then, each month, put the actuals together to see if you are ahead or behind. then, try to understand why!

Yes, I am an accountant so believe we are worthwhile, but I have also seen a lot of businesses flourish where the owner understands the financials and gets good advice, and many fail where they dont.

good luck!