Starting a Small Business: Opinions and Suggestions Appreciated

In My Humble Opinion
1

I’ve been working as a chef for several years, and the past two, with the same catering company. Due to circumstances beyond our control, the owner of the catering company has decided to close up shop for the next year. I had been planning, as of April of next year, to go out into the world as a personal chef, but obviously, I need to start doing it now.

I really have no clue where to begin in terms of making this a legitimate business. I’ve done some personal chef work under the table, but I’d rather not do that this time around.

So, any suggestions from those who run their own businesses would certainly be appreciated. Any links to websites, books I should check out, etc, would be great.

Oh yeah, and I’ll take any good luck wishes. :slight_smile:
And, just to note: I will probably have a few clients lined up within the next few weeks, since the owner of the catering company is incredibly well-connected. I’m more concerned about the administration side of running this.

2

first of all, good luck=)

my best advice, having lived with a guy who owned his own business, is to bank all the takings into a business account, then pay yourself a salary…dont treat the money as yours, it is the business’ money. Not even pay all the bills and the rest is yours…leave any excess in the bank for the future=)

He made a practice of depositing in a retirement account, i think it was a standard IRA but I cant swear to it.

I also know he spoke with a firm with accoutnants, lawyers and such making sure that he was incorporated properly, and was set up to pay all the fees and deductions and such to the correct governmental agencies, i think even as self employed there is some requirement to pay for unemplyment stuff, but IANAL=)