I'm starting to look at what it takes to start a business - and before you even wonder - no I'm not looking to leave my full time gig at Open Seas. I've always thought, that sooner or later I would have my own business ... and now I'm really looking at what it would take to do so. There are many guys in what I would categorize as the 'software industry' that I'm looking at as 'models' - they have full-time gigs as well as side businesses. As I go through the process, I'll share some of these models with you, but in they all have one thing in common: multiple income streams. So in short ... I have some ideas, but before I start down the implementation path, I want to stop and consider what it takes to start a business (that will not be my main source of income) and decide the path I want to take in the short term.
Questions I'm starting to consider:
- Legal entity type spectrum - Corporation at one end and Sole Proprietorship on the other end ... what are the real advantages and disadvantages?
- Legal costs involved?
- What type of 'people' do I need? Lawyer, accountant, etc.
- Approximate annual overhead money cost of having a business entity (legal costs, taxes, etc.)
- Approximate monthly overhead time cost of #4?
- What are good resources to help along the path of starting a small business?
Anyone any advice to share?