© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant
E-mail: © Web: www.CoachMaria.com © (360) 598-3880
Thinking About Starting A Business? Let’s Talk About What’s Next…
Page 1
Thinking About
Starting A
Business ? Let’s Talk About
What’s Next…
Creating a business that brings you joy
The top 10 essentials for making a hobby into a business
Why incorporate your business
Choosing the right business structure for you
Your business success check list
Free resources for new business owners
Recommended book list
By Maria Marsala..
© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant
E-mail: © Web: www.CoachMaria.com © (360) 598-3880
Thinking About Starting A Business? Let’s Talk About What’s Next…
Page 2
Creating A Business
That Brings You Joy
Building a strong business foundation is one of the keys to owning a successful busi-
ness. Best of all, you can start to create your business while you're working at another
job. Create a business your heart desires and have fun, too!
You just won the lottery and in order to receive your check, you must have a full time
job. What would you be doing? Would it be what you are doing now? If not, ask yourself
why. Do you just need to add a little fun to your career or business, or is it that you are

•
Develop your boundaries and standards. They affect your business too! There are
some wonderful Top Ten Lists on both topics at www.topten.org.
•
When business is no longer fun, it is time to reassess what you are doing. Even bet-
ter - step back and assess your "fun" quotient every six months. Hey! Maybe its time
© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant
E-mail: © Web: www.CoachMaria.com © (360) 598-3880
Thinking About Starting A Business? Let’s Talk About What’s Next…
Page 3
to take your vacation!!
•
If you do not have enough time in your life, work with your coach to pinpoint tasks
that you may be able to delegate or eliminate. In general, a Virtual Assistant (VA) is
someone who performs administrative tasks away from the office of their clients. A
VA is the modern day version of the executive assistant or personal assistant. Are you
interested in learning more about VA's? Or are you a VA looking for resources? Enjoy
this list of resources www.coachmaria.com/coaching.html#Virtual.

Listen to others and consider outside advice. Incorporate what you like into your plan.
However, do not feel pressured to adopt another's practices as your own. Ultimately,
you are best equipped to implement how and why you run your business.

The Top 10 Essentials for
Making a Hobby into a Business
The essential thing here is that the IRS is going to look at your intent. Did you intend
to make money? You must intend to make a profit or it's just a hobby. Here are some
of the tangible indications that you have really embarked on a business enterprise.
1. Register your business name by filing a "doing business as" (DBA) statement with
your local county clerk.

Once incorporated, the shareholders of a corporation have only the money they put into
the company to lose, and usually no more.

Tax Advantages – Deductible Employee Benefits

Incorporating usually provides tax-deductible benefits for you and your employees.
Even if you are the only shareholder and employee of your business, benefits such as
health insurance, life insurance, travel and entertainment expenses may now be de-
ductible.

Best of all, corporations usually provide an increased tax shelter for qualified pensions
plans or retirement plans (e.g. 401K’s).

Anonymity

Corporations can offer anonymity to its owners. For example, if you want to open an in-
dependent small business of any kind and do not want your involvement to be public
knowledge, your best choice may be to incorporate.

If you open as a sole proprietorship, it is hard to hide the fact that you are the owner.
And as a partnership, you will most likely be required to register your name and the
names of your partners with the state and/or county officials in which you are doing
business.

Easier Access to Capital Funding

Capital can be more easily raised with a corporation through the sale of stock.

© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant
E-mail: © Web: www.CoachMaria.com © (360) 598-3880

With partnerships, each individual general partner may make binding agreements on
behalf of the business that may result in serious financial difficulty to you or the part-
nership as a whole.

Adds Credibility !

A corporate structure communicates permanence, credibility and stature. Even if you
are the only stockholder or employee, your incorporated business may be perceived as a
much larger and more credible company. Seeing “,inc.” or “corp.” at the end of your
business name can send a powerful message to your customers, suppliers, and other
business associates about your commitment to the ongoing success of your venture.

Provided by Active Filings LLC. Incorporation Services in all 50 States http://www.
activefilings.com

Sponsored by
ACTIVE FILINGS LLC
© Copyright 2002 Maria Marsala — Business & Life Coach - Consultant
E-mail: © Web: www.CoachMaria.com © (360) 598-3880
Thinking About Starting A Business? Let’s Talk About What’s Next…
Page 6
Choosing the Right
Business Structure For You.
Businesses may choose from a variety of corporate entities, based on their needs.
Below are useful descriptions.

General Corporation
A general corporation, also known as a “C” corporation, is the most common corporate
structure. A general corporation may have an unlimited number of stockholders. Con-
sequently, it is usually chosen by those companies planning to have more than 30

the profit. If the company also declares a dividend, the stockholders must report the
dividend as personal income and pay more taxes.