OK, the first step is putting it out there, right? The truth is I’ve been doing some work on my own for about a year, but I’ve decided to ramp up and really go for it. Anyone have books to recommend? Tips? 
As the first step, IMO, you need to decide how to register your business - if you want to protect your private assets. I would start here and then go from there.
If you are planning to market your services under a business name, choose the name wisely! Big sharks will not hesitate to jump on a small fish if they feel like your name infringes on their trademarks. Pick a name that is unique and maybe even file for your own trademark down the road. TESS is easy (and fun!) to play with. I occasionally entertain Mr. B by searching for words bleeped out by CC 
- amazing what folks apparently think would be appropriate as a trademark. Lol.
http://tess2.uspto.gov/bin/gate.exe?f=searchss&state=4806:54o5z1.1.1
Disclaimer: I am not a lawyer, but I stayed at a Holiday Inn Express. Consult with a real attorney!
What KIND of business? Will it require a lot of cash to get it started?
What experience do you have?
What are your strengths?
The relevant page from the SBA site:
You should learn coding languages like Java and C++ - not hard - and create applications for computers, phones, etc.
^^What? LOL.
Maybe stugace means that if the business involves direct-to-consumer sales, having an app would be helpful, and that developing your own app is not out of reach for the ordinary, non-techie entrepreneur. That’s how I read the suggestion, anyway.
And then… Sell the application or keep it updated to rake in dough. $-)
The kid is trying to pull our collective leg, lol.
Okay, got it now.
I’m not kidding. For example, creating an Android phone application and putting it up on the Play store will yield money for the developer. Making it free and loading it up with advertisements will bring in cash, but if it’s really good, then you could sell it for a few bucks.
I don’t want to say the kind of business, but it won’t require a lot to get started if I decide to go full steam ahead. I’ve been doing this work informally for years and began charging last year. I enjoy it immensely but have hesitated trying to make it a full-time thing. I figured that when I returned to full-time work that I would work for someone else, but after meeting with another client last night I realized that I really want to do this full time and be my own boss.
So … I do have experience, but I am not certified in this area (think of it as the difference between having a real-estate license vs. being a Realtor). You don’t have to be licensed, but I know that if I am it will give me greater legitimacy and means that I could raise my price. Up until now, I haven’t wanted to invest the money into getting licensed, in part because I just didn’t plan to be doing this full time. I may change my mind.
My greatest strength, I think, is my personal connections and reputation. I am well known in my community, and people trust and respect me – one reason no one asks whether I’m licensed. Another thing that sets me apart from others is that I am low-cost, in part because I’m not certified and didn’t start out doing this intending to make it a full-time gig. Also, charging less is part of my schtick – you don’t need to pay thousands of dollars to others to do things that I can teach you to do yourself for much less. I thought it would be fun (it is), that I could help people (I do; people rave after we meet) and that I could bring in a little money. But as I’ve decided to return to full-time work I’m not finding anything that is as ideal as what I’m doing now on a very part-time basis.
Right now, I’m just operating under my own name and haven’t become an LLC or anything like that. I don’t make clients sign any kind of contract as we meet only once, and it’s not designed to be an ongoing relationship. I guess I’m not sure what someone would sue me over; I don’t make any kind of promise or guarantee results, etc. I think the people who would want something like that would pay my top-dollar competition.
Do you give out legal advice or something?
Working part-time doing what you like and bringing in enough $$ would my ideal situation! It looks like for now you found your “niche” and have some customers because they trust you and they like the price… Do you think this business model is sustainable? Does it generate enough $$ to pay the bills?
Tips? You won’t be punching a time clock with your own business, but plan on starting your workday early and finish working late…no paid vacations for you.
Ha! No legal advice. I’d get all lawyered up for that.
BB, that’s what I’m trying to decide. I didn’t think it was sustainable at first. I’ve been out of full-time work for more than 10 years, and I was hot to make as much money as I can to make up for lost time. Before I quit I was the primary breadwinner, but, really, next year college expenses will be over, the house will be paid off, etc., so maybe I don’t need to make as much money as I think. We’ve lived on dh’s crummy salary alone for 12 years so any money I make is icing at this point.
Timely thread. I wonder if anybody has advice on what to do to get cheap business loan. What are the criteria? My kid was rejected from Wells Fargo. But I’ve heard there is help for small business regarding small business loan. How easy is it to qualify for them?
In my state, there are small business development centers at almost all of the state universities that provide free assistance related to the full complement of start up issues. I would recommend using that kind of resource, if available, and also seeing an attorney. If you use the free resource first, you will likely have focused questions for an attorney and could save on billable hours. Good luck:)
Some initial thoughts:
You said that you are not yet sure about the business entity through which you want to conduct business but, depending on the state you are in, you can file a “dba” application with the appropriate state governmental entity, such as the secretary of state.
Before your business really ramps up, you should plan on strengthening your “business administration” (for lack of a better term). These measures would include some type of bookkeeping system so that you can keep track of your revenues and expenses. If you are going to do all this work yourself, you should look into Quicken books (or some other software) that will help organize your financial records. Sole proprietorships can run into serious problems if they do not have a handle on these “back room” responsibilities.
Also, once you start generating revenues, you will be reporting your business income under Schedule C. So even if you use an accountant to prepare your taxes, you should familiarize yourself with how Schedule C works. You’ll also owe self-employment taxes under Schedule SE.
Interior design?