sjgould, I recommend that you start out by reading this Starting a Business Checklist. It will help you walk through the legal steps you need to get your business off the ground - including financing your business, tax requirements, hiring employees, etc. Once you work through those, here are some other valuable business resources: Employment and Labor Law Loans and Grants

0. Should I ask questions before finishing my business plan? (rhetorical I suppose) Yes. Ask as many questions as you need and preferably from someone who has experience writing a business plan an/or experience in your field of business. 1. Should I use a current sole owner (me) LLC started 3 years ago and used for a home business or start from scratch for a new non-home business? Tough one. I would need additional informational about the new business to see if there is any revelance to your past LLC. You may be able to take advantage of the LLC and save yourself some time and expense. However, we do have to be honest, decent and in order. 2. Is getting a loan the first step? Then location? Then licenses etc? Or should I look for locations first? The first step is to get your licenses to ensure that you are in business compliance. The next step is to create a business plan and a marketing plan. After completing these steps you will know approximately how much capital you will need to finance your business for the next 2-3 years. I recommend looking into getting a micro small business loan: http://www.ehow.com/how_5677317_start-micro_loan-business.html?ref=fuel&... A micro business or microenterprise is commonly defined as a business with five or fewer employees. Micro businesses may be home-based, farm-based or street front businesses. Some are part-time businesses and some are full-time businesses. Micro businesses are at the leading edge of the enterprise formation process and are found everywhere: rural, urban, suburban. Below is some additional information about other types of loans: http://www.candofinance.com/business-finance-loans/business-loans/ 3. How accurate do my cost estimates need to be? As close as possible. These are numbers that you have to live, eat, and pay your business and personal bills by for the next 2-5 years. 4. How much downpayment / collateral is needed for a SBA loan? That differs per person, but normally I have been advised at least 20%. 5. What happens if it doesn't work? How long to keep trying? What about bankruptcy? There is a process that I support call DMAIC. Define, Measure, Analyze, Improve, Control. It is part of the iSix Sigma methodology which states that you should always watch and measure the performance of your business. There should never be any surprises. This takes training and the support of outside resources. With the right resources in place you should know which choices to make long before bankruptcy becomes an option. 6. How do taxes work - for assets left in the business, for salary, should I pay myself a 'salary' or is there a better way to cover my basic personal expenses in the beginning? Well...to stay in business you have to pay your business, which is getting a good Accountant is one of your most important business investments early the game. Another good investment is a good lawyer. 7. What do I need to know about hiring employees, part time, full time, contractors? You need to know the labor, tax and 1099 contractor laws. Another reason why getting a good Accountant and lawyer is vital to your business. 8. I read that equipment purchased by the loan can count as collateral, does that help with getting financed? I'm hoping to borrow $150,000 but most of that will be for equipment. Not sure but I can check for you. If you send me your email address, I will be sure to respond to you. I can be reached at Chyrell.English@leadtransllc.com. 9. How do you determine who owns what percent of a business? Normally that is determined by the partners, the amount of the financial investment and a good attorney. 10. What do I need to hire a lawyer for specifically? To put it bluntly....to cover yourself and to ensure that you are in compliance with all of the city, county and state regulations. They are also excellent with preparing the terms of agreement for your contracts to sustain a pleasant relationship between your company and your clients. Feel free to contact me at Chyrell.English@leadtransllc.com Message Edited by NicoleD on 12-19-2009 02:38 PM

Although some of your questions are outside the areas of my expertise, I would always suggest that you create your business plan first. But remember, the best business plans are living/breathing documents that should always be tended to. In other words, don't just create one and store it away. Make it your 'partner', constantly work on it and update it as necessary (I have well over 300 hours into mine and, since my business is now starting to grow, so is my plan). It's usually over the course of putting one together that you'll probably find the answers to many of the questions you now have and the best part, it will bring up ones that you haven't thought of yet. As for finding a location (something I'm pretty familiar with), I wouldn't look for financing prior to completing a Preliminary Operating Budget, a Real Estate Market Development Plan and your Construction Budget. The Market Plan will help you identify those areas that have the best potential for your intended business and give you and understanding of Fair Market Value; while the Construction Budget will help you qualify which of these locations are most affordable for you. Then attach all three as exhibits to your business plan. Bankers these days love when things buttoned up. You didn't say what your intended business will be, but a lot of licenses and permits are location specific, meaning that they assigned to a particular address (like a liquor license, occupancy permit, etc). Although you could incorporate, register a fictitious name and a few other things before you secure your location, you should check your local municipality's zoning codes as well as stop in at the city or county clerk's office to understand what permits will be required for you to be able to build and operate. Finally, get to know the folks over at your local SCORE chapter and look for a mentor or two. Many of these folks have experiences and knowledge that can't be taught in business school and can be a great asset to your business. I hope that helps & good luck with your new venture! -t