Financial Basics

Getting Organized

Take Control

Build Your Credit

Banking Basics

Taking the Next Steps

Determine Financial Goals

Creating a Budget

Building Your Career

Borrowing Basics

Investing for Your Future

Investing 101

Saving Strategies

Choose the Right Investment

Investing Online


Increase Your Earning Power

Tuning Your Career

Negotiating for Success

Changing Careers

Going Back to School

Starting Your Own Business

Smart Borrowing

Take Control of Your Debt

Paying for Major Purchases

Getting a Loan

Finance an Education

Managing Your Finances

What's Your Net Worth

Managing Daily Finances

Tax-Planning Strategies


Plan for Financial Success

Creating a Financial Plan

Achieving Short-Term Goals

Plan for Long-Term Goals

Retirement Planning Basics

Investing Wisely

Investing Considerations

What's Right for You?

Investing Techniques

Preserving Your Wealth

Reallocating Your Assets

Insurance Options

Wills and Trusts

Plan for Heirs

Gifting to Family & Charity

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Starting Your Own Business

Many of us dream of starting a business. The freedom to set our own rules and reach our creative potential is enticing. With careful planning, starting your own business may be one of the most exciting ventures you undertake.

Before you take the entrepreneurial leap
It's important to have a heart-to-heart with yourself. Often, starting a business takes relentless drive and an ability to take risks that aren't generally exercised when working for someone else. Consider the following questions:

  • Is the self-employment lifestyle for you? People who thrive in a solo venture are most often very organized and self-motivated and don't mind long hours working alone. Make sure your business concept is something that you feel passionate about.
  • Have you done your homework? Research your industry. Uncover what differentiates you from the competition. Identify the skills you have and those you may need to acquire. Take a trip to the library or bookstore - there are plenty of books and Web sites that provide comprehensive help to get you going.

Getting started
Being prepared is the best prescription against small business ups and downs. Here are some suggestions to help you get started:

  • Create a business plan. A business plan helps you measure your success and keeps you on track. It outlines what your business does, how you will market it, your financial expectations, and more.
  • Plan your finances. Add up anticipated operating costs, including equipment, salary, insurance, taxes, benefits, and memberships to professional organizations. Make a list of resources you already have, and how much you will need to borrow, if any. Ideally, you should have access to enough money to cover living and operating expenses for the first year.
  • Define your legal structure. The legal structure of your company affects many aspects of your new venture, so it's vital that you research and talk with professionals to determine what's best for you. There are pros and cons to forming as a partnership, sole proprietorship, or corporation.
  • Develop a marketing plan. Identify your target audience and make a plan for how to reach them. Tell everyone you know about your new business, and network by joining professional organizations. At the very least, get business cards and letterhead printed.

Check out the Wells Fargo Small Business Resource Center for additional information on building your new business.



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