(ARA) - Given the state of the U.S. economy, you might assume that turning your hobby into a small business right now isn't the best idea. On the contrary, launching your own small business in a down economy can be a very smart move -- if you plan in advance and set yourself up for success from the start.

Here are 10 tips that all budding entrepreneurs can follow to make their dreams of owning a small business a reality in 2010:

1. Develop a business plan

While preparing a business plan is a requirement for any small business owner seeking to raise start-up funding through a traditional loan or venture capital, every business can benefit from this practice. Your business plan should define your business, its products and services, while outlining your business goals, operating procedures and competition.

2. Consider incorporating your business or forming an LLC

While many small businesses choose never to incorporate, there are many benefits to doing so. "Incorporating your business or forming a limited liability corporation (LLC) is important because it helps protect your personal assets from business debts and liabilities," says Karen Kobelski, general manager of BizFilings, a full-service online incorporation service provider offering small business owners fast, easy and economical ways to form a corporation or other business structure online or by phone. "However, incorporating isn't just about protecting your personal assets; other benefits of incorporation include tax advantages and greater credibility with customers and business partners, which can give incorporated businesses a much-needed advantage over non-incorporated operations."

3. Select an accountant and attorney

Many small business owners seek advice from accountants and attorneys. As you research your options, get referrals from friends and family and turn to professionals who have worked with other small business owners or companies in your specific industry.

4. Get necessary tax identification numbers, business licenses and permits

If your small business will rely on employees, a federal tax identification number or employer identification number (EIN) is required. Most businesses will also require licenses and/or permits to operate in your city, municipality, county and/or state.

5. Insure your business and investigate other requirements

Some industries have specific insurance requirements -- do your homework. It's also important to research additional government tax and insurance requirements that might apply to your business, particularly if you plan on having employees.

6. Open a business bank account

When you own your own business, it's crucial to separate business finances from personal ones, so opening a business account is key. If your business is not incorporated, most banks will require a DBA (doing business as); contact your bank about requirements prior to opening an account.

7. Arrange your business accounting and apply for loans

It is critical to properly account for all business disbursements, payments received, invoices, etc., whether you use an accountant or handle the finances yourself. If you don't have enough capital to start a business, seek funding from banks or through Small Business Administration (SBA) loan programs.

8. Establish a business line of credit

Establishing business credit will help reduce the number of times your company prepays for purchased products/services and helps establish a strong credit history, a beneficial practice when negotiating vendor and supplier relationships.

9. Ready your workspace

For home-based small businesses, make sure that you are meeting the zoning requirements for your area. Non-home-based businesses will likely require office space, which could lead to the purchase/lease of furniture and office equipment. Planning for this in advance will ensure that you have enough money to cover these costs.

10. Create a brand identity and start marketing your business

To diversify your business from the competition, you should establish your company's identity and start publicizing your products and services. Consider developing a unique business logo to include on business cards and letterhead, advertising your business in the local telephone directory, and developing customer leads -- from friends, family, and business associates. These activities will help potential customers find and remember your business and should reflect the personality of your organization.

Don't put your dreams of financial independence and doing what you love on hold until the world starts turning in your favor; start planning for your future today.

Courtesy of ARAcontent

(ARA) - Do you have problems sleeping on Sunday nights knowing that you have to return to work the next morning? Are you constantly daydreaming about your dream job? Are you always checking the clock at work, counting down the minutes until the day ends? If so, you might be suffering from workplace blues.

Don Thibert, director of academic affairs for Everest College, has decades of experience helping thousands of individuals a year move into progressive new careers. The seasoned career expert says it's important to evaluate your work situation and offers great advice for finding career happiness.

"Most people are so desensitized by the daily grind that they don't even realize they're unhappy, let alone what to do about it. Given the recession, people are too busy just trying to keep their heads above water - they don't have time to imagine the work situation that would make them really happy," says Thibert.

To determine how blue you really are, Thibert suggests tracking your workplace blues for a month.

"Keep a daily record of what made you happy or unhappy each day and give yourself a score on a scale of one to 10, one being totally unbearable unhappiness and 10 being an absolute joy. By the end of the month you should be able to identify if you're happy -- specifically what you like and don't like about your work," says Thibert. "If your average score at the end of the month is six or lower, it's time to start strategizing for happiness."

New evidence north of the border shows that Americans are not alone in experiencing workplace blues.  A recent survey commissioned by Everest College found 59 percent of Canadians said 2009 was mediocre at best; one quarter called it either "a downer" or downright "depressing" and nearly three quarters said they suffer work-related blues at least occasionally.

"For some, it's possible to find happiness in their current job," explains Thibert. "But there are still many with a failing grade in the happiness department.  In those situations, career training is a door opener to a more rewarding work life and greater overall satisfaction.  Every day I see how it can really change your life and I encourage people to meet with counselors if they need some help to evaluate their career training options."

The Top Stress Busters

There are several different types of stress, and learning how to control them can make all the difference. You have physical stress (lack of exercise, illness, sleep habits, etc.), mental stress (how you deal emotionally with life) and chemical stress (nutritional and environmental). Here are a few straightforward ways to help you reduce all three stress factors.

To make your team work well is one of the main things that you should look for at your work. The main reason for this is the fact that if you have a strong team, you will work a lot more effectively. To learn how to make it happen, it is a good idea to read some of the tips to build a strong work team. These tips will give you good understanding of the strengths of your team and how to make it work properly.

1. Remember that the main goal that you should set when you are building a team is effectiveness. There are many tips to build a strong work team that claim that the main thing that you should look for is friendship, but the practical results are different. If you manage to work well and achieve better business goals, your team members will start to like and depend on each other more.

2. Another one of the useful tips to build a strong work team is to understand that the team is the backbone of each company, so make sure that you will try to achieve all your goals with your team, not by yourself.

3. When setting goals for your team, the main thing that you should target is to make them very clear to all your team members. That is one of the most obvious tips to build a strong work team, because if you do not set your goals properly, you will not get any job done.

4. A very useful among the tips to build a strong work team is to set the roles of each one of your team members. That way you will get the job done a lot more effectively and achieve your goals easily.

5. Start using systems that help in building relationships in your team. Although the fact is that all your team members are simply colleagues, if all of them love to work with one another, you will get the job done a lot quickly and in a much better way. Therefore, do some search on the internet about the programs that you can use to strengthen the relationships in your team.

6. Revisiting and revising your performance standards is one of the most useful tips to build a strong work team. When doing that, make sure that you will set standards that can easily be achieved by the team. Later on you can revise them to make them higher. That way you will stimulate your team to work better most of the time.

7. If your team achieves some of the goals that you have set, make sure that you will present it with rewards. There is no better way to make your team members to achieve goals easily and work more effectively. Make sure that the rewards you have chosen will recognize the team's success nd not individual success alone. So make sure that you will not award individuals but the whole team.


About the Author: Ryan Fyfe is the CEO of http://www.shiftplanning.com/