Being the Boss of You

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by Albert Jackson, SCI #038
Cobb County (GA) Sheriff’s Office (Ret.)
Atlanta Downtown Improvement District (Ret.)
Owner, Jackson PTT&TS, LLC
IPMBA Secretary

Disclaimer: There are many legalities involved with starting a business and various types from which to choose. Always consult with attorneys, accountants, bankers, tax advisors, insurers, and regulatory agencies with applicable expertise when considering launching a business.

The last thing I would ever have thought that I would be was an entrepreneur, especially at retirement age. But here I am – the owner of a small but growing business that has found a niche and settled into it. If you are nearing retirement age, starting your next chapter, or just want to take the leap, here are some of the steps that I followed on my path to “being the boss.”

First, know what you want to do. Whether it is providing a service, selling a product, or both, decide on something that is near and dear to you, one for which you have a passion. At the same time, make sure you are solving a problem, filling a gap, or otherwise attending to the needs of others. I once heard a five-second snippet from a commercial promoting a motivational workshop in which one of the featured speakers said, “If you don’t love what you do enough to be the absolute best there is at it, get out of it like you were getting out of a burning house.”

I concur. You must be enthusiastic about your business in order to remain dedicated to it even when you are not making money. Do not get me wrong. No one goes into business to fail or just get by. That is not Business 101. But there will be lean times, so you must love what you are doing if you are going to achieve long-term success.

Second, have a formal business plan that is well thought-out and on paper. That is, 8.5”x 11” paper. A napkin or drive-through bag will not look good to the commercial banker with whom you sit down to open your business accounts and/or take out a loan. Nor will those to whom you pitch your “plan” take you seriously. If you do not have a computer and printer, borrow one or go to the library or office store. That business plan shows that you have a path to turn your passion into profit. It demonstrates professionalism.

Third, seek out well-versed people who are successful in business to help guide you through the start-up phase and beyond. They are your mentors, board of directors, and confidants during this process. If you can, include someone who is good at finance to help with your plan. They will tell you where your limits or liabilities are.

Now it is time to hit the ground running while you have your nerve and momentum. You will need to file with the IRS for an Employer Identification Number (EIN). This is like a Social Security number for your business. As you send invoices for accounts receivable to commercial clients, their accounting departments will ask for a W-9 form from your business. It will have to include your EIN.

Next, if your state collects sales and/or use taxes, you will need to contact your state Department of Revenue and apply for a Sales Tax Registration Certificate. This will register you as a collector of sales taxes and enable you to report and pay them to the state. You will have to do this monthly for any month that you have sales of taxable goods or services.

Your next step is to acquire your business license. Consult with your local government to determine if you will need to apply with your county, city, or township individually, or if one license will cover all transactions. Do not be afraid to ask these questions of the governmental bodies that you approach. They are there to answer your questions; you are their customer. This is also something that you need to get right so you stay in compliance with the laws.

Now it is time to talk money. How you fund your start-up depends on your resources. Only you know what you must spare or invest. Remember that you are investing in you. If you loan yourself the seed money, the business must pay you back at some point, with simple interest. Yes, interest. If you borrow from a financial institution, you must pay interest. You are now your own financial institution.

Pick a bank that can help you as well as make money off of you. I chose a nationally known bank that has great business products and services. My business specialist gave me advice on areas of which I had not thought. She walked me through the process of not just opening a checking account, but also applying for a business credit card and a line of credit, which is easier to get from the start than it is when you need it; it might be rejected because of built-up debt. Another financial adviser helped me see the wisdom of opening a business savings account, which is now in place.

Now that you have a business, keep it business. To this day, not a single penny has been spent from my business accounts on anything but the business. Purchases of supplies, tools, and parts are tracked. A percentage of every sale goes into the savings account for the quarterly tax payments. An extra five percent from each sale goes into the savings account to do exactly that: save.

Running your own business takes dedication, discipline, and arduous work. But there is nothing more humbling – and rewarding – than seeing your name on the letterhead or in the logo. It makes it all worth the effort. To see what I mean, visit my website at http://www.jacksonpttandts.com, follow me on Facebook at Jackson Personal Transportation Training & Technical Services, LLC., and subscribe to my YouTube channel, Jackson PTT&TS, LLC.

Now, Entrepreneur: Start Your Own Business!

Albert joined the Cobb County Sheriff’s Office in 1980 and retired in 2008. He attended the IPMBA Police Cyclist Course in 2003. He joined the Atlanta Downtown Improvement District, where he was as a Security Cyclist for nine years. He was certified as SCI #038 at the 2018 IPMBA Conference in Saint Louis and completed the Maintenance Officer Certification Course at the 2019 Conference in Fort Worth. He is retired again and operating Jackson PTT&TS, LLC. He was chosen to be a member of the IPMBA Board at the 2022 Conference, and currently serves as the Secretary. He can be reached at albert.jackson306@att.net.

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