14 Essential Tips For Business Startup
by Lois Center-Shabazz
Starting
and owning your own business can be a very gratifying experience if
done correctly. If done incorrectly and without the proper preparation,
it can be a nightmare. Since competition in most small businesses is
fierce, you must become an expert at your business and develop a niche
in your market.
Listed
below are a few of the most important tips potential business owners
need to consider before starting a business. Your preparation should be
long and thorough. The more extensive your preparation is, prior to
starting your business, the greater your chance of success.
Consider
the following to start:
1— Make
absolutely sure there is a market for your product or service, research
the need for your product or service through your local chamber of
commerce or library. Librarians are helpful with finding research
information.
2— Use
our free online business guide, for top business links. Located at:
http://www.msfinancialsavvy.com/business/small_business_guide.php
3—
Interview several veteran business owners in your prospective field,
listen to both the positive and the negative aspects of owning and
operating the type of business you are interested in. It is only AFTER
many business owners start a business that they find the negatives far
out way the positives. Be willing to listen to the negative aspects of
your prospective business, so you will not fall into an "I wish I had
known," trap.
4— Take
business classes in your prospective field. Many community colleges or
small business incubators at major colleges offer small business
colleges. Consultants also offer classes, many can be found online.
5—
Obtain a business lawyer for advice. You can sign contracts after you
talk with a lawyer or before. An experienced business owner will tell
you to speak with a business attorney before you sign a contract.
Speaking to an attorney after you sign a contract, is usually too late.
6— If
you have to sign a lease for your business operation, make absolutely
sure you consult with a business lawyer before you sign.. Business
leases have many hidden clauses that are unfavorable to small
businesses. This includes leases for equipment as well as occupation of
real estate property.
7—
Obtain a Certified Public Account (C.P.A.) for advice in setting up a
financial records system required taxes to pay, and other business
advice. There are many inexpensive and easy-to-use accounting software
programs on the market.
8—
Before hiring an attorney or C.P.A., interview several or ask reputable
business owners in your field for a recommendation.
9—
Consider an L.L.C. (a Limited Liability Company), to limit your
personal liability. An L.L.C. is an inexpensive and relatively easy
form to fill out. Contact your state department of corporations for
instructions on how to sign up for an L.L.C. (contact information can
usually be found on your states website), obtain a form book from the
library or office supply store for instructions on how to add the
articles of organization, this is a guide you will use to organize your
business. Keep this for your records. Consult with an attorney if you
do not understand the articles of organization or you need to include
partners.
10— Set
up your business as cost-effective as possible. That is, be very
careful not to overspend, especially at the beginning. It takes time
for most businesses to become profitable; so don't quit your day job.
In most cases that is a few years away.
11—If
you are not funding your business with your own funds, do thorough
research to find various forms of funding available for your type of
business.
12—
Consider a mentor to guide you through the process before starting your
business and during your business life. A mentor is someone who is a
veteran in your field, is not your competition, and has the desire to
help someone do the great things he/she has done in your field. You can
usually find a mentor in an organization or association affiliated with
your business. Attend meetings in your business field and get to know
the people at the top.
13—
After you have done through research and spoken to several business
owners in your field, write a Business Plan. This should be a
well-researched, well-thought-out, business plan. This will be your
guide throughout the life of your business. Go online to www.sba.gov
for a free business plan template. A business plan should be created
before you start your business. Use our business plan template.
http://www.msfinancialsavvy.com/business/small_business_guide.php
14—
Visit your local city offices and chamber of commerce for all of the
required permits and licenses to operate a business in your city.
~~~~~~~~~~~~~~~~~~~~~~~~~~
Lois Center-Shabazz is the author of the award-winning book, Let’s Get
Financial Savvy! ISBN #0971979502, and the founder of the personal
finance website, http://www.MsFinancialSavvy.com
Lois
Center-Shabazz is the author of the 3-time award winning book, "Let's
Get Financial Savvy!", and Editor of the personal finance website,
http://www.msfinancialsavvy.com
Lois Center-Shabazz may be contacted at http://www.msfinancialsavvy.com or msfy32@yahoo.com
