There is a lot to know when you start a small business. There is much you can learn before you start and a whole lot more you learn along the way. Most small business owners would probably agree that it is certainly a learning process. Starting a business isn’t something you can completely figure out before you start. But it is important to do your homework and learn as much as you can.
This article gives some advice to entrepreneurs who want to start a small business.
Be sure to check out the Small Business Administration web site for a lot more helpful information. I particularly like this point made in the article: “Success comes with education, careful planning and adequate cash flow.”
How to Start a Small Business Here are some highlights…
Take a good look at that store on the corner. There is a 10 percent to 12 percent chance it will not be there next year, according to the Office of Advocacy for the Small Business Administration.
“If you’re new you have about a 50-50 chance of surviving five years,” said Brian Headd, an economist with the Office of Advocacy, which tracks small businesses and examines the impact of proposed regulations on them.
Still, such odds do not seem to damp the desire of entrepreneurs.
An estimated 671,800 small businesses with employees opened their doors last year, the most recent year with statistics available, even as another 544,800 were expected to close theirs that year.
“Starting a business is actually easy. You can get business cards and an address at Mailboxes, etc.,” said Bill Morland, chairman of the Orange County chapter of Score, a nonprofit association that works with the S.B.A. to educate and assist entrepreneurs. “But you’re not really in business until you sell something, and that isn’t easy.”
Kamaron Institute personal finance business references, tips and resources.