Business Startup Basics
By Stephanie Chandler
Before you begin any business, it’s important to do a
lot of homework. The failure rate of new businesses is
upwards of 50%, partly due to lack of planning.
Following are some suggestions for getting started:
*Get Organized - There are many tasks involved
when starting a business including choosing a business
name, applying for business licenses, setting up an
accounting system, and writing a business plan. You will
need to keep notes and organize a filing system online
and offline. To begin the process, you can download a
free business startup checklist at
www.BusinessInfoGuide.com/startupchecklist.htm.
*Study Your Industry - Read books, visit
websites, and join trade associations so you can learn
everything there is to know about your industry of
interest. If you are venturing into an industry that you
know little about, try getting some experience by
working or volunteering.
*Talk to Business Owners - Most business owners
are happy to help others, provided they don't view you
as competition. Contact owners of businesses outside of
the area where you live. Let them know you are
interested in starting a similar kind of business and
ask questions. You could offer to buy them lunch in
exchange for some friendly advice. You could even e-mail
business owners across the country to ask for advice (I
did this myself prior to opening my bookstore in 2003.
At least half of the people I wrote to sent me back some
great advice!).
*Read About Small Business – Start by reading a
minimum of three business books. Check them out from
your local library or take a trip to a bookstore and
invest in growing your knowledge. Also check out Home
Business Magazine, Entrepreneur, and Inc.
Each is worth the price of subscription.
*Access Free Resources - The Small Business
Administration (www.SBA.gov)
offers classes in most major cities. The Service Corp of
Retired Executives (www.score.org)
provides free counseling to entrepreneurs. There are
also many websites with business startup resources:
www.BusinessInfoGuide.com
www.IdeaCafe.com
www.Entrepreneur.com
*Write a Business Plan - You will need to have a
business plan if you apply for a business loan, though
even if you aren't applying for a loan, you should still
create one. The act of writing the plan will teach you a
lot about the business you are starting because it
forces you to examine every aspect of the business.
There are numerous books available on business plans and
you can even purchase software to help you write yours.
Download a free business plan outline at
www.BusinessInfoGuide.com/bplans.htm.
*Develop a Marketing Plan - Unfortunately, you
can't just turn on the "Open" sign and expect people to
find you. Marketing is extremely important to business
longevity. Not only do you have to let people know
you’re there, you have to keep reminding them. It takes
an average of six to eight exposures to a product or
service before a consumer makes a decision to buy. The
"Guerrilla Marketing" series of books by Jay Conrad
Levinson provide lots of great marketing tips.
*Plan a Proper Budget - Under capitalization is
one of the leading causes of business failure. Be sure
you have your finances in order and have extra money set
aside for unexpected expenses. A good rule of thumb is
to develop a list of startup costs and then double it.
You will also need enough money to live on for six
months to a year or more. For information on business
loans and grants, visit
www.BusinessInfoGuide.com/money.htm.
*Don’t Leap Off a Cliff – While a leap of faith
can work for some people, it’s not always a wise choice.
A better choice is to proceed with caution and never
wager more than you can afford to lose. The ideal option
is to start your business on the side while maintaining
some steady income. This will give you the opportunity
to grow your business and make sure it can support you
over the long run.
You might be surprised by how much fear can be removed
from the equation by educating yourself about what
you’re getting into. Starting a business can be very
rewarding, but it also requires a lot of work and
dedication. Also be sure to pursue a business you can be
passionate about. Because of the hard work and
investment in time and money, you will increase your
chances of success and your quality of life if you
genuinely love what you are doing.
About the Author:
Stephanie Chandler is an author of several business and marketing books
including "LEAP!
101 Ways to Grow Your Business" and “From Entrepreneur to Infopreneur:
Make Money with Books, eBooks and Information Products.” She is
also founder and CEO of
http://AuthorityPublishing.com, which
specializes in custom publishing and internet marketing
services, and
http://BusinessInfoGuide.com, a directory of
resources for entrepreneurs.
For author and speaker details, visit
http://StephanieChandler.com.
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article provided the author resource box is included.
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BUSINESS STARTUP ~ START A BUSINESS ~ HOW
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