Guide to Starting a Small Business
April 1, 2021 Steven Murphy
Fear of starting a business can be overwhelming but is achievable without a lot of risk. This is a guide to starting a small business using ideas from the Internet.
Thinking about starting a business? Here are some hints:
Getting into business can be overwhelming but is achievable without a lot of risk. This is a guide to starting a small business. One of the great things available when starting a business is the Internet.
Even if you are still at the idea stage or have taken some small steps to get started, finding advice will be an essential part to your success! In this guide to starting a small business, there are some items that will improve the odds of success:
1.Recruit a Team of People.
Studies have shown that if you employ staff in your business you have a greater chance to survive the start up years. If you can afford to hire staff do it without hesitation.
Have start up capital equal to at least 6 months of trading. Undercapitalization is a major contributor to failure in business. You need cash to cover the expenses you incur while you build sales and cash flow.
Get education and learn business skills. Passion and desire alone won’t get you through. You might be the smartest kid on the block and have the best product in the world, but if you have no business skills, you’re destined to fail.
4.Become A Frugal Mogul.
You’ve heard the story of the golden goose. Well in business, keep costs low and don’t take cash from your business until it is mature enough to lay ‘golden eggs’ [metaphorically speaking]. Businesses that begin this way and then expand once matured have a higher success rate.
Free Counseling and Advice
There are plenty of small business centres to help you get started. I have used: ww.sdi.qld.gov.au/virtual/index.cfm.
I recommend: Use the free services local government and chambers of commerce offer. Even major banks have websites dedicated to helping small business. Alternatively you can post a question to me on my website and I will provide an answer you can bank on.
Here is something fresh and new to help small business. The Microsoft ‘Startup Center’ lists the key tasks you can access to start your business. Even though it is a self promoter it still has good information.
I recommend: Start at this address: ww.microsoft.com/SMALLBUSINESS/startup-toolkit/default.aspx?pid= home page. Use the tabs at the top of the page. You will find advice on selecting a business structure and other valuable information. Ensure this information is relevant to your state laws and conditions. You can also download a free business plan template here: ttp://office.microsoft.com/en-us/templates/TC010175201033.aspx?pid=CT101172331033.
Tips & Tactics
Some last points to help you on your journey
The reasons business fail in the first 5 years are competition, mismanagement, high rent and insurance costs, high debt, inability to get financing, loss of clients, difficulty with collections and lack of profitable sales.
This guide to starting a small business still advocates you must study your chosen market before spending a cent. Even though the odds to have a great small business are good you still need to do your homework.