Starting a small business? Critical Tips
Small business Checklist: Your starter kit.
Probably the most asked question I get is “What do I need as a foundation to start a small business?”
The prospects are frightening, you are not sure of yourself and you do not want to fail. Perhaps it is extremely important that you succeed. Maybe you haven’t left yourself room to retreat. Relax, everything is fine.
Do the following:
1. Get an idea of how good your competition is. If you’re starting a brick-and-mortar business like a coffee shop or plumbing company, look in the yellow pages and check out the Better Business Bureau. Check if any of your competitors are on the bureau’s bad list.
If you are starting an online business, do a web search just like the following, including quotes: “intitle:”your site’s theme” inanchor:”your site’s theme” inurl:”your site’s theme”. The number displayed will show you the number of the serious competitors you have on the world wide web.
2. Make sure you have enough capital to last 6 months. The best way to do this is to start part-time. This would be fine if you were working online, but not possible for a walk in off the street business.
Talk to your bankers about your list of small business ideas. They can offer sound advice. If you’re starting a web business, even your banker can’t help you much because hardly anyone has an online business, so they have little information. On the other hand, with an online business you have virtually no costs and, if you do an affiliate business, you have virtually no risks.
Either way, just make sure you’re not following some Pied Piper with a get-rich-quick scheme. They all are, and they are very good at making you believe they have the secret to instant wealth.
Everything takes time and work.
Do you now understand why a few simple inquiries will save you all the grief? If you are unsure, seek information from an expert in your field. Most people are more than happy to help if approached correctly.
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