Small Business Start up Tips

Taking the Right First Steps to Business Success

Jan 1, 2010
Clarice Cook

Anchor a Business Well - Clarice Cook

Any small business, online or local, that starts without a strong mission statement, a business plan, sound financial advice and a solid base has a weak foundation.

First time investors need to make the right choice for the type of business to pursue. Mistakes lead to devastating results when an idea has not been researched thoroughly from the onset.

Schedule Wisely

Stay away from seminars that offer business opportunities in the evening hours. Fatigue will hamper good sense reasoning when the urgency to sign on the dotted line and hand over the credit card arises.

Research the Idea

Before attending a seminar or taking any financial steps, research the idea thoroughly. Check out demographics, the target market, legal compliances and restrictions for the target area, availability of product, etc. Talk with friends and relatives or run a survey on the viability of the product or service that is being considered.

Research the Company

Research companies before attending a seminar. Do research online, check with the Better Business Bureau and other agencies. Look for other people who have had experience and who are not paid for testimony by the company.

Don't be Pressured

Beware of marketing companies that offer discounts for immediate commitment. These companies don't want a long decision time. If there is pressure to jump in now, walk away.

Be Cautious

Online marketing is a great thing the right choices are made. However, fraud and deception is rampant. Take precautions. Don’t answer email ads offering business opportunities. Use search engines and go directly to websites that offer information.

Search for Small Business Information

Note the difference between how to books and packets and start up business opportunities. There is a lot of reliable information online. Government or business organization websites may offer the same or better information. Check with the Small Business Administration.

Seek Financial Advice

Get financial advise and consider it well. Check any proposed business plan over with the banker or financial adviser. Keep an open mind.

Check out Government Grants

For start up costs, check out grants with the Small Business Administration and the government sites Stay away from companies or online sites that offer grant information for a price. Anything worth knowing about grants can be obtained for free or a small mailing fee from business organizations and government agencies. Beware of illegal claims of connection to government agencies. Go directly to the source.

Research and Understand Bottom Line

Realize that the start up cost is the first hook. Consider the overall cost to potential beginning sales. Know what the bottom line is.

Avoid Misconceptions

Be aware of the big picture. Online opportunities can start out at $300, but grow to $6,000 or more for training, web design and warehouse information. At the end of the first year, there could be no profit with a whopping $10,000 or more debt looming overhead.

Research Wholesale Warehouses

Learn the real scoop on wholesale warehouses. Warehouses that offer wholesale products to online dealers have a bottom line and a profit to make. The only way to truly buy wholesale is to pay a fee. The fee adds to the online website dealer's cost. This cost must be included in the price offered for the product online.

Education is the Key

Sign up for classes with the Small Business Administration locally or online. Level of education has no baring on the need for training from experts that have many years of experience in business. Be humble and realize that a business owner can never have enough education or advice to swim with the sharks.

There are many great local and online business opportunities. However, wise steps need to be taken to succeed in a highly competitive market. Thorough research, a realistic mission and planning, and a strong organizational base can be obtained through training from experienced professionals.

Go to www.sba.com or call the local Small Business Administration office for good solid advice and to sign up for classes.

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