Research and Other Great Tips for Starting a Small Business

So you finally are going to take the leap and run with the idea of starting a small business. The draw of being your own boss, of going to work in your bunny slippers if you have a home office, of doing what you love working for yourself instead of the man. There are a lot of things to consider before you actually open the doors. You can set your new small business up for success or failure just by the amount of time you put into learning as much as you can about what did and didn’t work for other small business owners who have gone before you.

Research, and then research some more

Knowledge is power and knowing what you are getting yourself into can be the difference between success and failure in the world of small business. Start with knowing your market, your niche and doing some research on possible competitors to get an idea of what kind of need there is for what you have to offer. The one thing that you didn’t know about may be what sinks the ship and if you had spent just a little more time reading all you can and asking people you know that have done it, you might have been able to at least weather the storm rather than lose it all. Or even avoid it. There are thousands of resources on the internet for starting small a small business and there are also many websites that belong to businesses that no longer are in business. They become a great resource of what not to so. Utilize every resource that you can think of such as the Small Business Association (SBA) that is the whole reason they exist. To help small business owners succeed.

Make a plan

Having a plan before you start can keep you from getting distracted and also ensure that you don’t miss something vital along the way. A business plan covers the whole scope of the business from the product or service you will offer to how you will finance your business. Many times if you are going to try to obtain financing from a bank, or are going to try to get investors, they will want to see your business plan so they know what they are getting into. Doing a business plan can also put it all in black and white in front of you rather than a bunch of ideas in your head. It can address things that you didn’t even think of or thought were too minor to worry about and ensure that you are ready to be in business

Taxes and License

Make sure you get a tax id number and register with your local county or city clerk and get whatever special licensing you need to operate your business. This also includes checking local code about running a business from your home if that is how you are starting. It could be the worst possible scenario to start your business and have everything going great and be making a good living, only to be shut down because you didn’t take the time to get the proper license. This would be a good time to get a good accountant as well as they can assist in money issues from the beginning.

Whatever want to do with your small business, don’t go into it without all the knowledge and support from available resources you can find. It may be the difference between being in the Fortune 500 someday or ending up with no fortune at all.

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