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Hi, I m trying to start a small business, does anyone have any tips to help me?

We'll probably need a little more information about what type of business you're considering. Can you fill in some details?

Hello
All too often, people go into business without any savings, exclusively using loan money from friends, banks, or the SBA. They except to be able to start paying the loans back right away with their profits. What these business owners don't realize is that it can take months or years to make a profit. And once a lender discovers a business isn't as profitable as expected, the lender is likely to call in the loan or refuse to renew it for another year. Often new business owners then have to take out home equity loans or use credit cards to pay off their loans (which puts their home and credit rating at risk). For more information, see Business Financing FAQ.

A better plan is to save up as much of the needed investment money as possible, including your living expenses for the first year, or even two. Odds are that your business won't be profitable for one to two years. Even if you get plenty of business coming your way -- and your customers pay you on time, which isn't always a sure thing -- you'll want to be able to invest most of that money back in the business for space, equipment, advertising, and insurance needs.
Start on a shoestring.
Think small. Don't rent premises if you can work somewhere else, and don't hire employees until you can keep them busy.
People who start their small business on the cheap, often in a garage, den, or some other scavenged space, and create their first goods or services with more sweat than cash, have the luxury of making their inevitable rookie mistakes on a small scale. And precisely because their early screw-ups don't bury them in debt, they are usually able to learn and recover from them.

Most small business owners have limited funds in hand, so it is must for them to analyze various aspects of the business before making any investment or implementation of any policy. Fintel Business Analyzer Pro, Business Scorecard, Industry Research and Industry Benchmarking etc like tools and services are of great help for understanding and assessing real business environment.

What is it that you are thinking of doing? Consider your skills, interests and talents. The first essential piece of advice about starting your own business is to do it around something you are passionate about. Once you have decided what this is then the next step is conducting intensive research into the viability of such as business.
Julia
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Hello Ellen John,

Absolutely we do. As a matter of fact, we have developed a complete 7 step program to help future business entrepreneurs do just that with the confidence of knowing this proven step-by-step program has let to success for many business start-ups.

Please check out our posting on January 18th: Starting an At Home Based Business. This applies to any business start-up.

Regards,

Judi and Mark LaPoint
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I agree, it is defintily important for small business startups to be stingy in the first few years. This is the most volatile time for these businesses to get up and running and basically pull a profit. If you're spending to much on startup expenses, look them over, there is always a way to bring it down.

Yes, cost control and reduction is as important a profit factor as any other.

If you sell your products or services for a 50% mark-up, your net profit after expenses may be as low as 5% to 10%. So for every $100 in sales revenue, you'll make $5 to $10 in profit.

But every cent you save in costs goes straight to your bottom line, so for every $10 you save, your profit is boosted by $10.

Too many home based entrepreneurs overlook this reality when taking on costly overheads.

John

There are few questions you need to decide on, like what type of business you want to start? You have to know about your risk taking abilities. You may also read some some good entrepreneurship book.

Hello Friends.......

1.Save up as much money as possible before starting

2.Start on a shoestring

3.Protect your personal assets

4.Make a business plan, no matter how short.

5.Get and keep a competitive edge.

Thanks

When i started my business, i had a pre-business launch.

I had no money, so i sold some stuff i had to get cash. I used that to get cracking.

What i also did, and currently do for new projects, as i still work at my main job, is put aside $X every paycheck for the business. If i need to borrow from it, i must pay it back at a rate of 10% per month. That keeps me honest and my equity investment stable.

Now my business is operating quite well. The equity base is stable and revenues are good.

(Oh, i'm new)

Great forum guys.

New business needs regular consideration on various aspects, some of those are apparent while some are unknown to the owners. Business analytical tools like Business Analyzer Pro are really helpful to assess various requirements and to formulate execution plan according to the personal parameters. The services of ‘fintel’ like companies can be outsourced to get a comprehensive business plan.

My opinion, starting up an online business is always the best option for someone with not much experience. At least you don't have risk too much of your initial cost before doing anything else.

hello

when starting a new business you need to do lots and i mean lots of research into
costs
building needs requirements
permits
overheads
staff if needed as getting wrong staff can kill your business before it starts
profits on products you are selling or demand for a service you offer

i myself do business viablity research i do it on many types of business once i have done the research i form a full business plan for that business listing all costs profits and needs to start i then list that business on my website for investors to start the business i charge them 1% of profits
when there invest i give them all needed to start including good suppliers of products and services for that business all are checked by myself and realible and not scammers
i also offer a full managment service were i manage the business for the investor i charge 12% of profits for this service but all the investor has to do is provide start up capital then collect a pay check each month

i currently have started over 120 business 14 of which i fully manage

if you like i can send you my website details so you can read though and get some tips and possable some business ideas

regards paul

In addition, if ever you find yourself getting short of funds to back your small business, a practical option for financial support would be the three F's. Family, friend, or financier. The latter may sound like a bad option, but the gamble would be worth it if its a business you believe in, and you have worked out the details in ensuring its growth.