How to Start a Small Business

How to start a small business

According to ehow.com one great thing about the United States is that virtually anybody can go out and start a small business. All it takes is some know how and some hard work. While having a lot of money helps, you can start a business with little or not starting capital.

1. Before even starting a business you should talk to 3 important people

a. Accountant – they will ensure you have accounted for the different expenses you are likely to incur, provide you with a list of things you can claim as a business expense and provide you with some tax advice

b. Lawyer – they can help you prepare documents and protect yourself

c. Business advisor – they will be able to give you free advice on practically every aspect of starting a business.

d. According to businessplanwiz.com “You can never have too much information and although there might be a desire to rush into things and start earning money as quickly as possible, more time spent beforehand talking to the right people, gaining the right information, will pay dividends later on

2. Calculate how much available capital you’ll use to start your small business

e. “The more money you have, the wider your options for the type of small business you can start.” According to myownbusiness.org

f. Consider getting a business loan at a local bank if you have the credit and the means to pay it back. As always, don’t dedicate money to the small business that you can’t afford to lose in regards to your household budget

3. Select the type of business you want to open

g. If you want ideas or advice, visit Entrepreneur.com. You can also research at your local library to find a small business idea that strikes your interest.

4. Research the field completely

h. After you selected the type of small business you want to start, examine that field thoroughly.

i. Find competitors, and see how they conduct their business.

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