| By :
Mark Etinger
Starting a small business is easy. Making it successful is not. Small businesses have about a 50/50 chance of being around in 5 years. But after reading this article your chances will probably improve to about 90/10 in favor of long term existence. All you have to do is be determined and follow protocol. 1. Business Plan: Having a business plan is a great way to make sure that you know what you want, and have a basic idea of how to reach it financially. A financial statement helps you understand when peak times of the year will be, if you run a specialty shop. The Census Bureau can clarify certain figures for you, making it easier to project success. 2. Desire: You have to really, really want to succeed in this business. That means pouring yourself unfailingly into the store, and working extra hard in the beginning years to get it off the ground. 3. Know the product: The better you know your project, the more likely you will be to attract and keep customers. A well run business, if it's in the right market, will bring in business based on the quality of the service, products and ambience. 4. Location: choose a location that is customer friendly, without another competing industry in the immediate area, and make sure it complies with zoning laws. 5. Finance: Government backed loans, grants, and venture capital can help you get started. Having good credit helps. 6. Legal Structure: Your options are many: a sole proprietorship, partnership, LLC, corporation, cooperative. Tax considerations may affect your choice. If your business is going to be doing risky things, like trading stocks, or opening people's backs, you probably want an LLC, which provides personal liability protection, shielding personal assets from business claims. A corporation is another option here. These are more expensive to create and involve state fees and taxes, but are necessary depending on your market. 7. Register: Tell the state government the name of your new business. Then talk to the IRS and state revenue agency about a tax ID number, workers' compensation, unemployment and disability insurance. Obtaining permits from the federal, state and local governments will make you ready to open shop. 8. Manage: Hiring employees can be tricky. Take resumes and interview everyone personally. 9. Supplies: Finding a reliable wholesaler is a great way to save costs. Items like pricing labels, tagging guns (the Monarch 1131, specifically), and Garvey labels can really help you keep track of what's what in your store. 10. Competition: You want to be the best in the market, so look at how other successful businesses operate. This will give you ideas about how to surpass and build what they already have. These tips should make you think again about the seriousness of opening a small business. It isn't for the faint of heart and should be taken very seriously – your savings are at stake! If you still feel confident, look for mentors and websites that can help you develop a business plan, which is arguably the most important part of beginning your idea. Good Luck!
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