Owning your own business is driven by freedom and entrepreneurship. Maybe youre thinking about starting your own business to make more money, to have more time at home, or to develop a unique company or product idea. Whatever your business and personal goals, the right small business can achieve individual independence and pride in your work.
A small business is defined as an independent business with less than 500 employees. Almost half of small businesses are also home-based. More than three-quarters of small businesses will use some form of financing, either personal savings, loans, grants, and credit cards.
If you have the independent drive but youre not sure what type of small business you want to create, a low cost franchise might work for your needs. Usually costing around $50,000 to purchase, there are many popular low cost franchises such as real estate companies, tax services, cleaning services, and weight loss counseling.
Already have your dream business idea? The next step toward success is your business plan. Anywhere from one to 100 pages, it outlines the principles behind your operations. Basically, your plan will answer the question What is your business, where do you want it to go, and how are you going to get it there? This document is especially important for seeking funding for your new small business. It is the who, what, when, where, and why foundation to build your business dream.
Do your homework. Research your market, or paying customers. How are you going to reach them? Get to know the people who will be buying your products or services. Also locate local and state resources for small business owners. Find out the laws and regulations in your area. Dont be afraid to invest in a consultant or business books and software to help you plan. Ask local small businesses, like the local deli or pest control company, about their plan. Your bank can also provide information on starting and funding your new small business proposal.
The United States Small Business Administration (SBA, www.sba.gov) local offices and comprehensive Web site provides an abundance of free information and resources, training, and special programs. The SBAs mission is to maintain and strengthen the nation's economy by aiding, counseling, assisting and protecting the interests of small businesses and by helping families and businesses recover from national disasters. The SBA promotes small business ownership, and rightly so, since small businesses employ 99.7% of the U.S. workforce.
Another powerful resource, Entrepreneur Media, produces Entrepreneur Magazine and www.entrepreneur.com. From start to finish, Entrepreneur helps even the most inexperienced workers achieve significant gains as savvy small business owners. Not only do they explain small business basics, they work with every aspect of enterprising including success stories, motivation, and personal life skills.
There are dozens of printed resources, magazines, Web sites, and institutions to help you realize your small business vision. You dont need prior executive experience or millions of dollars to pioneer a successful new company. Take advantage of government funding and training, learn from other successful small businesses, and surround yourself with reading materials and tools. With the right plan and plenty of motivation, your small business victory will pay off in more than just money.
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