Planning to Start a Small Business? Read on.
A small business startup is exciting and challenging. When you are starting a small business, it is not enough to seek advice from family and friends. Chances are, there aren’t many people you know who have achieved entrepreneurial success,. So where do you go for advice? Here are 8 ways to get small business startup advice you need:
- Search online – The Internet is a powerful medium, a treasure house of information. If you are starting a small business, the Internet can provide great resources to gain knowledge of small business startups and enhance your skills. You can visit blogs and entrepreneurial websites to read about business ideas, or join newsgroups, forums, message boards, etc, to learn essential skills for a small business startup.
- Go to a library – Mastery of the Internet is essential these days. However, if you are yet to achieve net browsing success, visiting the local library will compensate wonderfully. Get as many books as possible on small business startups, entrepreneur autobiographies, business case studies, publications, news articles, etc, to grow your knowledge of how small business startups can be launched and expanded.
- Find a business coach – If you can afford a mentor, hire his/her expertise to help you through the process of launching a business.
- Seek out Government agencies – In UK, local Government agencies provide small business grants, as well as advice on small business startups. Check with your local agencies for business study resources.
- Approach bank advisory officers – Banks not only provide finance for small businesses, bank advisory staff help you open a business account and provide advice and information about small business startup ideas. Especially on matters related to finance for starting a business, advisors can be exceedingly helpful.
- Find a lawyer – Lawyers are the best sources of legal knowledge required to launch a new business. Be specific with your queries. Although legal advices will cost you, you may also get advisory services for free, if you search long enough.
- Find a financial advisor or accountant – Accountants are less expensive than lawyers. Financial advisors are vital to your business if you want it to exhibit well-managed finances and profits.
- Approach business students – Not all new business owners have business knowledge. Neither have all successful entrepreneurs studied business management prior to starting businesses. The importance of theoretical knowledge cannot be overruled however. Visit the Universities and seek out business students who are willing to help you for free or for minimal fee. You will be surprised at what, and how much you learn.
Without a strong and enticing small business startup idea, there is little chance of your business taking off. Do as much research as you can to come up with a genuine business idea that will benefit you substantially.
Small Business Startup – Should You Quit Your Job Yet?
The answer is: NO.
Especially if you are starting a small home-based business, quitting your job is unwise. Businesses don’t mint money overnight. It takes time to build a business. Businesses are systematic – they generate cash, subtract cash for expenses, and leave you with a positive or negative cash-flow. Quitting a job for a small business startup can lead you to the following problems:
Shortage of reserve cash or its lack in bad months of business – Your job offers security and steady cash flow in the form of wages. What do you do in the months when your business fails to profit, or expenditures surpass gains? Reserve cash helps cover your personal and business expense in the difficult months of business.
Small business startups can pile on debts – Even though you have planned finances for your home business, there will always be money spent more than you calculated. Staying employed and managing your personal finances can help you build a cash reserve to cover the few extra costs of business.
Finance is the greatest concern for small business startups. All businesses take time to develop, and it may be many months before businesses can show profits that will cover all expenditures, despite leaving a substantial amount in reserve. Until your business can do that, it is wise to hold on to your job.
Arranging Funds for Small Business Startup?
The biggest challenge facing small business startups is the accumulation of capital funds for business. Arranging finance for business often seems unattainable and daunting, and is in fact, the only reason that keeps many capable individuals from starting new businesses. Fortunately, the economic scenario has changed in the past few years and today, there are several institutions and individuals willing to invest in new businesses.
- Business capital can be secured from:
- Bank and Government Loans
- Government Grants for Small Business
- Venture Capital Funds
- Angel Investor Finance
In all of these above options, a solid business plan is required to draw in investors, loans or grants. Since a perfect business plan is difficult to conjure for first time business owners, seeking the help of a business advisor or business manager s helpful. Business coaches are usually veteran business personnel offering voluntary services to new entrepreneurs. Their expertise is especially helpful to small business startup ventures.
To Your Small Business Startup Success!
The secret to small business startup success is:
- Detailed market research before launching a business.
- Plan the What, Who and How of business.
- Master the Internet if you are launching a home-based business, or for effective business networking.
- Seek advice from business experts, financial managers, etc. Do your own business research.
- Develop good marketing and advertising for your business and its products.
- Introduce advanced and innovative technology to ease business processes.
- Partner with people interested in your industrial sector, and with business expertise that compensates your lack of a specialised skill.
- Learn to delegate work. Appoint people to share responsibility of different departments.
- Be flexible and open to ideas. Revise and improve your products from time to time.
- Create a financial plan and ensure there is cash in reserve at all times.
Be enthusiastic about the work you do. Your small business startup success depends on it.