Tips for Starting A Small Business

Have you been dreaming of getting out of the rat race and starting your own small business? If so, your dream has become a reality for thousands of people across the U.S.

New start a new business often has similar questions such as Will I be successful? Do I need a mentor? What help is available? What will this cost me?

The fact of the matter is, those who are successful in starting their small business have carefully planned for each phase of their business's life. There are definite steps potential entrepreneurs should follow to increase their chance of success. Here are 3 tips to assist them in this process:

Tip #1: Decide on your potential business. Ask questions such as:

1. Is there a marketplace?

2. Can a profit be made?

3. How much competition is currently in the specific market place?

Tip #2: Do careful research. This is highly important and can prevent potential small business owners from making costly mistakes. Some basic questions to ask are:

1. What niche or void will my business fill?

2. What services or products will be sold?

3. Is my idea practical, and will it fill a need?

4. Can a demand be created for the business?

Once the potential small business owner has determined their business is feasible, other questions to think about are:

1. What skills and experience do I bring to the business and start a new business?

2. What will be my legal structure?

3. What financing will I need?

4. Where will my business be located?

Those looking to work from home should answer additional questions such as :

1. Is there enough space in my home?

2. Can the business be run well and successfully from the home?

3. Can I deal with not working around other people?

When potential small business owners are able to answer the questions above and feel comfortable with the outcome, this will naturally lead then to the next tip: