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If you're opening a small business on a budget, you can do with less, but make sure you have the basic supplies you need to ensure you're able to properly serve each and every customer. If you can afford it, you can go all-out and buy the best of the best. Either way, consider the following:
1. Make a list of general office supplies for starting a small business, from paper and ink to staplers and file folders.
2. Since one of the steps to starting a small business is setting up your technology, think about what you'll need to make your life easier, as well as the lives of your customers.
3. Make sure the furniture items you choose convey the message of your business start-up (value, luxury, etc.). Customers will take notice.
Action Steps for Successfully Starting Your Own Business
The best contacts and resources to help you get it done
Stockpile general office supplies when starting a small business
As with most things, buying office supplies in bulk can save you a good chunk of money, even though these items are relatively inexpensive to begin with. Take stock of what you'll need, make a list and buy enough to last your small business startup at least a few months.
I recommend: Select the products you need from the large inventory at biggestbook. You can also find a nice selection at Wholesale Warehouse Supply.
Buy the right technology when you take the steps to starting a small business
Technology like computers and credit card machines makes everyone's lives easier. For example, if you do your scheduling using a software program or streamline payment with credit card terminals, your customers will notice your efficiency and look upon your business more favorably.
I recommend: Browse through the small business solutions offered by Dell, a company that will customize computers according to your business's needs. Merchant Warehouse has a huge selection of credit card terminals for you to choose from, making payment easier and more accessible.
Pick out some good furniture when starting a small business
The furniture in your office makes an impression on your clients and customers. Also, if you're opening an office that offers professional services, like accounting or real estate, you and your employees will be spending quite a bit of time in the office, so the furniture should be comfortable as well as attractive. Most businesses will need a desk, even if only for the reception area. Other necessities might include file cabinets, reception or office seating, tables, displays, and other furnishings.
I recommend: Check out the desks offered at National Business Furniture. Consider buying reception seating from Modern Office, which offers a variety of styles to choose from.
Tips & Tactics for Effectively Starting a Business
Helpful advice for making the most of this Guide
- • If you need some extra help determining how to start a small business and what types of supplies you'll need, the folks at the Small Business Administration can help you out. They have lots of information on starting a business; with their experience, they can help you figure out exactly what supplies you'll need for your specific industry.
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Maybe you have an idea for an internet business startup, or you are starting a small business from home, need a business startup loan, business startup software, or just want to know the basics of how to write a great business plan. Whether you are still in the idea stage of how to start a business, or you've already taken serious steps to starting a business, finding the RIGHT advice, resources and entrepreneurial communities will be vital to the success of your small business startup.
Here are four factors that improve the odds of success for anyone who wants to start a business:
- People. If you can afford to hire employees or can bring in partners when you first start a business, DO IT. Studies show that well-staffed business startups have better survival rates than solo operations. If this won't work for you, at least seek out experienced mentors. (See the resources below to find advisors on how to start a small business.)
- Startup capital of at least $50,000. Not easy, perhaps, but studies show that businesses starting with less than $50K have higher failure rates. That's just the way it is. The key is to have enough financing so your business can take root.
- Training. If you can, attend seminars on how to start a small business offered through a local Small Business Development Center (see below), or enroll in a college-based entrepreneurship program to learn the ropes. You might be the smartest geek in the world, but if you have no business sense, you're in trouble.
- Home beginnings. To keep costs low, start a home-based business. Businesses that begin this way and then move into bigger digs later have higher success rates on starting small business.
Action Steps
The best contacts and resources to help you get it done
Get free counseling and advice on how to start a business
Thousands of small business counselors and mentors are available to help you through Small Business Development Center (SBDC) and SCORE locations nationwide.
I recommend: There are SBDC offices in every state, with a network of over 1,000 service locations at colleges, universities, vocational schools, chambers of commerce and other places, offering free help on how to start a small business. This service operates through the U.S. Small Business Administration (SBA). In similar fashion, SCORE will match you up with a volunteer mentor in your area for free one-on-one counseling on how to start a small business. Or ask questions online on starting a small business and receive expert answers by email within 48 hours. This free email counseling service is hugely popular with startup entrepreneurs.
Learn how to start a business the Microsoft way
It's something new from Microsoft. The Startup Center is a nicely-organized list of the key tasks you need to consider in starting a business, with help, resources -- and of course, information on how Microsoft products and services can help starting small business.
I recommend: Start at the Microsoft Startup Center home page. You'll see tabs at the top of the page covering key small business startup tasks. "The Rules" tab, for example, has advice on selecting a business structure, getting licenses, understanding tax responsibilities and buying a bar code. You can download a free business plan template and free small business accounting software.
Plug into an online community of like-minded startup entrepreneurs
Nothing's a better motivator than involvement with a community of other entrepreneurs who are starting a small business - and sharing the ideas and information they've learned.
I recommend: StartupNation is a "go-to" resource for starting small business. This site offers helpful advice and support through online seminars, newsletters, radio spots and more. Of special interest: 10 Steps to Open for Business and Key Moves for Success sections. The Wall Street Journal Small Business website, and Entrepreneurship.org, from the non-profit Kauffman Foundation, both have loads of helpful articles on starting and growing a business. And OnStartups is a cool new community offering savvy ideas and advice specifically for software entrepreneurs.
Get expert help writing your startup business plan
You need a business plan to start a business. Here's where to get help writing it.
I recommend: Bplans.com is the only address you really need to create a great business plan. This super site from the folks who publish Business Plan Pro, the best-selling business plan software, is chock full of helpful business plan info, from sample plans (60 free; hundreds more to purchase), business planning tools, ask the experts and more tools and tips for how to start a business. Find more business plan software at Business.com.
See the latest in technology for small business startup
Go online to get the latest tech news and information to help with your small business startup.
I recommend: For depth of coverage, independent opinions and a "we get it" sensibility to what startup entrepreneurs need, Small Business Computing can't be beat. Sign up for the free Small Business Computing newsletter on the home page. Great coverage of News and Trends, Business Software, Hardware & Equipment, Online Marketing, Buyer's Guides and Small Business Essentials.
Try franchising opportunities as your route to starting a small business
If buying a franchise is what you have in mind, go straight to the franchising experts to start a business.
I recommend: The International Franchise Association, FranchiseSolutions.com and Franchise.com can help you find the right franchise opportunity. Check franchise opportunities on Business.com as well.
Tap key services online for starting a small business
To select and register a corporation or other business structure, find financing or get your business logo, easy online services are available to help.
I recommend: Going with the quick online solutions will save you time, money and aggravation. For business structure (corporation, LLC, etc.), The Company Corporation can help. See LogoWorks for a business logo fast at a great price.
Go online for small business startup and training info from the SBA
The U.S. Small Business Administration (SBA) website offers a wide range of helpful information and resources for starting a business.
I recommend: After a site makeover in 2007, the SBA consolidated it's business startup help into a section called Small Business Planner. Some of the most helpful items include the Small Business Readiness Assessment Tool, Starting a Business FAQs, and a Glossary of Terms. The SBA also offers a good selection of about 25 free online courses that are self-paced and take about 30 miniutes to complete. Small Business Primer: Guide to Starting a Business is one of the newest offerings.
Got time? Get a business education before starting a business
Business owners who complete education courses on how to start a small business have a greater chance of success.
I recommend: All Business Schools is an online directory of college business schools. You can search the site for those offering programs on entrepreneurship and starting small business.
Tips & Tactics
Helpful advice for making the most of this Guide
- • The most common reasons for failure within the first few years of starting small business include competition, mismanagement, high rent and insurance costs, high debt, inability to get financing, loss of clients and difficulty with collections.
- • If you're ready to take the risk of the risk of starting your own business, carefully study how to start a business in your chosen market before taking the plunge. Even though business failure rates aren't as high as once believed, aspiring entrepreneurs still need to do their homework.
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There are more than a few steps to starting a small business. You're on the right track, though, since you already have a good idea and are interested in making it a reality. Before jumping in, take a few things into consideration:
1. Understand that starting a small business isn't easy. There may be some late nights and some aggravation, but it's all worth it if you succeed.
2. Hone your ideas and put them on paper. The success of a small business startup has a lot to do with how organized the owner is and how well he or she executes these ideas.
3. Ask questions if you're not sure how to start a small business. The process ranges from quite complicated to very simple, depending on what type of firm you want to open.
Action Steps
The best contacts and resources to help you get it done
Make sure you're ready for starting a small business and take the first steps
Before taking that leap of faith, it's important to make sure you have what it takes. Not only will you have to invest your money into the business, you'll have to run it, and this is the part that will take perseverance and motivation. The first step you'll need to take is writing a business plan; this will help you cement your ideas and think critically about how you'll start and operate your new business.
I recommend: Take the quiz offered by the U.S. Small Business Administration to see if you're ready for opening a small business. Once you determine that you're ready, get started on a business plan using the tips from Entrepreneur.com.
Check out potential competition before starting a small business
Next you'll see if there are any existing firms that are similar to the business you're starting. Small business owners often overlook this step. Other people may have already had your great idea, so it's imperative to determine who your competition is, where they're located and what they're selling.
I recommend: Get information about other businesses in your area by finding your city on City-Data.com. The U.S. Census Bureau also has a plethora of information that can help you out.
Find the best area of town for starting a small business
'Location, location, location...' We've all heard it said. The success of your business is, in many cases, directly related to where you locate your business. First of all, you need to be near your target market: those who want your product, have the means to buy it and are willing to make the purchase. Knowing the demographics of your town will help you determine the best place for your storefront.
I recommend: Explore the demographics of your town by entering different zip codes on Melissa DATA. Use the lookup function at the U.S. Chamber of Commerce to find your local chamber; the people there have a multitude of information about your municipality, and they want to help your new business succeed.
Tips & Tactics
Helpful advice for making the most of this Guide
- • If you still don't have a grasp of starting a small business basics, there are plenty of places to get help. The Internet, of course, can offer good ideas, but you can also use SCORE (Service Corp of Retired Executives) or the Small Business Administration. The folks at these organizations can give you information on starting a business as well as help you get funding, if you need it.
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Action Steps
The best contacts and resources to help you get it done
Business plan
A business plan is an outline of goals for your business and methods to reach those goals. An up-to-date business plan is a must for every business. At a minimum, it should include a summary, business description, market analysis, marketing plan, funding requests and an organizational guide.
I recommend: The U.S. Small Business Administration offers in-depth information about writing a business plan. The information includes a list of items your plan should include.
Employer ID Number (EIN)
The Internal Revenue Service tracks businesses through Employer ID Numbers. When you start a business, you must get an EIN. Once your business is up and running, you will have to get a new EIN if the ownership structure of your business changes, such as going from a LLC to a corporation.
I recommend: The U.S. Internal Revenue Service offers comprehensive information about EINs. You can even apply for your EIN on this website.
Franchise
A franchise is a business that allows the franchisee to use a system, marketing materials and other rights from a franchiser. There is almost always an initial investment, regular franchise fees and a franchise agreement associated with opening a franchise.
I recommend: The Federal Trade Commission offers information to help you determine if a franchise is right for you.
Business structure
A business structure is the way you organize your business and report it to the government. Structures include sole proprietorship, limited partnership, limited liability company and corporation. Each of these has significant tax effects and owner duties.
I recommend: Alco Corporate Services offers a look into the various business structures you should consider when you start your small business. The information includes considerations and benefits of each type.
Angel investor
An angel investor is a person who is willing to help new or start up businesses. In some cases, these investors don't ask for any control in the business. However, most will require you to provide a comprehensive business plan.
I recommend: Inc.com offers information to help you understand the function of angel investors, including a list of places to find them.
Bandwagon marketing
Bandwagon marketing is a way that you can advertise your business for free. It uses the ripple effect, which is when one person has a good experience with you and tells another person. You can help your marketing campaign be more successful by asking your customers how to make their experience better during each visit.
I recommend: Foothill Technology offers an explanation of some basic marketing techniques, including bandwagon marketing.
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