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Question DetailsAsked on 6/21/2013

how do I start a small business?

want to start a small business of my own

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I hate to sound brutal, but if you have to askk you should probably not do it.

What I mean is, if you have enough work experience in a particular field to have the expertise to start off on your own, you will also have the managerial experience and knowledge of what is takes to run a business in that field.

Abotu 90% of new businesses fail in the first year, and in a large majority of those cases it is because the individual visualized starting from scratch in a field they were not expert in and therefore did not understand enough about the nature of the business to make a go of it, because they had no experience managing a business in that field, or they grossly under-estimated how much money it takes to get a business off the ground and profitable The latter issue is a very common reason for failure - many prepare "business plans" that assume profitability in 3-6 months when you are doing pretty good to be profitable overall in 3 years. Many also assume paying themselves a nice owners salary right off the bat, where commonly you take no pay or profit for at least 2 years, if not more, so you need another source of funds (savings, spouse, retirement pension, gold-plated trust fund, or such to live on through that startup time.

A terrific amount of information on the setup of a business and management and administrative, legal, taxation, benefits, etc can be found free online. Start with the guidelines and booklets online from the Small Business Adminstration at www.sba.gov - the first non-ad listing that comes up for me has links on starting a business and business administration help.

Subscribing to small business and entrepeneur magazines might also help, and most community colleges have course on small business administration.

Specialized information on taxation, licensing, permits, interstate commerce, etc can be found at state and federal agency websites dealing with those matters.

Good Luck


Answered 6 years ago by LCD




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