Best Business Guide

There are many people who dream about becoming their own boss and starting their own small business.

Becoming an entrepreneur can be a very rewarding experience. However, it can also be very time consuming, frustrating and expensive. Before you take the plunge and open your doors to customers, there are a number of things you should have in place.

1. A Good Idea

You probably wouldn’t be considering your own small business if you didn’t already have an amazing idea bouncing around in your head. But how strong is your idea?

Find people you trust and share your thoughts on your entrepreneurial dreams. Make sure you speak with people who will tell you the truth bluntly, and not only those who will give you nothing but encouragement and praise.

Ask yourself “how unique is my idea?” Take a look at the competition in your chosen industry. Is it already a competitive market, or could there be a reason that no one has attempted what you plan to do? What can you offer that is different from the competition? Make sure you do some market research before you get too far.

2. A Hungry Customer Base

Another important aspect to consider before you start a small business is if people will want what you’re selling. Without a customer base that is hungry for your products or services, your company will never get off the ground.

If you want to have success, you need to fulfill the needs of potential customers. What benefits can you offer customers that they can’t find through your competition? When you find a way to solve a common problem, customers will be come knocking on your door in no time.

3. Resources and Capital

First, you should determine what resources you already have available to you and what you’ll need to acquire. Will you need to rent a building, can you or do you already own space? You’ll need computers, office supplies and some furniture. There may be special equipment or vehicles required for your specific type of business.

Every start-up business is also going to need some money. If your personal finances can’t support a new business, you may have to find funding somewhere else.

Consider looking for someone who will invest in your idea. That person can play an active role in your company, or they could act as a silent partner, accepting a share of the profits in exchange for their initial financial support.

It’s also possible to get a small business loan. Visit the Small Business Administration website, http://www.sba.gov/, to learn more about what is available.

4. Experience and Expertise

Hopefully, you’ve chosen to start a business in which you already have some knowledge, skill and experience.

Basing a small business around something you are passionate about is a great way to make sure you enjoy your job – and ultimately your life. But that may not be enough.

You may want to consider getting some extra education before your new business begins. Think about taking general business classes if you lack experience in that area. You don’t necessarily need a new degree, but learning can only help you in the future.

5. A Strong Business Plan

Studies focused on small businesses indicate more start-ups have success when the owner puts together a solid business plan. A business plan will state the mission of your company, outline its goals and structure, explain the products and services provided, the target market, the budget and the risks involved.

Think of your business plan as a road map to help you stay organized while showing others the direction in which you want to take the company.

6. A Talented Support Team

You may know everything there is to know about the business you’re in – but the bottom line is you are eventually going to need some help.

While you may not be able to hire full-time employees right away, you will most likely need to outsource for accounting services, legal consultation and other business needs. This will be an extra expense, but it allows you to focus on running the business while leaving work that would tie you up to other people.

It may be a smart idea to tap into your network of friends and family for help. Just be aware that mixing business with those you know personally can be risky to both the business and your relationships.

When you do start to hire employees for your new small business. Make sure you pick people who are trustworthy and supportive. Conduct proper background checks before making hiring decisions.

7. Business Checks and Supplies

A lot of money changes hands in the business world, even more so with the costs of initially starting a new company.

Not only will customers and clients be paying you, you’ll also have your own bills to pay and employee salaries to provide. That means you are going to need to order business checks.

You can order manual business checks, which are written out by hand, or you can purchase laser business checks. Laser checks are designed to work with a variety of accounting and financial software programs including QuickBooks and Quicken.

Carefully select the business checks that will work best in your new venture. Some checks are specifically designed to be payroll checks, while other are meant for accounts payable.

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Start-ups and small businesses have traditionally had difficulty raising capital through outside sources and, for new companies, the chances of getting a bank loan is close to zero. Most banks today won’t even consider lines of credit or loans for companies that have been in business less than 3-5 years. Start-ups haven’t built up adequate credit history and banks are just not willing to give money to companies with no credit history. Without adequate money coming in, it is difficult for a small business to maintain payroll and pay its bills.

No wonder we keep reading the statistic that 85 percent of business start-ups fail in the first five years. Some research has indicated the reasons for these failures are a lack of funding and poor planning. These facts combined with today’s economy makes small business financing more important than ever.

Well, there are ways for small businesses to avoid funding issues and find alternatives for obtaining business financing. One method is receivables financing, also known as receivables factoring, invoice factoring, invoice discounting or debtor financing.

Receivables financing enables small businesses to obtain the cash necessary to keep the company running by getting the money they need without having to go to a bank for a loan or take on additional debt. What they can do instead is sell their receivables at a discounted rate to a factoring company. Factoring companies pay cash for the invoices and handle the collection process.

A factoring company usually pays 70 percent to 90 percent of the total invoices. Then, after collecting the invoices, the factoring company returns them to the small business owner. For this service the small business will pay a fee of 1.5 percent to 3.5 percent of the total invoices.

As you can see, factoring differs from a loan in that invoices are being sold to the factoring company and not being offered as collateral. The small business or start-up is then able to convert its invoices into operating cash and not have to wait 30, 60, 90 days or more to receive payment.

There are numerous benefits to factoring for any business, but especially for a small business or start-up. Receivables factoring will shorten the collections process giving a small business the cash flow they need without taking on new debt. Factoring can also be a great option for a small business or start-up that has been attempting to obtain a loan and is having trouble qualifying with a bank.

Many small businesses that are in a start-up situation will find it difficult to receive a bank loan making factoring services essential if they want to maintain an adequate cash flow.

Most small businesses don’t have a collections department or adequate personnel and working with a factoring company provides this much needed service. Factoring provides them with the required cash flow to survive and enables the business owner to focus on the day-to-day operations.

Receivables financing, receivables factoring or invoice factoring places the time, cost, and effort of collection into the hands of a factoring company. This enables the business’ staff to concentrate on what they were hired to do and not worry about how to sustain the business financially.

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Many small businesses start at home. It’s just practical to avoid buying or renting an office if you are already buying a home. Saving money to invest in the business and keep it going is essential to many new businesses that are struggling to survive and thrive.

People who are forced into entrepreneurship by unemployment want to watch every penny.

And some of us watch every penny because we are thrifty by nature.

There is a long tradition of business and home occupying the same building. Here are some great ways to consolidate your place of work and your home in one building.

1. For many small retail businesses a location in an area with foot traffic and mixed-use buildings is ideal. Clothing, antiques and collectibles exist symbiotically with restaurants and law offices, attracting customers for each other. And apartments and homes fit right in the mix. Many inner city neighborhoods welcome this kind of live/work atmosphere.

2. Cities may have condemned commercial buildings and property in excellent locations for your business that you could buy for very little money. Municipalities want a taxpayer in that location, not a crumbling and empty building. Look for property you can get for a song and improve.

3. Some businesses are not location sensitive, meaning that you can locate in some out of the way spot that no one else would consider. Think of Dell’s original Silicon Prairie. They did not pay big money for their location, and you don’t have to either. Businesses that are knowledge based, mail order or consulting (and many others), can be wherever you want to live and work.

4. Your neighborhood’s codes and covenants may prohibit you from running a business from home. But these codes expire eventually. If no one thinks to renew them you can do whatever you want. Some businesses can operate without the neighbors realizing you are in business. For example if you do search engine optimization, who is going to know you are even in business? All your customers are online, not in the driveway.

5. Living over the store or working from home is a good lifestyle, both for individuals and families. You are always there, present instead of always gone. It’s tough to stop working at the end of the day if you live right there, but it is still good. Kids can learn the realities of business right there at your side.

6. Skip the money and time it takes to commute. It’s the biggest time waster in the world, especially for those of us who hate to drive in traffic. Many people spend so much time driving they don’t have time to have a life or a relationship. Instead enjoy driving a great car on an empty mountain road when you are on vacation. On the freeway in traffic it’s just boring. If lots of us just stopped commuting we might save the planet, too. The two largest factors in our carbon footprints are transportation and HVAC.

7. If you are starting a new business or expanding an old one, consolidating your living quarters and your work location may be just what you need to be more efficient, both from the standpoint of time management and from financial investment. This is an old idea that’s new and practical again.

Historically living over the store was a good, practical solution for people’s lives. It can work for us, too.

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