How to Start a Small Business

One great thing about the United States is that virtually anybody can go out and start a small business. All it takes is some know how and some hard work. While having a lot of money helps, you can start a business with little or no starting capital.

Difficulty: Moderate

Instructions

1. Calculate how much available capital you'll use to start your small business. The more money you have, the wider your options for the type of small business you can start. Consider getting a business loan at a local bank if you have the credit and the means to pay it back. As always, don't dedicate money to the small business that you can't afford to lose in regards to your household budget.

2. Select the type of small business you want to open. The possibilities are virtually endless. If you want ideas or advice, visit Entrepreneur.com. You can also research at your local library to find a small business idea that piques your interest.

3. Research the field completely. After you selected the type of small business you want to start, examine that field thoroughly. Find competitors, and see how they conduct their business. Don't be afraid to ask questions. Look for areas that you can improve on and think of unique ways you can market your small business. Business.com is a great resource for business information about start-ups.

4. Construct a total plan of action. Write out in detail each step that stands between you and the ultimate goal of having a functioning small business. No detail is too small to list. By making a plan of action, you can go down the list and accomplish each step before moving on. It'll also make the overall task less daunting.

5. Decide on what type of business structure you will use and file the appropriate forms. Choose between a sole proprietorship, partnership, corporation or LLC. Each type of structure has different rules and liabilities. For more information on the different business structures, refer to Allbusiness.com.

6. Get your business license. For certain types of businesses, you must file for a license. The Small Business Administration website can tell you if you need a business license for your chosen type of business. Once you are licensed, you can begin conducting business.

Tips & Warnings

• Give yourself plenty of time to start a small business. Rushing into creating a small business is a bad idea and an easy way to lose money.
• Avoid get rich quick schemes. If a small business idea sounds too good to be true, investigate it fully and with a skeptical eye before proceeding.

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[jayp198504]

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[aaronpaul]

on 11/4/2009 I've started two small businesses now. One thing I can add is to write down long term goals and action steps to get there. Once you quit focusing on and end destination it gets easy to wonder off course. Here is another list that I've found beneficial as well: www.wbsonline.com/resources/owner-s-checklist-for-starting-a-new-business/

[kevintmurphy]

on 10/29/2009 One of the better ones I've read, and lord knows there's 2342398423 of them on here. Good job!

Kevin
www.sbwonline.com

[grayhartclean]

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[hiptoknit]

on 8/29/2009 GREAT detailed info...thanks for such a well organized, useful article!