Understanding the Basics of Small Business
A small business alliance can help you assess the costs that can be associated with growth and start up as well as the pros and cons of using your business verses personal finances. They can even help you determine if your business is eligible for assistance programs. Here are some things the small business groups can help you decide before you open your small business. Take a look at their website for a reference.
- Using personal finances
- Borrow money
- Start up Estimate
- Social Media can really benefit your small business if used correctly.
- Locating Retail/Office/Manufacturing Space
- Capital loans VS. Personal money
If you want to operate as a sole proprietor your full name will be considered the legal name of your business and you then will have to use it on all government forms such as licenses, permits or employer tax ID. You can also use a fictitious name, trade name or anything creative or memorable about your business. For more information on choosing a name and registering go to The U.S. Small Business administration at www.sba.gov
Is Small Business Right For You:
The most important decision when deciding to start your own business is LOCATION LOCATION LOCATION. That can be the difference in your new business thriving or failing. It is important to realize that the majority of new businesses that start-up will fail in the first year and only 5% of THOSE business make it past the second year.
It’s no wonder when small business owners have mixed moods after seeing so many of their competitors go out of business. So many people have mixed feelings when thinking of using their own financial resources for opening their new business. Overall most businesses owners say the benefits out weigh the risks.
Should you outsource or in-house when it comes down to the bottom line:
All aspects of accounting can be outsourced such as Payroll and Human Resources while A/P and A/R are kept in-house. You should talk to other small business owners about what they feel is the easiest way.
Websites are normally always outsourced. It takes a specifically trained person to set up your website for the most beneficial aspects of your particular business. Join strong advocates group like the Small Business Alliance to help you navigate through this sometimes complicated process.