What are some things to know before starting a small business?

Question

I want to do something creative, thanks

Answer 1

Well good for you!

There are some things that you should keep in mind if you are serious about investing in a small business.

1) Michael mentioned tax law, and he's absolutely correct. There are many advantages to owning your own business, tax write-offs are definitely a huge plus.

2) Keep your maximum overhead firmly in mind when your business is up and running. If you're opening a brick & mortar store then this means keeping track of all property taxes and making sure everything is paid on time.

3) If you're opening up an internet business then make sure all of your electronic documents are organized and accessible for future use. Domain name registration and re-registration, web host fees, and any special licenses (if they're needed) for the products you are selling, etc. When businesses are run primarily from a computer, things can become a real mess, and quick!

4) Make absolutely sure, even before you ever sell your first product, that there is a market for what you're selling. You obviously need customers if you want to sell anything, so find them first...then centralize your operations around them if possible.

5) Be ready to work harder than you ever have before! Owning a business isn't a walk in the park. It's tough to maintain profits, take it from me...I have suffered all the pitfalls there were before finally becoming successful in my business.

Bottom line: if you can stay on top and keep your business thriving through the first 12 months, then there's a good chance that your company will be a success. Obviously there are no guarantees, but this timeline seems to be when most businesses decide that they can't cut it. After that first year things will become easier, if nothing else, then because you will have learned the ropes and made it through your first year as an IBO.

Good luck! I hope things pan out for you!

Answer 2

Business if (B U S I N E S S): This is an art and a way of life. It is totally different from all craft, trade, finance.

If you want to enter business, you must learn to acquire customers, deliver product, collect payment, build on the task of marketing - advertising - branding. This has to be a continous flow of activity.

If you are a room designer, you will have to do all of these tasks; as well as design rooms. You will have to look for work (advertise- network) while you are trying to lay out a project that you have taken a deposit on. Business is difficult because most people take on too much too fast. Or don't know that they have to do all that I have told you.

I know a couple that wanted to get into the traveling industry. They joined a program that sent them from one resort to another every 3 days. Air fare, hotel rooms, food -FREE: After 3 months they could not stand it any more. It sound good going in, once in they lost their LIFE, it was all work - airports - reports - investigations - reports - work. Business take the fun out of what you love to do. That is why many people hire others to WORK (the no fun thing we all hate) in our businesses. Did I mention that if you own the business, there is nobody to help when you are depressed.

E-mail me if you still want to go ahead, I could show you how to get around some obsticals. Click on my icon to E-mail.

Answer 3

Tax law! Tax law! Tax law! What can you write off?? Can you claim a lose for a year, two years, or three? Can you get grants from the Government? Can you buy a vehicle and write it off? It is very hard to start a small business and keep it a float. But if you do it the write way things can really work out for you.
Good Luck!

Answer 4

you will not make money for at least a year. be ready to be worried and stressed until things settle down and you really know what you are doing. you will encounter many mean and rude people. know how to market yourself and seem confident in your business even at times when you are not. be ready to deal with problems and stay calm when they arise because they will. be open minded and let peole help you but make sure you don't rely soley on the advice of others- everyone in the business world, not matter what type of business, is out there to make money and no matter how nice and helpful someone may seem they are in it for themselves, not you. do something you like. have fun with it, if you get too serious you will be stressed and not enjoy what you are doing, and then it's not worth it anymore. make sure you do something that makes you happy.

Answer 5

Following things you need to know b4 ;
Strong burning desire
WHY? A strong element that will make you work harder & smarter.
Determination.
Focus.
Goal to accomplish.
Definate plan to succeed.
I can help to develop & can give you more feedback so drop me a line at [e-mail]

Answer 6

if u want to know the basics of busines just go through the following website

Answer 7

You could try this. They send everyone free beginner invention kits.
http://www.inventions.nbcdaily.com

Good luck.