| Have you ever thought about starting your own small | | | | 4) Decide how you will fund your business. Even if you |
| business? If you have you're not alone. According to | | | | are offering a service, you will need business cards |
| the Small Business Administration, more than half a | | | | and possibly letterhead and envelopes. You may need |
| million businesses were started in 2006. But, not every | | | | postage and special tools. If your business will provide |
| business becomes a success. In fact, many will fail | | | | a product, you'll need funds for product research and |
| within their first five years. Here are some tips to help | | | | development. Funds can come from your savings, |
| you achieve your goals and rise to the top when you | | | | your current job, or loans. Loans can be provided by |
| start your own business. | | | | banks, many of which are business friendly, or from |
| 1) Research your chosen industry. Find out what the | | | | friends and family. Tell your friends and family that you |
| annual income is for other businesses in the industry, | | | | plan to start your own business and that you will take |
| how many employees they have, how long they have | | | | responsibility for paying them back. Set up a payment |
| been in business, and how much start-up capital they | | | | schedule just as you would through a bank so your |
| needed. | | | | friends and family will see that you are serious. |
| 2) Come up with a way for your business to stand out | | | | 5) Start slow. Don't buy anything that isn't absolutely |
| from the other businesses in your industry. When you | | | | necessary. Keep your business on a tight budget. |
| start your own business you need to stand out from | | | | When you start your own business it is easy to get |
| your competition and give people a reason to do | | | | excited and want to buy things such as a new |
| business with you over anyone else. Will your service | | | | computer or other office equipment or furniture. Stick |
| be faster? Will your product be less expensive? Will | | | | to the bare necessities until your business can afford |
| you offer a special bonus that your competitors don't | | | | to buy the extra things. |
| offer? Make your business unique and people will want | | | | 6) Make marketing and bringing in customers your top |
| to do business with you. | | | | priority. Many businesses fail because they don't |
| 3) Give your business a descriptive name. Clever | | | | market themselves up front. Learn all you can about |
| names are fine as long as they give people a sense | | | | marketing and find out where your customers are so |
| of what you do or offer. For example, Morrie's | | | | you will know how to reach them. |
| Restaurant is a poor choice for a business name. A | | | | When you start your own business, you'll face many |
| better name would be Morrie's Fine Italian Dining. Not | | | | challenges, but you'll also have many successes. Stay |
| only is it descriptive, but it gives people a sense of | | | | focused and you will achieve your goals. |
| what to expect when they dine there. | | | | |