Emerald Business Systems Blog

How-to Guides for running your business from Work.com

Posted in General Business by ebs4pos on August 31, 2009

Here are four factors that improve the odds of success for anyone who wants to start a business:

1. People. If you can afford to hire employees or can bring in partners when you first start a business, DO IT. Studies show that well-staffed business startups have better survival rates than solo operations. If this won’t work for you, at least seek out experienced mentors. (See the resources below to find advisors on how to start a small business.)

2. Startup capital of at least $50,000. Not easy, perhaps, but studies show that businesses starting with less than $50K have higher failure rates. That’s just the way it is. The key is to have enough financing so your business can take root.

3. Training. If you can, attend seminars on how to start a small business offered through a local Small Business Development Center (see below), or enroll in a college-based entrepreneurship program to learn the ropes. You might be the smartest geek in the world, but if you have no business sense, you’re in trouble.

4. Home beginnings. To keep costs low, start a home-based business. Businesses that begin this way and then move into bigger digs later have higher success rates on starting small business.

via Resources for Small Business Startup | How-to Guides for running your business from Work.com.


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