Tips to Improve Your Odds of Small Business Success

If you’re thinking of starting a new small business today there is much more information available online about how to do it than only a few short years ago.  From ‘how-to’ websites that tell you step-by-step how to do certain tasks to online organizations that have been set up solely to help the entrepreneur the wealth of info online is almost limitless. Best of all, most of it is also absolutely free.

It doesn’t matter if you have a small business idea, an idea for an internet start-up that’s never been used before, you need a start-up loan or you want to start a business from home, there are websites that will help you, guide you and advise you at every step along the way. In fact, below are some great tips from us that will help you too and improve the chances of success for your new business.

One of the most important factors that differentiate the small business startups that thrive and those that don’t is people. If there is any way that you can afford to hire employees when you are first staring out you should do it as the stats show that small businesses that are well-staffed have a much higher chance of success and survival than those that are 1-man shows. If this isn’t something that you can do right away your next best bet is to seek out and get advice from experienced mentors.

Many studies done over the years show that starting a business with less than $50,000 is a recipe for failure. If there is any way to do it you should have at least 50 K in capital so that your new business baby will have a better chance to survive the 1^st year.

No matter if you’re the most educated person in town and the specialist at what you’re going to be selling you should invest your time and energy into training and business classes.  If your town has a local Small Business Development Center or your local college has entrepreneur and/or business courses you should take advantage of them as soon and as often as you can until your business is established.

Finally one of the best ways to make it in your new small business is to start at home if at all possible, even if you hire employees.  Stats show that a business that starts at home and then, when ready, moves to a bigger and better location will survive more often than one that starts out too big in a space that is beyond their capacity to afford.