Starting A Biz ? 5 Tips Can Save You

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February 29, 2008 by Rich Whittle | 1 Comment

MarketWatch:

Home and small businesses are a $427 billion-a-year industry – you may be planning to launch one yourself. Before you do, try to come up with reasons you shouldn’t, says Paul Stappas, founder of Bookkeeping Administration Management, a company that works with small businesses.

That approach will help you minimize the risks associated with impulse-driven decisions and insufficient research.

It can also serve as a litmus test. “If all the analysis is positive, then you know you have an objective, rather than emotional, reason for going into business,” he says.

Here are Mr. Stappas’ top five tips for starting a successful small business:

1. Determine if there is a market for your product or service.

2. Analyze the competition.

3. Develop a five-year business plan.

4. Keep your books in order.

5. Incorporate your business to separate your financial and personal assets.

Photo by MSDesigns.