Money! Money! Money!

Where will you get the cash to start your business? You not only need the cash to get started, but you will also need money to keep the doors open until the big bucks start rolling in. Okay, I'm making light, but the fact of the matter is, you need to be able to run your business and the expenses will either be fixed or variable. This is not including the one-time costs you will have for equipment, signage, incorporation, etc.

While identifying these costs, decide whether they are essential or optional. A realistic startup budget should only include necessities to start the business. Fixed expenses include rent, utilities, administrative costs and insurance costs. Variable expenses include inventory, shipping and packaging costs, sales commissions, and other costs associated with the direct sale of a product or service. The most effective way to calculate your startup costs is to use a worksheet that lists the various categories of costs (both one-time and ongoing). I know, back to the paperwork!

What Kind of Business?

Being a business owner myself (ZipperBack Gloves & Intentional Winning in Life), I have researched this subject to death. I am currently enrolled in business classes at my community college and yes, I've learned some of my lessons the hard way. I am using the SBA website for much of this topic not because I don't want to write original pieces, but because I feel it is the single best resource for people looking to start a small business. When I use a segment of their website, I am sure to tell you. One of my lessons as a business woman is if it already exists perfectly, don't reinvent (or in this case, rewrite) it and give credit where credit is due! Visit the SBA website for more invaluable, free information.

You have several options to explore, including where you’ll do business, how you will structure your business, and how you will conduct business. Additionally, you should explore opportunities that exist for people with specific characteristics.

•Nonprofit Organizations
A nonprofit organization uses its profit to improve its services, rather than pay dividends to investors. If your organization is registered as a nonprofit, you are eligible for certain programs including grants, government surplus...
•Self Employed & Independent Contractors
Do you want to be self-employed or an independent contractor? This page will discuss the many opportunities that are available to you and guide you to success in the small business world. Self-Employed Individuals As an...
•Starting a Green Business
The explosion of organic and eco-friendly products on retail store shelves is more than just a passing fad. It's big business. This reality presents opportunities for environmentally minded entrepreneurs ready to start their own...
•Startups and High Growth Businesses
In the world of business, the word "startup" goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential....
•Women Owned Businesses
Have you ever wanted to start your own business? If you are a woman entrepreneur, there are many opportunities for you to start, grow and expand your business. Start by asking yourself the following question: Is Entrepreneurship for...
•Starting an Online Business
Establishing a business presence on the Internet can be a lucrative way to sell, market, and advertise your business’s goods and services. The following topics provide details on how to start and manage an online business. 1...
•Young Entrepreneurs
Young Entrepreneurs are a valuable source of American innovation and long-term growth, and SBA is committed to supporting you! We’re dedicated to educating young people about entrepreneurship; connecting young entrepreneurs to...
•Home Based Business
What do Apple Computer, Hershey's, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home based businesses. In fact, more than half of all U.S. businesses are based...
•People with Disabilities
Starting a business can be a great opportunity for many people with disabilities. In addition to meeting career aspirations and goals, owning your own business can provide benefits such as work flexibility and financial stability....
•Minority Owned Businesses
Are you ready to start your business, but don't know where to start or what opportunities are out there for minority groups? The following resources provide information on federal government programs and services that help
•Veteran & Service-Disabled Veteran Owned
If you are a veteran or a service-disabled veteran, you have several options to choose from when starting your business. As a small business owner, you are continuing to serve America.

Getting Started - 20 Questions

Now that we know you want to start your own business, ask yourself these important 20 questions. Your answers will help you determine if you are ready to become a small business owner or where you need to spend more time in planning.

1.Am I prepared to spend the time, money and resources needed to get my business started? It is recommended that you speak to many other small business owners and ask them about their time/money/resources investment...

2.What kind of business do I want?

3.What products/services will my business provide?

4.Why am I starting a business?

5.What is my target market?

6.Who is my competition?

7.What is unique about my business idea and the products/services I will provide?

8.How soon will it take before my products/services are available?

9.How much money do I need to get my business set up?

10.How long can I have to finance the company until I start making a profit?

11.Will I need to get a loan?

12.How will I price my product compared to my competition?

13.How will I market my business?

14.How will I set up the legal structure of my business?

15.How will I manage my business?

16.Where will I house my business?

17.How many employees will I need to start up?

18.What types of suppliers do I need to contact?

19.What kind of insurance do I need to invest in?

20.What do I need to do to ensure I am paying my taxes correctly?

These are questions that if you don't answer now, you will find you need the answers as the issues arise - oh, and in small business language, "issues" means problems! I don't mean to make this sound like a bad idea, I just know that more often than not, people are excited about owning a business and haven't really taken the time to know what it truly entails. Do your homework, lay a strong foundation and if you decide to open up shop, you will do so with ease.