Would anyone even think about starting a Small business today

By Laura Raines For the AJC Sunday, January 25, 2009 The economic headlines are all doom and gloom — bank failures, store closings, bankruptcies, unemployment. Would anyone even think about starting a business today?

Yes... And some people should, said Lydia Jones, director of the Kennesaw State University Small Business Development Center. “We’re seeing markets and industries contract. Many small businesses are hurting. Those that aren’t strong enough won’t survive. Others will make it but won’t grow. In times when the economy is booming or tanking, we are covered up with people seeking our advice and assistance,” Jones said.

Despite the negative news, Jones is a firm believer in small business. “I’ve seen small businesses turn on a dime when big business couldn’t or wouldn’t change. Small-business owners are so open to new ideas and ways of doing things — they’re like sponges — and we need them right now.”

For all the belt-tightening and small-business pain, she’s also seeing owners innovating and grabbing for opportunity amid the chaos. “People start businesses in all economies,” Jones said. She’s seeing new enterprises succeed in the bio-tech, green/energy-saving, training and service sectors. So when she sees someone come in “with blinders on,” meaning that the person has such passion for his business idea that he is willing to take huge risks, she encourages him to go forward — with caution.

“I advise entrepreneurs to plan more thoroughly than ever before, because there are more challenges facing them in this economy,” Jones said. “They can’t leave any questions unanswered when lending communities are still so cautious and customers less willing to spend money. You have to have a very strong package to present to lenders or investors.” You also need more contingency plans than usual.

Courses (such as the Entrepreneur Success Series) and counseling available through Georgia’s 17 small-business development centers help people strengthen their business plans. Small-business owners can also find help through local chambers of commerce, city and county economic development departments, SCORE: Counselors to America’s Small Business, the Edge Connection, and many Internet sites.

The Terry College of Business entrepreneurship program at the University of Georgia is hosting a monthly series of seminars called “UGA Startups” for would-be business owners in Atlanta. The first seminar, on franchising, will be at the Terry Executive Education Center in Buckhead on Thursday.

“We’ve been overwhelmed by phone calls from people who have been laid off and wonder what to do next, since jobs aren’t plentiful. We wanted to create a safe atmosphere [no solicitations] where people could bring their concerns and fears and receive coaching about how to start a business or purchase a franchise,” said Chris Hanks, Terry College of Business entrepreneurship program director. Hanks’ program plans to offer participants help beyond lectures and panel discussions; including a network of experts and contacts, opportunities for coaching and mentoring, and even practical advice on financing. “If people are really interested in starting a new venture and will do the things they need to do, I won’t quit until that business is launched,” Hanks said.

“The beauty of a business plan is that you start with a blank sheet of paper and you get to choose what types of things you’ll be doing in the future, the kind of life you want to live. The business is simply the vehicle to get you there.”

In a recession, entrepreneurs face more challenges and have less room for error. “They have to be more creative about financing,” Hanks said. “Venture capitalists are still lending, but they are being a lot more careful.” Home equity and bank credit options are contracting as well.

Hanks has seen a tanning-bed facility get started by pre-selling subscriptions, a restaurant launch through selling VIP memberships, and people trade and barter for services. With baby boomers retiring, there are more opportunities to buy an existing business, and franchising is more attractive in a down economy.

“In 2000-01, we had a recession and then 9/11 happened and things got bad,” said Jim Raubolt, a consultant with Axxiom Franchise Advisors, who has owned franchises in the telecom, automotive and medical sectors. “In the next five years, franchising grew by 18 percent. Buying a franchise makes sense for a vertical worker in a declining industry or an older worker who has been laid off,” Raubolt said.

“You could spend a year trying to replace the high-paying job you lost, or you could buy a franchise and start creating a revenue stream.”

Franchises offer people an opportunity to run their own business with backup. “New business owners often wonder where to turn for direction and guidance. Those systems are built into a franchise,” Raubolt said.

“Now is a good time to buy because franchising companies are bending over backward to cut fees, and as the economy rebounds, so will businesses. Now is a good time to get in.”

Raubolt advises people to do as much due diligence as possible, including visiting and talking with existing franchise-holders or volunteering with a similar company. Funding will be more difficult, but there are legal ways to tap into retirement plans for franchising, he said.

“Atlanta is a remarkable market. More franchising companies are headquartered here than any other city,” Raubolt said. “It’s also a phenomenal city for supporting entrepreneurs. There are great opportunities for networking at all levels.”

In 2005, two business members of the Georgia Coach Association, Debby Stone and Michelle Goss, founded GROWE to provide education, mentoring and support to women entrepreneurs and executives.

“For many people, this could be the best time to start a business, especially if they can do it with the lowest overhead possible. It takes awhile to get one off the ground anyway, so why not start now?” said Goss, owner of the Leader’s Edge.

With sales way down in his company, one sales colleague found he had more free time, so he is using his nights and weekends to craft a strategy to start the business he wants to be in.

Goss suggests that clients and GROWE members first define what success means to them before deciding to be an entrepreneur. It’s not for everyone, and anyone coming from a corporate background will find the challenges very different. “One of the biggest challenges is attitude. There is so much negativity out there in the workplace. Be aware of today’s fear factor and what triggers fear in yourself,” Goss said. “One way to combat fear is to surround yourself with positive people or find a supportive environment where you can bounce ideas off others. A support network can help you plan, point out your blind spots and help you access your own creativity to find solutions for your venture.”

GROWE organizes members in small groups so there can be dynamic and in-depth discussion, facilitated by a professional coach. They meet monthly, and the cross-pollination of ideas from new and experienced business owners creates synergy. “The members help each other,” Goss said. “They often find that new ideas and approaches come from the group to make their jobs easier.”

Hanks believes that there may be more businesses launched because people are seeing fewer opportunities in the jobs market. “This is the time to learn from the success of others. We still have a vibrant entrepreneurial community here,” he said.

The Article Source Is: http://www.ajc.com

Can You Be Your Own Boss?

Many of us fantasize about owning our own companies. Nearly one million new businesses are launched each year, but more than 85 percent will close within five years. There are some key indicators of who will be most effective as owners. Take this quiz to help you determine if you have the burning desire, discipline and resources to become your own boss.

Are you a self-starter?

It will be up to you, not someone else, to develop the business, organize the projects, manage your time and follow through on details.

Can you handle the uncertain financial risk?

Businesses all have cycles, the ebbs and flows in profitability. Once it's started you'll have overhead and operational expenses that must be met before you get paid.

Do you have good business skills?

You must attract customers. New and repeat customers are the lifeblood of your business. You must possess or learn these skills -- accounting, business planning, operations, sales, marketing and customer service -- to survive and succeed.

Do you have the stamina needed to run a business?

Business ownership is a lot of work. Can you face 12-hour work days, six or seven days a week, every week?

Are you motivated by achievement?

Many entrepreneurs get great joy out of the daily "wins" they get from doing business. They find it's a competitive game and satisfying way to fulfill their instinct to achieve. They have fun doing it. These people have a passion and driving desire to come in first. They are doers and want to derive benefits from their efforts and labor. They are unlikely to get "burned out" or worn down by carrying all the responsibilities of the business on their shoulders.

Are you a good decision-maker?

Business owners are required to make decisions constantly, quickly, under pressure and independently. Do you research and examine all options on important decisions to minimize your risk, but then decide and go forward?

How well do you handle different personalities?

Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or graphic artists. Your ability to successfully deal with demanding clients, unreliable vendors or cranky staff people in order to benefit your business will directly impact your success.

How will the business affect your family?

It's hard to balance work and family demands during the first few years after starting a new business. There may also be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk. Can your family deal with the challenges business ownership requires? Although many entrepreneurs go on to make large incomes, the "lean years" are a necessary part of the evolution and business growth cycle. Equally important to consider are the many job perks -- paid vacations, sick days, medical and dental insurance, stock options, cars, health club memberships -- that disappear when you own the company. Think about the extra costs you will now incur.

How will you deal with the isolation?

Once you go off on your own, you'll be just that -- alone. Can you deal with being isolated? Will you miss the status, respect and collegial connections that you had while working for an employer other than yourself? Don't underestimate this -- it's the reason many consultants and service business owners close their own operations and re-enter the corporate world.

Can you go two or three years without an income?

List start-up resources to buy/start and run your business. Note sales and break even points as well as profit projections. Be conservative in your estimates on how fast you'll be able to turn a profit. Develop family and business budgets that support you and your family while your business is beginning to grow.

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Robin Ryan has appeared on the Dr. Phil Show, Oprah, NBC Nightly News with Tom Brokaw, CNN, CNBC and is considered America's top career coach. She is the best-selling author of: "60 Seconds and You're Hired!;" "Winning Resumes;" "Winning Cover Letters" and "What to Do with the Rest of Your Life." She's the creator of the highly acclaimed audio training program Interview Advantage and The DreamMaker. To purchase her books and audio training programs go to www.robinryan.com. Sign up here for Robin Ryan's eNewsletter.

----------------------------------------------- Article Source: http://www.careerbuilder.com

Some Great Small Business Ideas

Small businesses are these days preferred by many individuals rather than jobs. They need to work for about 6 to 8 hours per day and get limited salaries. They can plan their own time and work towards gaining substantial profits if they start their own business. You can start a business even if you just have any small business idea but you don't have any ready capital. It is so because many banks offer you loans to start your businesses.

You can take a personal loan or a business loan or a mortgage loan too. The banks review your business and idea and do their own research and evaluate the feasibility of the idea. If they think your business proposal can work, they provide you a business loan on the basis of certain terms and conditions. Therefore, you can put your small business ideas to use very easily. Given below are some small business ideas.

1. Business planner:

It is one of the most exciting jobs that one ever can do. You have to actually plan out the business strategies for your client and help him or her gain maximum profits. To start this business though, you need some expert knowledge about start up businesses. You should know all about the financial transactions and other important aspects.

2. Event organizer:

If you have the skill to organize things, you can definitely go for event organizing as your business. People need event organizers to organize marriages, receptions, meetings, trips and all other things that need planning. You can act as the planner and plan out the things foe them considering their financial capacity. This can be the most exciting job that one can ever get. Along with the knack of organizing things, one needs to be creative in mind to organize events in the most elegant way.

3. Public relations:

If you are good at pursuing people, you can start your own business as a public relations official. In this job you need to organize press releases or press conferences. You need to be the link between the media and the public on one side and the events on the other side. As a public relations official you act as a perfect link between the company and its customers. A public relations career is extremely respected everywhere and there is a lot of money in this business.

4. Computer repair:

You can start computer repairing business if you have taken a hardware course. You can also hire experienced computer repairmen and build a team of them. Computer repairing is as easy as any household repairing work. But you should definitely see to it that you have a degree that goes with your business or you can get caught into scandals even if you are perfect at your work.

Thus, one can easily start a small business instead of doing a job. It is not necessary that one should follow ideas already used by people but, one can also innovate and develop new ideas to start a small business.

Article Source: http://business-small-business-gw.blogspot.com/2008/10/some-great-small-business-ideas.html

What Small Business Support Do You Need?

If you are looking for a venture capitalist in order to get your business started, you are in for a fight with other startup ideas. If you plan to take up a loan, be prepared to pay the capital and interest amount for a long period of time. The best way to obtain funds for your startup is via the government small business grant.

However, to get the grant, you must first submit your expenses for scrutiny. Apart from determining your approval outcome, your list of expenses will also determine the amount of grant that you will be getting for your business.

The key to keep in mind when planning your expenses is to keep them as low as possible but at the same time, you have to remember that a cheap grant will not help you in expansion. Padding your expenses by a little might help you to get more money but overdoing it will get you a outright rejection.

How to Minimize Your Startup Business Expenses

There are a lot of aspects in a business where you can cut down your expenses and the following are some of the quick tips that you can you to trim your startup expenses.

Capital expenditure. Yes, you will be able to claim government small business grant for capital expenditure such as plant and machinery purchases, office equipment expenses and furniture acquisitions. Even so, this does not mean that you should include every assets that you desire. Plan your purchases as if you are spending your own money.

Rental expenses. All businesses need a location to get started. Apart from a business address, you definitely need a place to receive calls, meet people and conduct your operations. Renting a garage will definitely be cheaper than renting a full fledge office building. Fancy offices is nothing if your business is not profitable. You may also consider offering your services or goods in exchange for a business location.

Labor expenses. Labor expenses is not cheap nowadays unless part of your business can be outsourced to places like China and India. Talents don't come cheap and securing them is hard. One great way to acquire some talents is to work with colleges and universities as fresh graduates will not mind working for a small business as long as they can pump up their resume.

With all the expenses management tips for startups above, you definitely be able to convince the government that you will utilize the grant properly. Also, the amount of government small business grant will be very desirable for your business.

Article Source: http://business-small-business-gw.blogspot.com/2008/10/what-small-business-support-do-you-need.html

U.S. Small Business Administration: The "SBA's 8(a) BD Program" Part 3

And finally, the third part of the FAQs of the "SBA's 8(a) BD Program" here: 23. What is a super majority? A super majority is the percentage of votes above a simple majority (51%) required to make decisions on behalf of the firm. 24. Are there restrictions placed on nondisadvantaged individuals in terms of their relationships with disadvantaged individuals and/or applicant firm?

Yes. Nondisadvantaged individuals may be involved in the ownership and management of an applicant firm, as stockholders, limited liability members, partners, directors, and/or officers. However, no such nondisadvantaged individual or immediate family member may
1. Exercise actual control or have the power to control the applicant firm;
2. Be a former employer or principal of a former employer of any disadvantaged owner of the applicant firm; and
3. Receive compensation from the applicant in any form as directors, officers, or employees, including dividends that exceed the compensation to be received by the highest officer. The highest ranking officer may elect to take a lower salary than a nondisadvantaged individual only upon demonstrating that it helps the applicant firm. If one or more of these situations exist, the nondisadvantaged individual will be found to control the firm. Additionally, nondisadvantaged individuals or entities having an equity interest in an applicant firm and who provide critical financing, bonding, or a critical license, may be found to control the firm.

25. What factors are considered by SBA in evaluating the potential for successful 8(a) requirement?

SBA will evaluate the following:
1. the technical and managerial experience of the applicant firm's managers,
2. the firm's operating history, ability of the firm to access credit and capital,
3. the firm's financial capacity,
4. the firm's record of performance, and
5. whether the applicant firm or individuals employed by the firm hold the requisite licenses if the firm is engaged in an industry requiring professional licensing.

26. Does SBA have a minimum length of time in business requirement for 8(a) program certification?

Yes. The applicant firm must have been operational for at least two full years as evidenced by business income tax returns for each of the two previous tax years which show operating revenues in the primary industry in which the applicant firm is seeking 8(a) program certification.

27. Can a firm still apply for participation in the 8(a) BD Program if it has not been in business for two full years?

Yes. However, the firm must obtain a waiver of the two years in business requirement by meeting all of the following conditions:
1. The individual or individuals upon whom eligibility is based must have substantial business management experience.
2. The applicant firm must demonstrate the technical experience to carry out its business plan with a substantial likelihood for success.
3. The applicant firm must have adequate capital to sustain its operations and carry out its business plan.
4. The applicant firm must have a record of successful performance on contracts from governmental or non-governmental sources in its primary industry category.
5. The applicant firm must have, or must be able to demonstrate that it has, the ability to timely obtain the personnel, facilities, equipment, and any other requirements needed to perform on contracts if it is admitted to the 8(a) program.

28. Can a firm be declined entry into the 8(a) Program for reasons of character?

Yes. The regulations stipulate that the applicant concern and all its principals must have good character. SBA may determine that a lack of character demonstrated by any one of the following circumstances:
1. Adverse information regarding possible criminal conduct by the applicant and its principals;
2. Violations of SBA regulations; Debarment or suspension of firms and/or individuals;
3. Lack of business integrity as demonstrated by information related to an indictment or guilty plea, conviction, civil judgment, or settlement;
4. Principals of the firm are currently incarcerated, or on parole or probation; or
5. Evidence that the firm knowingly submitted false information during the application process.

29. Are brokers eligible for the 8(a) BD Program?

No. Brokers are not eligible for the program. A broker adds no material value to an item supplied to a procuring activity, does not take ownership or possession, and does not handle the item procured with its own equipment or facilities. If the applicant firm is a broker, but does not meet this definition, the firm may be eligible for 8(a) program participation.

30. What happens if an 8(a) Program applicant firm or any of its principals fail to pay significant financial obligations owed to the federal government?

If an applicant firm or any of its principals fail to pay significant financial obligations owed to the federal government, including unresolved tax liens and defaults on federal loans or other federally assisted financing, the applicant firm will be ineligible for 8(a) program participation.

31. How long does the 8(a) BD application process take?

The regional Division of Program Certification and Eligibility (DPCE) has 15 days to review the application for completeness. If the application is incomplete, the applicant will have 15 days to provide additional information. If the DPCE determines the application is complete, a final decision regarding 8(a) BD Program eligibility will be made within 90 days after SBA's determination that the application is complete.

32. What if an 8(a) Business Development Program application is declined?

Each program applicant has the right to request that SBA reconsider a declined application by filing a written request for reconsideration within 45 days after receiving notice that the application was declined. The applicant has the burden of overcoming each reason cited in SBA's decision to decline the application. During the reconsideration process, the applicant must provide any additional information and documentation necessary to overcome the reason(s) for the initial decline. If an application is declined after reconsideration, SBA will not accept a new application until twelve (12) months after the date of the final Agency decision on reconsideration In addition, if an applicant is declined solely on issues of social disadvantage, economic disadvantage, ownership, control, or any combination of these four criteria, the declined applicant may appeal the decline decision to SBA's Office of Hearings and Appeals (OHA). This can happen either after receiving the initial decision to decline the application or after receiving a negative decision on reconsideration. OHA examines the decline decision to determine whether it was arbitrary, capricious, or contrary to law. No new or revised information is considered during the appeal process.

33. How long can a company participate in the 8(a) program?

Program participation is divided into two stages: the developmental stage and the transitional stage. The developmental stage is four years and the transitional stage is five years. The developmental stage is designed to help 8(a) certified firms overcome their economic disadvantage by providing business development assistance. The transitional stage is designed to help participants overcome the remaining elements of economic disadvantage and to prepare participants for leaving the 8(a) program.

34. Are 8(a) firms reviewed by SBA annually for compliance with eligibility requirements?

Yes. As part of an annual review, each Participant firm must submit to the servicing district office the following:
1. A certification that it meets the 8(a) BD program eligibility requirements;
2. A certification that there have been no changed circumstances which could adversely affect the Participant's program eligibility;
3. Personal financial information for each disadvantaged owner;
4. A record from each individual claiming disadvantaged status regarding the transfer of assets for less than fair market value to any immediate family member, or to a trust in which an immediate family member is a beneficiary, within two years of the date of the annual review. The record must provide the name of the recipient(s) and family relationship and the difference between the fair market value of the asset transferred and the value received by the disadvantaged individual;
5. A record of all payments, compensation, and distributions (including loans, advances, salaries, and dividends) made by the Participant to each of its owners, officers, directors, or to any person or entity affiliated with such individuals;
6. IRS Form 4506, Request for Copy or Transcript of Tax Form; and
7. Such other information that SBA may deem necessary.

   When a Participant fails to provide documentation for annual review, SBA may initiate termination proceedings.

35. What does it mean to be "terminated" from the 8(a) BD Program?

The term "terminate" is used to refer to a Participant's exit from the 8(a) BD Program prior to the expiration of its program term for good cause. Examples of good cause include, but are not limited to the following:
1. Submission of false information in the concern's 8(a) BD application, regardless of whether correct information would have caused the concern to be denied admission to the program, and regardless of whether correct information was given to SBA in accompanying documents or by other means.
2. Failure by the concern to maintain its eligibility for program participation.
3. Failure by the concern for any reason, including the death of an individual upon whom eligibility was based, to maintain ownership, full-time day-to-day management, and control by disadvantaged individuals.
4. Failure by the concern to obtain prior written approval from SBA for any changes in ownership or business structure, management, or control.
5. Failure by the concern to disclose to SBA the extent to which non-disadvantaged persons or firms participate in the management of the Participant business concern.
6. Failure by the concern or one or more of the concern's principals to maintain good character.
7. A pattern of failure to make required submissions or responses to SBA in a timely manner, including a failure to provide required financial statements, requested tax returns, reports, updated business plans, information requested by SBA's Office of Inspector General, or other requested information or data within 30 days of the date of request.
8. Cessation of business operations by the concern.
9. Failure by the concern to pursue competitive and commercial business in accordance with its business plan, or failure in other ways to make reasonable efforts to develop and achieve competitive viability.
10. A pattern of inadequate performance by the concern of awarded section 8(a) contracts.
11. Failure by the concern to pay or repay significant financial obligations owed to the Federal Government.
12. Failure by the concern to obtain and keep current any and all required permits, licenses, and charters, including suspension or revocation of any professional license required to operate the business.
13. Excessive withdrawals, including transfers of funds or other business assets, from the concern for the personal benefit of any of its owners or any person or entity affiliated with the owners that hinder the development of the concern.
14. Unauthorized use of SBA direct or guaranteed loan proceeds or violation of an SBA loan agreement.
15. Conduct by the concern, or any of its principals, indicating a lack of business integrity. Such conduct may be demonstrated by information related to a criminal indictment or guilty plea, a criminal conviction, or a judgment or settlement in a civil case.
16. Willful failure by the Participant business concern to comply with applicable labor standards and obligations.
17. Material breach of any terms and conditions of the 8(a) BD Program Participation Agreement.
18. Willful violation by a concern, or any of its principals, of any SBA regulation pertaining to material issues.

36. What does it mean to "graduate" from the 8(a) BD Program?

The term "graduate" is used to refer to a Participant's exit from the 8(a) BD Program at the expiration of the Participant's term.

That's All

The source is: http://app1.sba.gov/faqs/faqIndexAll.cfm?areaid=17

U.S. Small Business Administration: The "SBA's 8(a) BD Program" Part 2

Now we will contenue the second part of The "SBA's 8(a) BD Program":

11. Must an individual who is not a member of a designated group show discrimination in education, employment, and business history in order to show negative impact on entry into or advancement in the business world because of the disadvantage?

SBA will consider any relevant evidence in assessing this element. In each case, however, SBA will consider the experiences of the individual, where applicable, in education, employment, and business history to determine whether the totality of the circumstances shows disadvantage in entering into or advancing in the business world. Evidence relating to all three should be addressed, if applicable. For each applicable circumstance the individual applicant should demonstrate how it has affected his/her entrance into and advancement in the business world. The failure to establish disadvantage in any one or these areas (i.e., education, employment, or business history) does not prevent an individual from meeting the negative impact requirement as long as the totality of the circumstances experienced by the individual demonstrates such disadvantage.

12. What does it mean to be economically disadvantaged?

Economically disadvantaged individuals are socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities.

13. What factors are considered when SBA evaluates the economic disadvantage of an individual?

The individual's net worth, after excluding the individual's equity in the firm and the equity in the primary residence, may not exceed $250,000. SBA will also consider the individual's average two-year income, fair market value of all assets, access to credit and capital, and the financial condition of the applicant firm in evaluating economic disadvantage.

14. When evaluating economic disadvantage, does SBA include assets that an individual claiming disadvantaged has recently transferred to another individual?

SBA will attribute to an individual claiming disadvantaged status any assets that the he/she has transferred to an immediate family member (or to a trust where an immediate family member is the beneficiary) for less than market value within two years prior to the firm's application for participation in the 8(a) program. A transfer of assets for "fair market value" based on verifiable independent documentation would be excluded. Also excluded are transfers for education, medical expenses, certain forms of essential support, and transfers that are consistent with the customary recognition of special occasions (e.g. birthdays, graduations, anniversaries, and retirements). The disadvantaged applicant must show proof of the reasons for these asset transfers.

15. What percentage of ownership in the applicant firm must be owned by socially and economically disadvantaged individuals?

SBA requires that at least 51% of the applicant firm is directly and unconditionally owned by socially and economically disadvantaged individuals.

16. Are there special ownership provisions for individuals who reside in a community property or state territory?

Yes. If only one spouse is claiming disadvantaged status, this spouse's ownership interest will be considered only to the extent it is vested by the community property laws. For this reason, a transfer or relinquishment of interest by the nondisadvantaged spouse may be necessary.

17. Is ownership by a trust allowed for 8(a) certification?

8(a) regulations require that ownership in the firm by one or more disadvantaged individual(s) be direct ownership. Generally, SBA does not consider ownership by a trust to be direct ownership. However, ownership by a trust, such as a living trust, may be considered the functional equivalent of direct ownership if the following conditions are met:

1. The trust is revocable;
2. The disadvantaged individual is the grantor of the trust;
3. The disadvantaged individual is a trustee of the trust; and,
4. The disadvantaged individual is the sole current beneficiary of the trust.

18. Can a disadvantaged individual or firm have ownership in more than one 8(a) Participant?

Yes. However, one or more disadvantaged individuals determined to be disadvantaged for purposes of qualifying one Participant, their immediate family members, and the Participant itself, may not hold in aggregate, more than 20% equity in any other single 8(a) firm.

19. Are there any 8(a) ownership restrictions placed on nondisadvantaged individuals or firms?

Yes. SBA places two general ownership restrictions on nondisadvantaged individuals and firms:

1. A nondisadvantaged individual, in aggregate with all immediate family members, or firm that is a general partner or stockholder with at least a 10% ownership interest in an 8(a) firm, may simultaneously hold up to 10% ownership interest in any number of 8(a) firms in the developmental stage of program participation and up to 20% interest in any number of 8(a) firms in the transitional stage of program participation.
2. A non-participant concern in the same or similar line of business may own up to 10% of an 8(a) firm in the developmental stage and up to 20% in an 8(a) firm in the transitional stage. Former 8(a) participants or a principal of a former participant (except those that have been terminated from the 8(a) program) may own up to 20% in an 8(a) firm in the developmental stage and up to 30% in an 8(a) firm in the transitional stage.

20. How does SBA view control of an applicant or 8(a) concern?

Control is not the same as ownership, although both control and ownership may reside in the same person. Control includes both strategic policy setting and the day-to-day management and administration of business operations by disadvantaged individuals.

21. Does SBA require the disadvantaged individual to have the technical expertise and hold the critical license in order to demonstrate that he or she controls and manages the applicant firm?

No. SBA requires only that the disadvantaged individual(s) controlling the firm have management experience to the extent and of the complexity necessary to run the firm. However, the disadvantaged individual must demonstrate that he or she has the ultimate managerial and supervisory control over those in the firm with the technical or licensing expertise. If the critical license is held by a nondisadvantaged individual who has an equity interest in the applicant firm, SBA may find that the nondisadvantaged individual controls the firm.

22. How does SBA determine disadvantaged control of a corporate Board of Directors?

There are six situations where SBA may determine disadvantaged individuals control a Board of Directors:

1. If a single disadvantaged individual owns 100% of all issued and outstanding voting stock of an applicant firm, regardless of the composition of the Board of Directors.
2. If a single disadvantaged individual owns at least 51% of issued and outstanding voting stock of the applicant firm, is a legally elected voting member of the Board of Directors, and no super majority voting requirements exist for shareholders to approve corporate actions.
3. If a single disadvantaged individual owns at least 51% of all issued and outstanding voting stock of the applicant firm, is a legally elected voting member of the Board of Directors, and owns at least the percentage of voting stock needed to overcome the super majority voting requirements that exist for shareholders to approve corporate actions.
4. If more than one disadvantaged individual owns at least 51% of all issued and outstanding voting stock of the applicant firm; are all legally elected voting members of the Board of Directors; no super majority voting requirements exist for shareholders to approve corporate actions; and the disadvantaged shareholders can demonstrate they have made enforceable arrangements to permit one of them to vote the stock of all as a block to nondisadvantaged shareholders' actions, without holding a shareholder meeting.
5. If more than one disadvantaged individual owns at least 51% of all issued and outstanding voting stock of the applicant firm; are all legally elected voting members of the Board of Directors; in total all own at least the percentage of voting stock needed to overcome the super majority voting requirements which exist for shareholders to approve corporate actions; and can demonstrate that they have made enforceable arrangements to permit one of them to vote the stock of all as a block to nondisadvantaged shareholders' actions, without holding a shareholder meeting.
6. If the disadvantaged individual(s) can control the formation of a quorum for the purpose of holding a board meeting and have a majority vote at board meetings either through actual number of voting directors or through weighted voting, where permitted by state law.

to be contenue>>> The source is: http://app1.sba.gov/faqs/faqIndexAll.cfm?areaid=17

U.S. Small Business Administration: The "SBA's 8(a) BD Program" Part 1

I have found this FAQ's in the "U.S. Small Business Administration" site and i see that they will be helpful for Small Business members. So, let's start the First part of it: 1. What is the 8(a) Business Development (BD) Program?

The SBA's 8(a) BD Program, named for a section of the Small Business Act, is a business development program created to help small disadvantaged businesses compete in the American economy and access the federal procurement market.

2. How do I apply to the 8(a) BD program?

Contacting the local SBA district office serving your area is the first step. An SBA representative will answer general questions over the telephone. Some SBA district offices may also have 8(a) orientation workshops to provide additional information regarding the eligibility requirements and to review various SBA forms.

3. What are the basic requirements an 8(a) applicant firm must meet?

The applicant firm
1. must be a small business,
2. must be unconditionally owned and controlled by one or more socially and economically disadvantaged individuals who are of good character and citizens of the United States, and
3. must demonstrate potential for success.

4. Will having a specific business consultant prepare my 8(a) application increase my chances of being approved?

You do not need to pay anyone to prepare your 8(a) application. SBA designed the application forms so the applicant can complete the application. However, a consultant can assist in completing the application. Please be advised that no one can guarantee that an application for 8(a) program participation will be approved. The application process is intended to assure that each applicant receives a fair review. Any irregularities in the application review process should be immediately referred to the SBA Office of Inspector General.

5. What is SBA's definition of a small business concern?

SBA defines a small business concern as one that is independently owned and operated, is organized for profit, and is not dominant in its field. Depending on the industry, size standard eligibility is based on the average number of employees for the preceding twelve months or on sales volume averaged over a three-year period. Examples of SBA general size standards include the following:
1. Manufacturing: Maximum number of employees may range from 500 to 1500, depending on the type of product manufactured;
2. Wholesaling: Maximum number of employees may range from 100 to 500 depending on the particular product being provided;
3. Services: Annual receipts may not exceed $2.5 to $21.5 million, depending on the particular service being provided;
4. Retailing: Annual receipts may not exceed $5.0 to $21.0 million, depending on the particular product being provided;
5. General and Heavy Construction: General construction annual receipts may not exceed $13.5 to $17 million, depending on the type of construction;
6. Special Trade Construction: Annual receipts may not exceed $7 million; and
7. Agriculture: Annual receipts may not exceed $0.5 to $9.0 million, depending on the agricultural product.

   Use SBA's quick tool to see if you qualify as a small business.

6. What is a Standard Industrial Classification (SIC) code?

A SIC code is the Standard Industrial Classification number listed in the Standard Industrial Classification Manual which is published by the Office of Management and Budget. The SIC Manual is available at your local library or on the Internet site http://www.osha.gov/oshstats. SIC codes are used by the Federal Government to identify and classify specific categories of business activity that represent the primary line of business of a firm. SBA size standards are based on SIC codes.

Use SBA's quick tool to find your SIC or NAICs codes.

7. Who are socially disadvantaged individuals?

Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as members of a group. Social disadvantage must stem from circumstances beyond their control. In the absence of evidence to the contrary, individuals who are members of the following designated groups are presumed to be socially disadvantaged:
1. Black Americans
2. Hispanic Americans
3. Native Americans (American Indians, Eskimos, Aleuts, and Native Hawaiians)
4. Asian Pacific Americans (persons with origins from Japan, China, the Philippines, Vietnam, Korea, Samoa, Guam, U.S. Trust Territory of the Pacific Islands [Republic of Palau], Commonwealth of the Northern Mariana Islands, Laos, Cambodia [Kampuchea], Taiwan; Burma, Thailand, Malaysia, Indonesia, Singapore, Brunei, Republic of the Marshall Islands, Federated States of Micronesia, Macao, Hong Kong, Fiji, Tonga, Kiribati, Tuvalu, or Nauru; Subcontinent Asian Americans (persons with origins from India, Pakistan, Bangladesh, Sri Lanka, Bhutan, the Maldives Islands or Nepal), and
5. Members of other groups designated by the SBA.

8. Can an individual who is not a member of a designated group claim social disadvantage?

Yes. However, an individual who is not a member of a designated group must establish social disadvantage on the basis of a "preponderance of evidence." Generally, preponderance is evidence of quality and quantity which leads the decision maker to conclude, objectively, that the existence or truth of the fact(s) asserted is more probable than not.

9. What evidence must an individual who is not a designated group member provide to show social disadvantage?

At least one objective distinguishing feature that has contributed to social disadvantage, such as race, ethnic origin, gender, physical handicap, long-term residence in an environment isolated from the mainstream of American society, or other similar causes not common to individuals who are not socially disadvantaged:
1. Personal experiences of social disadvantage stemming from the objective distinguishing feature or features set forth in the preceding paragraph. The experiences must have been in American society, not in other countries, and must have been substantial and chronic.
2. Negative impact on entry into or advancement in the business world because of the disadvantage. SBA considers any relevant evidence in assessing this element. In every case, however, SBA considers education, employment and business history, where applicable, to see if the totality of circumstances shows disadvantage in entering or advancing in the business world.

10. What types of evidence can be used to assist in meeting the burden of proof?

Court or administrative findings of discrimination. Statements made under oath to an investigator or in a court or administrative proceeding. Affidavits or statements sworn under oath by an individual owner which have specific recurrent incidents of discrimination or a pattern of discrimination over a significant period of time. Applicant statements alone, without supporting or corroborating evidence will be given less weight than if corroborated. Sworn affidavits or statements from independent third parties, who do not have an interest in or close relationship to the owner, corroborating or supporting assertions made by the owner Statements by relatives or friends of the owner will have less weight than statements by independent third parties. Documentary evidence which corroborates or supports assertions made by an owner regarding specific incidents or a pattern of discrimination. Such documentation includes these items:
1. Personnel records
2. Payroll records
3. Rejection letters on job applications
4. Denials of credit application Documents relating to rejected contract offers, i.e., bid abstracts, solicitations, etc.
5. Contemporaneous records memorializing meetings, conversations, negotiations, telephone calls, etc.
6. Documents setting forth company policy(ies) which are alleged to be discriminatory.
7. Evidence which tends to show generalized patterns of discrimination against a non-designated group or statistical data showing that businesses owned by a specific non-designated group are disproportionately underrepresented in a particular industry may be used to augment an individual's case. Statistics and generalized patterns are not sufficient by themselves to establish a case of individual social disadvantage. However, an individual's statement of personal experiences in combination with the generalized evidence may be sufficient to demonstrate social disadvantage.

the source is: http://app1.sba.gov/faqs/faqindex.cfm?areaID=17

Bad credit small business loan - Does a Bad Credit Small Business Loan Make Sense?

Your enterprise has been your dream, your livelihood and even your obsession for years but due to recent events, the accounts receivable have taken a downturn and you are beginning to accrue a hefty debt. Due to new competition or just a slowdown in consumer spending, or for any reason, the monthly bills dwarf the cash flow each month, and payments are falling behind schedule. The delinquent payments are resulting in substantial late charges being levied and the interest continues to accrue and adds to a growing, rather than decreasing, principal. It seems to you that the financial obligations you are facing are spiralling out of control. The farther behind you get, the more damage is being done to the venture's credit rating. You think it may be possible to save the venture by taking out another business loan to bring the payments current, but then you get quite a shock. The lender you have always used will no longer grant a loan due to your bad credit rating. You still entertain the idea of taking out another loan to make accounts current. Is it time to consider a bad credit small business loan? What kind of terms can you expect with a bad credit small business loan? A bad credit small business loan is one of several types of alternative style loans that lenders offer to enterprises that no longer qualify for conventional loans due to a poor credit rating. These alternative loans may include a hard money loan that will hold collateral like real estate or other tangible goods to guarantee repayment. A hard money loan is a secured loan, whereas a bad credit small business loan is unsecured, but often has very stringent terms that make it a doubtful advantage. For example, the interest rates are generally quite high and may have balloon payment, or very large payments that come due within a few years. There are usually very stiff penalties for missing a payment and an infraction such as this often can negate the contract and the creditor may be able to demand payment in full immediately. But when an owner is struggling to keep his or her enterprise, a bad credit small business loan may look like the only alternative. The are other alternatives and a professional debt counsellor should be consulted before taking out a bad credit small business loan and sounding the death knell to an already struggling venture. A good consultant will explain the debt management options to a bad credit small business loan such as debt consolidation or even debt settlement. Both of these options depend upon the skilled negotiation that the consultant will undergo with the creditors on the behalf of your enterprise. A settlement or consolidation will result in being able to make reduced payments, by consolidating the debt and by reducing the interest, therefore allowing more of the payment to address the principal. Often a settlement will result in the financial obligation being paid off much more quickly. Another advantage of debt reorganization to a bad credit small business loan is that it actually improves your credit score. Just by entering into a reorganization plan, an owner sends a signal to creditors that he or she is serious about curing the financial situation and the credit rating begins to improve, rather than continuing to sink. Speak to a debt relief consultant to find the solutions that are preferable to a bad credit small business loan, which is, after all, yet another financial obligation to add to the problems that are already in place. Check these links to learn more: http://www.commercialdebtcounseling.com/ http://www.commercialdebtcounseling.com/business/business-y/business-index.shtml James Banks is a contributing writer to http://www.commercialdebtcounseling.com/and is currently writing some special articles to guide business owners on how to manage debt and avoid bankruptcy. For Free Information on KEYWORD and Debt Help Consultation, call toll-free 1-877-324-1218. By Debbie White Published: 5/3/2007 The Artile Source is: http://www.buzzle.com/articles/136236.html

Small Business Marketing Tips – 5 Ways To Market Your Small Business Online

As small businesses naturally don’t have the necessary resources to launch huge marketing campaigns, they will have to compensate this with resourcefulness and innovation. If you’re running a small business and you’re searching for cost-efficient marketing solutions, here’s how you can use the wonderful World Wide Web to your company’s advantage.

5 Ways to Market Your Small Business Online

Build a Website – You don’t have to pay for web hosting even if you’re running a commercial website just as long as your company can be properly categorized as a small business. Having a company website is the means for prospective customers to learn everything they have to know about the products or services you’re offering. Compared to other online media, a website allows your customers to see and hear about your offer and perhaps interact with you as well.

Know about SEO – Your work doesn’t start and end with building a website. To make your website work as a marketing tool for your business, you need to incorporate SEO - or search engine optimization – elements in it. SEO can help your website zoom to the top of search engine rankings and provide it with all the exposure you need.

In regard to SEO, make sure that you focus on your design and content. Besides needing your website layout to be visually attractive, it must also have easily located links to facilitate navigation. Use HTML as much as possible as this is more SEO friendly than, say, CSS. As for the content, refresh or update it as much as you can because new information will always encourage old and new readers to visit your website. Also, think about the appropriate keywords for your website and use them as much as possible – without committing grammatical errors or ruining the coherence of your content – to delight search engine spiders all the more.

Have a Blog – A blog is one of the most effective online marketing tools today, and if you don’t have one yet then you’re wasting a huge opportunity day after day. A blog allows you to directly interact with prospective customers and almost immediately update them with anything new about your company’s products or services.

To increase the marketing effectiveness of your blog, make sure that you’re writing about one topic alone. This topic must be directly related to your company’s products or services. Furthermore, it must be something that you know and love a lot to enable you to write in a convincing and interesting fashion.

Build Your Network Contacts – Although websites sometimes seem to be creatures of their own right, always remember that a website can’t really operate by itself. It gets updated and achieves success because of its webmaster or owner, and that person should be the one you’re concentrating on getting friendly with. Do your best to build your network by establishing good working relationships with other website owners. This is a give and take situation so be ready and willing to shell out as many favors as you hope to receive. As you become good buddies with these people, you’ll end up exchanging links, and this, by the way, is called affiliate marketing.

Join the Podcast Revolution – Although the popularity of blogs is certainly not waning, that doesn’t mean you have to completely rely on blog marketing alone. There are other marketing fishes in the Internet, and one of them goes by the name of podcasting. Make new podcasts regularly and insert your ads in between. You have to make them short and interesting enough to discourage your listeners from wasting energy just to press the fast forward button.

About the Author

Mario Churchill makes it quicker and easier for you to create profitable business ideas, develop your marketing strategy or start brainstorming on any topic. For a free trial, please visit http://www.ideacenter.com.

Small Business Communication

In today's small business world, communication is paramount to success. Too much depends on how small business owners are perceived by their clients and customers, not to take it seriously. This article defines the three main communication styles in business, a modified active listening dialogue, and seven tips for communication success. What a great title for an article on communication, don't you think? LoBo recorded this song in the 70s about hanging out and traveling around the country in a car, just going wherever and however the spirit moved.

That pretty much sums up the free-flowing way most of us communicate. We stay with topics for as long as they interest us, and we move on when they don't. Communicating effectively can be one of your greatest assets when you're running a small business. Ineffective communication, conversely, can be your greatest liability.

3 Main Styles of CommunicationThere are three main "voices" or styles of communication: one-under, one-up, and equal.

1. One-under communication is a style that is typified by minimizing what you are saying, or putting yourself or your words "one-under" in importance to another person's. The intent here is to focus on the other person in order to gain greater clarity about what he or she is saying. "Seek first to understand than to be heard" is an axiom that would apply here.

2. One-up communication is an aggressive style that is often accompanied with raised voices and excessive reinforcements, absolutes, and "you" statements. Boundary-busting is what this type of communication is often considered. This is because the person speaking thinks that what he or she is saying is more important than what anyone else is saying. This style of delivery will automatically shut down the avenues of communication or incite angry retorts.

3. Equal communication is a style that is epitomized by direct and respectful communication and the use of "I" statements and reflective listening skills. Its purpose is to open up the avenues of communication and encourage dialogue. At its core is the understanding that each person matters and what he or she has to say is valuable. "Two heads are better than one" is the adage at the heart of this communication style.

The DialogueThe next step to becoming a more effective communicator is to learn to practice "the dialogue." Good communication consists of three distinct parts: what the speaker says, what the listener hears, and the gray area in-between. Here's how the dialogue works:

• The first part is for the speaker to articulate directly and clearly what he or she wants to say.

• The second part is for the listener to reflect back to the speaker what he or she heard. Useful phrases that help the listener put what the speaker said into his or her own words include: "What I just heard is. . . .

" and "Let me see if I understand what you're saying. . . ."

• The third-and probably most important-part is for the listener to check with the speaker by asking, "Is that correct?" That one question will eliminate any misunderstandings or assumptions on the part of the listener. It will also give the speaker the chance to revise and clarify what he or she said.

7 Tips for the TalkFinally, in addition to the dialogue, there are seven other things to consider when it's me and you and a dog named Boo in a conversation together.

Tip #1: Address issues as they come up. Don't piggy-back unresolved issues from the past onto the present topic of discussion. Stay on point.

Tip #2: Use "I" statements, and speak only from your perspective. Don't overload your speech with absolutes such as: "You never . . . "or "You always . . . . " Stick with "I."

Tip #3: Focus on the behaviors you are observing, not the opinions of others. Resist the urge to press your point by listing the scores of people who agree with you and your point of view. Stand and speak only for yourself.

Tip #4: Listen, when someone else is speaking. If you're interrupting or forming your response as the other person is talking, you're not listening. Your full attention should be on the speaker.

Tip #5: Check in from time to time to make sure everyone is on the same page. Don't assume that the other person is in agreement with you or what you are saying. Check it out.

Tip #6: Follow the bouncing ball. Don't change the subject without a nod in the direction of the previous topic of discussion. Mind your segue.

Tip #7: Be open to the possibility of another perspective. There is no absolute truth. Truth is relative.

Just in case you want to listen to the groovy tune Me and You and the Dog Named Boo.

here's the link. Enjoy! http://www.youtube.com/watch?v=RFbbNR9TV_k

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR

Small Business Start Up Consultant provides value, inspiration and direction to entrepreneurial women starting up and launching small businesses. Accidental Pren-her™ Blog is a place to come read what is inspiriting and inspiring women preneurs to greatness.

Common Mistakes Made in Business

Anyone considering starting a business needs to understand the common mistakes which lead to business failures. Ask yourself just the difficult question of how you are going to manage your business.

Revenue for your business does not mean that it is successful. There are many other factors to consider when managing your business that also play a part. Those other factors can also make or break your business.

Some of the more common mistakes which businesses make include.

Not striving for constant improvements.

The thing about business is that if you're not leading the pack you could be considered obsolete and that is not where success lies. If you want to drive sales for your products and services you need to be on the cutting edge with your offerings. Constantly push the envelope to keep a steady flow of new customers along with satisfied ongoing clientèle.

Bad service can lead to bankruptcy

If your customers feel they are not appreciated and receiving sub-standard service, you will be helping your competitors to achieve success. Why? Because if customers that feel they are receiving poor service will be quick converts to your competitors. It is the leading cause of declines in sales and business failures.

Marketing mistakes

If your target market does not know you exist, you can't be successful in business. For a marketing campaign to be effective you need a clear message that is both understood and favorably received by your target market. Without effective and clear advertising if will be very difficult for your business to generate the customer support needed to survive.

Pricing yourself out of business

Too many businesses think that if they raise their prices they will achieve more profits. Unless your business monopolizes the market with a product which is a staple for life you may be mistaken. The fact is that most purchases are driven by pricing factors. If your competitors have similar products available for less your business may be in trouble. The key to pricing is achieving a price that your customers find value in.

Lack of investor capital

Many investors that are new to business start ups make a very common mistake when planning for expenses. They will add up the costs of getting the business going which might include inventory, equipment and set up. They will neglect the most crucial element which is businesses do not achieve positive cash flow immediately after setting up shop. Start ups will commonly operate with a negative cash flow for a period of time while they are building their business and cultivating a clientèle. As an absolute minimum you should have three times the cost of getting your business set up to start your working capital. That is money that will keep your business rolling until you can build a positive cash flow.

As an example if the cost of setting up your business is expected to be $10k for equipment, location, inventory and misc expenses you should have another $30k set aside for working capital.

No working capital is the primary cause of bankruptcy in business.

You can visit the Authority Business Directory online and read our latest article Marketing Mix and the Four Ps.

Article Source: http://EzineArticles.com/?expert=Bruce_Swedal

Steps To Starting A Small Business

Deciding if a small business is right for you can be manipulated by other factors that you need to be aware of. So let's begin the process by establishing your responsibilities in this. First things first, learn as much as you can about the industry, the product and the demand of the service. The worst thing you can do prior to joining a network is repeat quotes about their industry that isn't true. For example, I was introduced to someone who asked me what industry my business was in. Since I own multiple small businesses, I said travel, referring to one of them. Then the guy rambled on about how the travel industry was dead and assumed I wasn't making a profit. I thought this was so hilarious because the travel industry is the largest industry, even bigger than oil and my team is one of the top producers in the company. So don't be foolish, do your research and ask lots of questions and make sure to get the answers.

It's time for you to accept running a business is going to require more of an investment than what you expect it to, every time. Apply your research and seek those who are producing from the industry you're interested in then ask questions about marketing ideas, effective tools, and personal experiences. This will help you get an idea of what your investments into the business will be. Make sure to listen with intent because the tips you receive from successful people will structure your small business and add value.

Learn about your competition extensively - take the debt free on consider -. Compare them to what you're looking for, and keep note of the qualities you like. This can be easily done by subscribing to their newsletter and seeing what they offer. There are many small business opportunities out there and to ensure your choosing the right one for you, just do your do diligence.

Be original and get into business for any other reason than to make money, this will help you succeed where others fail. For example, I know a woman that joined one of my networks; she was struggling financially and is sick with a condition so her prescriptions are a ridiculous amount a month. She joined this particular network because it offered free major medical health and life insurance. She is growing steadily with her business and adds new partners on a consistent basis. Now the same network but a different person who spoke of nothing but making lots of cash, still has no one signed up under them. In network marketing a large number of its participants fail, so cut your odds down by providing service, quality and customer satisfaction. Know you're getting into business for yourself and money will and always does follow.

Starting a small business takes a lot of time and devotion, now is the time for you to forget about the 40 hour week and realize much more is demanded of you. In order to achieve wealth you must be willing to work hard, very hard, and long. For example, the other day I woke up at ten in the morning and stayed up working on my pc till almost 6 in the morning! The next couple of days I did this and noticed it not because I enjoy what I do and how I make my money. The same can be for you, just be devoted to growing as an individual.

Here's a key factor in starting your own small business, your organizational skills. While in business for yourself you need to keep accurate records for your taxes, banking and your own purposes. Keeping organized now will help you eliminate issues in the future, so make sure to keep your own records even if someone else is. This way you can reference your notes and quickly establish if there is a problem and fix it.

Many small business owners have family and friends working for them, and it's because their loyal. If you don't have a family of members all flocking to work for you rest assured you can find reliable, experienced employees from all different sources on the internet, and more. There is always an abundance of people looking for work so tapping into them is fairly easy.

Every business owner has a lawyer, accountant, and insurance agent, so you'll need them too when you start your small business. These professionals will become very handy to you and are an asset to getting things done.

Deciding if you should run your business is a big decision and should be made with a sound mind. Please keep note, there is no individual who will run your business the way you do, treat your customers with respect like you do, or watch your money like you do. The joy of owning a small business is having the power of decision, and it's in your best interest to leave that power in your own hands, so keep others out of certain aspects and do the rest yourself. Anything else that needs to be done can be leveraged so don't worry about it.

Lastly it's very important you follow this and stay positive no matter what. Even when you fail, hurry yourself to get back up and accomplish it. If something tragic happens, immediately remove yourself mentally and locate the opportunity. There is opportunity everywhere, like an idea, and you can't get rid of it, so use it. Please keep note, your direct influence will affect you (negatively or positively) and its time you surrounded yourself with likeminded individuals, these relationships are priceless because they are the ones that hold you and your business accountable, they discuss and spark ideas, and the support is limitless.

Above I have provided you with the necessary steps to starting a small business. But the real story begins when you take action and you place them into effect. I know as a new business owner you need networks and friendships of people that genuinely want to help you. A great resource for finding these people is the internet and can be done simply by completing a search. So start your business, take lots of action and have fun with it!

For More Information On This Author Visit http://newsletter.escapeintofreedom.com/

Article Source: http://EzineArticles.com/?expert=D_Sterlin