BIRMINGHAM – If you’ve ever dreamed of working for yourself and starting your own business, now is the time to start. Small business owners currently make an average of $112,800 per year, more than twice the average for employees – only $45,200 – and technology levels the playing field so you can compete with big business.
These sage words of advice come from Jeff and Rich Sloan, who host the nationally-syndicated StartupNation Radio program StartupNation.Com and co-authored the books, “StartupNation – Open for Business.”
To help you get started, here are the Sloan brothers’ recommendations:
1. Create a Life Plan: Before you jump into a new business, decide how you want to spend your time now and in the future. For success, figure out your priorities and passions.
2. Pick the Right Idea and Business Model: Choose a business idea that suits your personal objectives and that will be “hot” for years to come. Find a business model that fits into your life plan (home-based, e-tail, brick and mortar, franchising, eBay business, etc.).
3. Protect Yourself: Be sure to secure your ownership rights. Whether it’s your company name, logo, latest invention or best-selling product, it’s imperative that you protect your intellectual property. Seek advice from an attorney who specializes in this area.
4. Create a Business Plan: Once you decide on a life plan, carefully develop a business plan that brings together your personal and professional goals. You’ll be more successful and more gratified in years to come because you’ll be doing something that you love.
5. Figure out Your Financing: There are many ways to finance your business including: credit cards, bank loans, friends and family, angel investors, venture capitalists, government grants and strateic investors. However, be sure to choose a source that fits you best. Ask for the right amount from the right source at the right time, and you will be well on your way to business success!
6. Use Technology to Your Advantage: To save time and money, compete effectively and get the most exposure possible, try these tips. Create a website, update your cell phone functionality, add e-tailing to your brick and mortar business, use search-engine advertising to drive people to your website, and purchase accounting software specifically for small business. Perhaps not surprisingly, Microsoft, for example, has just introduced new software aimed squarely at the startup market: Office Small Business Accounting 2006 is fully integrated with the entire Office suite that you already may use.
