Advice for Starting a Small Business -- Think Big

A Home Business Article Contributed by Judy Weaver

Why Advice For Starting A Small Business?

When starting your own small business, everyone has advice. So, my advice for success is to consider your sources. Listen, smile and thank everybody, and then follow the advice of the professionals. Chances are, unless inheritance played a large part in setting you up, you want to start your own business because you have an itch -- a very big itch. You want to be your own boss. And, you want to be rich. Bill Gates rich.

Well, the truth is, very few small business owners are rich; although, most can live quite comfortably. And, small businesses become big businesses by not limiting themselves in the beginning.

Starting A Small Business With Big Business Advice

Not limiting yourself when getting started doesn't mean going deeply into debt. It doesn't mean opting for all the bells and whistles. The small business franchise owner can't avoid the hefty start-up costs and monthly commission fees but the average small business owner can get started quite nicely through careful planning. Pay attention to the advice of successful business owners: have your dreams but keep yourself grounded.

Location, location, location. Sound advice; always. Research your demographics and competition. The more specific your service or sales, the more important this information becomes. Having three carpet stores in a row is only great for customers. Within two years, two of those small businesses will close their doors. If you don't know what you can expect in potential sales, most of your operation will be a guessing game.

Advice On Setting Up Your Small Business Space

Start in a smaller space with function specific work areas. Think trailer and make every cabinet and storage unit serve multiple purposes. Use vertical space whenever possible. Keep everything in its place and make sure all employees understand this rule. Until you have had a chance to go through at least a year and a half of operation, budgeting for your fixed expenses can be very difficult.

It's one thing to pay for 2500 feet of retail space during your busy season and quite another during your slow season. Expect a profit rhythm. Make sure your small business has found its footing before adding more footage.

Marketing Advice For Starting A Small Business

Being the big fish in a small pond while starting a small business has often been the first leg on the journey of big business. A small store or office at the edge of a growing town has lower overhead costs. While choosing a mall location can be exciting, the hidden membership costs can cripple the small business in its early stages. As people move into new development, they will automatically patronize and advertise your business because you're convenient and you're a part of their neighborhood.

Understanding Small Business Resources

It's important to network by joining your Chamber of Commerce and local associations, if any. Never go anywhere without your business cards. It isn't easy starting a small business but most people want you to be successful. What you give to your community will return tenfold.