How To Start A Small Business

How to start a small business is a desire that is shared by more people today than ever before due to the state of our current economy. People who at one time felt very secure at their current job are now very much aware that there is no real security anywhere in today’s workplace, especially when they are dependent upon someone else for their livelihood. So due to this increased sense of insecurity, people are more willing now than ever before to step out and take the necessary risks that are associated with going into business for themselves.

 

Before I go any further please allow me to introduce myself.

 

My name is Gerald Hice and I have been a very successful small business owner for well over 20 years in both the traditional “brick and mortar” business as well as the ever-growing and changing Internet marketing arena. With all of the great success I have had in the business world, my most rewarding accomplishment has been the privilege to help hundreds of individuals – just like you – how to start a small business and see their dreams and goals come true. 

 

My promise is to give you, in layman’s terms, sound advice about which direction that I think a person should take when considering going into business. We are going to look at both the traditional small business and  I will give you advice about what is necessary for success and longevity in today’s competitive business world.

 

Did you know that over 95% of all small businesses fail just after their 1st year being in business?

 

I do not want you to be in that 95% crowd!  The only way to ensure that you won’t end up being just another statistic is that you have to be able to identify and eliminate the very thing that causes 95% of businesses to fail.

So, if you are ready, let’s get started!

 

How To Start A Traditional Small Business

 Step 1:  Here you must decide on what kind of business it is that you want to start.  What I mean is this. Will it be a service orinited business, a retail store or both. I know that this sounds very basic but I have people all the time wanting to know how to start a small business but have no idea what it is they want to do. So the first step for you is simply deciding on what type of business you wish to start. Once that decision has been made then the real work begins. 

 

Step 2:  Now that we know what type of business it is that we want to start. The next step is determining the amount of money needed to start up and operate this new business. 

 

You will want to calculate how much capital that’s  needed to operate your business for one full year. Meaning you will have to determine what your salary will be, insurance, rent/mortgage, inventory, advertising, utilities, employee salary’s, equipment, office and showroom furnishings and so much more. The amount needed can easily be in excess of $100,000 plus.

 

 

 

Once that has been calculated the question that must be asked now is. Where is this money going to come from? Do you have it your savings account? Will you borrow it from family or friends? Will you seek out private investors or apply for a small business loan at your local bank?

 

If borrowing the money is the only way to get the start-up capital needed. Then a very well written business plan is a must when you approach any lender or potential investor. Because it will prove to any lender that not only do you know how to start a small business but you have a very good understanding of  what it takes to make it a successful one.

 

Now I strongly suggest that if you have never written a professional business plan before, please hire a service to do this for you. Because your business plan is what any lender or investor will use to determine whether or not to loan you the necessary capitol that you are seeking. The fees for this type of service typically start around $500

 

Step 3: This next step is missed by most people when trying to figure out how to start a small business by themselves. This costly mistake pertains to deciding  the location of where their business should be placed. Now there are three simple rules that you must follow when making this critical decision. 

 

Location, Location, Location.

 

You will want to place your business to where it will receive the highest level of visibility possible. Now you may not be able to be on the main street in your local town due to cost. But you can’t afford to be on a side street to where no one will see you. 

 

The location of your business will determine the amount of advertising that is needed  to get your business exposed. If your location allows you to be very visible to your prospected customers it will therefore decrease the amount of traditional advertising needed to direct traffic to your store. Or you can place your business on a side street where your visibility is far less and hope that the traditional methods of advertising work in bringing in the traffic needed to survive. My advise is always place your business in an area to where you will be seen by the most people. 

 

If your business is not in a location to where it is easily seen. Then customers are not coming in. And if customers are not coming in then you are not making any sales. And if you are not selling anything then you have $0 to spend on advertising.

 

 When a business is located in a very low traffic area. It is a recipe for failure. 

 

Step 4: Everyone that has ever ask me for advise on how to start a small business tells me. That this is by far the most difficult of all the steps to do. But I must stress that this one step can not be skipped unless you intend on being one of the 95% club.

 

You must continue working your current job until your business equals or surpasses your present income.

 

This one step is truly the one pitfall that you must avoid at all cost. You see if you quit the job that is paying your personal bills to start your business. You have increased the risk of failure by 1000%. Because your business will not only have to make enough money to pay for it’s on expenses. But from day one it must generate enough income to also pay your personal living expenses as well. This step is not easy at all to do. But if you are set on starting a traditional small business then you must not quit your current job. 

 

 

Every time someone comes to me for advise on how to start a small business.  The one question that I always get ask is. If I were looking to start a new business in today’s economy. What type of business would I go into, Traditional or Internet?  And my answer is always the same.

 

INTERNET!!!!!!!!!!! 

 

Below we will look at how easy it is to start a very successful online business.

 

How To Start A Small Business On The Internet   

Unlike the traditional brick & mortar type business model. The steps above are not required when you are looking to start an online business. Because of this it greatly reduces the risks and increasing the level of success you can experience.

 

Now understand that there are many different types of business models that a person can persue when considering an Internet business. So instead of me giving you all the details and what the pros & cons of each one are. I am going to give you what is considered to be the very best business model on the Internet that anyone, anywhere can be very successful with. 

 

It’s called Affiliate Marketing

 

You may have heard of Affiliate Marketing before but most of my students who come to me for advice on how to start a small business have never heard of it at all. So what I want to do is just give you a brief description of what you will not be required to do to get started with your online business.

 

You will not need to find the perfect location for your business. Also you will not be required to have a business plan, nor will you need to go in debt for 100’s of thousands of dollars just to get started with. You also will not need to inventory or warehouse any of the goods you will be selling. You can easily work on your business while still keeping your current job.  And last but not least.  With Affiliate Marketing, you will have no need for any employee’s what so ever.

 

In fact all you need is a computer, a desk and the willingness to work. 

 

I have developed a blog with information on how to start a small business online. On this blog  there are very indepth videos explaining exactly how you can be making a very large 6 figure income per year.

 

This blog is going to expose to you a step-by-step method that I use everyday to generate a very good income online.

 

 

So Click Here and follow the steps provided on how to start a small business online. And you to will be on your way to a 6 figure income in a very short amount of time.

 

Also on this blog you will be introduced to a few of the people that have taken the time to show their appreciation by sending in a video of themselves expressing their gratitude simply because of the way this system works and how it has changed their lives.

 

I look so forward to working and advising you on how to start a small business on the Internet. Also I take great pride in knowing that in some small way I had a  part in helping you see your dreams come true.

 

See you on the other side. 

Gerald Hice