Credit: BigStockPhoto.com

Who hasn’t dreamt at one time or another of being their own boss? You get to set your own schedule. You can make the rules. No one looks over your shoulder. You run the whole show! It’s an admirable goal and starting a business is a common New Year’s resolution. Do you think 2011 is your year to go out on your own as an entrepreneur?

Characteristics of Small Business Owners

How do you know if you’re cut out to be an entrepreneur? Here are some common characteristics of small business owners to give you something to think about.

1. They are risk-takers.
2. They are disciplined.
3. They are confident, both in themselves and in what they’re selling.
4. They are financially savvy (or at least financially competent).
5. They are persistent and don’t give up easily.

Does that sound like you? Don’t worry if you don’t have all of these characteristics. Not all successful entrepreneurs do. But if you do, consider it an edge and a sign that you might have the kind of background and personality that lends itself well to successful entrepreneurship.

Essential Steps of Starting Your Own Business

If you’re sure that you’re cut out for running your own business, next you need to think about all of the work involved in the startup process. While it’s impossible for a single article to cover everything you need to know about starting a business (there are countless full books on the subject, and it varies depending on where you live and the kind of business you want to start), here are some of the basics. These are some essential steps to starting your own business that will get you moving in the right direction.

Business Planning is Essential to the Startup Process. - Credit: BigStockPhoto.com

1. Come up with business ideas that you’re passionate enough about to pursue.
2. Do basic market research to make sure a demand exists and the market isn’t oversaturated.
3. Check with your state and / or local government to discover any regulations, fees, or registration requirements that might impact your new business.
4. Decide on a name for your business and do a trademark search to make sure the name is available.
5. Decide on a business format (sole proprietorship, partnership, corporation, etc.) and officially register your business.
6. Develop a business plan, including financial projections.
7. Develop a marketing plan that will help you drive sales and get the word out.
8. Use your business plan to help you secure business financing if necessary.
9. Scout locations if you plan to run a traditional business, or prepare your home office if you want to launch a home business.
10. Set up a Web presence for your new company as well as any other applicable marketing collateral (business cards, brochures, flyers, etc.).

Remember, this is just a small sampling of the steps you’ll need to take — and the hard work involved — to launch your own business. Knowing the work you’ll have to put in, do you still think 2011 is your year for starting a small business? If not, that’s okay. It just gives you more time to plan and think things over before you are ready. But if you think you’re up for it, there’s no better time to get started than right now!

Are you planning to launch a business in 2011? If so, what kind of business do you want to start? Will you pursue a freelance career? Set up a mom-and-pop shop in your local community? Launch a Web-based business? Leave a comment and tell us about your plans and what you’re looking forward to (or dreading) the most in the startup process.

Even now with businesses beginning to hire again, increasing the number of interns on staff is still a sexy business model because of the low cost and low overhead they bring with them. And while interns may require training that an experienced full-time staffer might not, hiring interns is still very beneficial for businesses (as is hiring a freelancer). Follow these tips to make sure your next intern hire is a great one.

Tip #1: Find an Intern Interested in What You Do

You, as the business owner, are obviously very passionate in what your business does. Make sure the intern you hire is interested in what you do too. If you run a hat store, you want someone with an interest in the fashion industry. Just because another perspective intern has a better resume, they might like sports and not fashion. Choose the intern who will immerse themselves in your business.

Tip #2: Background Education is Important

If you run a marketing or public relations firm, look at interns who are majoring in marketing, public relations, or communications in college. Often, you’ll receive resumes from people with all sorts of education backgrounds and some might be enticing. But someone who has an education in the direct field they are interning in will have an easier and quicker time adjusting to the workload you give them. They’ll also be able to understand your business better.

Tip #3: Set Clear Goals

This is a good tip when managing anyone on your team. Setting clear goals will keep you and your intern focused. Think of setting goals that are time related, results orientated, professional development driven or anything else that fits your business plan. Give them something tangible, like creating a YouTube strategy for your business.

Tip #4: Be Realistic with Your Expectations

Interns bring a lot to the table. They’re often energetic, social media savvy and eager to learn. However, you can’t expect them to be a seasoned professional with years of experience and the knowledge of the business world. With the proper training you can eventually expand an interns responsibilities, but be mindful of choosing the right starting place, as starting slow will ultimately benefit both you and your intern.

Tip #5: Set an End Date

There are several reasons someone would take an internship. Two of the most common are to: 1) Gain experience and 2) Try to get hired full-time by the company they are working for. And even though some companies hire interns after their internship is completed, for a variety of reasons, many do not. Whatever your ultimate intentions may be- set an end date before the internship even starts. This way, it’s clear to both you and your intern that the internship is for a finite period of time. If it continues longer or perhaps becomes full-time, great. But if not, there’s no need to have an awkward conversation when it’s time to part ways.

For more information about internships, visit: http://www.usajobs.gov/studentjobs/

Hiring a freelancer for the first time is a big step for your business.  You probably have a big project on deck, perhaps even something that’s mission critical, and you’re bringing someone on to get it DONE! Even more importantly you’re trusting that it will be done right.  So how do you find that perfect person to work with you and your team?

1. Shop Around – Even if you do strike gold with the first person you meet, keep looking around.  Trust us, you’ll be happy you did. Why?  Not only will you be that much more confident in your selection, but you never know when you’ll need some extra hands and want to pull back out the contact information of the runner-ups.

2.  Play with the Pros – Experienced freelancers are business owners, too.  They are responsible for managing projects with multiple people and trying to lure new clients.  An experienced freelancer should be familiar with independent contractor forms and should ask you to sign a contract with payment terms and conditions along with the scope of the project.  Pros also have credentials – whether it be an impressive portfolio or membership in professional associations, your freelancer should look quite nice on paper.  His experience might cost more, but in the end – it’s worth your time and effort to find a professional who means business.

3.  Reach Out to References – Professionals will also have previous clients that you can reach out to as references. When you’re working with an experienced freelancer, you’ll be paying for her expertise, but you’ll also be paying the credibility she has built up over time.  Get in touch with your freelancer’s past clients.  She’ll obviously recommend people who were pleased with her work, so ask more informative questions.  What the process was like from start to finish?  Are they’re things that they wish they had done differently?  Learn from other peoples past experiences.

4.  Simplify and Clarify – Before any contracts are signed, determine exactly what work needs to be completed, your budget for the project and your expectations in terms of communication and timelines.  The more precise your expectations, the more likely your freelancer will meet them.

Finding the right freelancer for the job may take a bit more time, but the effort and research won’t go to waste.

Credit: BigStockPhoto.com

These days being on the Web is anything but optional for many businesses. And with having a business website comes the need to bring customers to that website. Your business’ domain name (website address / website name) can play a role in doing that, from making it easy for people to remember it and visit directly to helping you rank higher in search results. So in this day and age, is it almost more important to choose a good domain name than an overall business name?

Domain names could indeed be more important right now, or at least equally so. Here are some tips on choosing a domain name / business name combination for your company.

How to Make Your Business Name and Domain Name Work Together

1. Pick a generic term domain name (if you can get one). For example, if your company sells widgets, you would look for Widgets.com or something else with “widgets” in the domain name. This can help you rank better for that term in search engines, bringing in more search traffic. If the site name isn’t directly tied to your company name, you could handle it by saying something like “Widgets.com — Brought to you by [insert your company name here].” At this point it can be difficult to get a short generic domain name for your keywords unless you’re willing to spend a lot to buy them from someone else.
2. Try a shortened version of your business name if your biz name is long. But make sure it’s memorable. For example, I used to run a small PR firm. It involved personal branding — it was based on my name. So the company was called JH Mattern Communications. That would have been much too long of a domain name for people to remember and type in for direct traffic. So I shortened it for the website to a domain name of www.JHMattern.com. If you can shorten your company name in a similar way and get an available domain name, that could be a solution for you. Direct traffic can be even more important for some businesses than search traffic. After all, making it easy for people to come to you directly means they’re less likely to come across the competition or negative reviews in search results unless they go out of their way to look for those things.
3. Make your domain name your business name, even if it’s long. This isn’t an ideal situation, but if you already have an incredibly well-known brand name it doesn’t make sense to rebrand for your website. In that case if a shorter version doesn’t make sense, go with the long one. You might even want to register the full business name as a domain name if you do go with a shorter version publicly. You can redirect it to the short version, and it stops competitors from trying to capitalize on your trademark.
4. Consider rebranding your biz name. – If you have a particularly long or complicated business name, or one that just isn’t known well yet, consider rebranding. If you think your business can effectively bring in customers on the Web (maybe more so than offline), find a good domain name and make that your priority. Rebrand your offline business to keep things consistent.

Should your domain name break away from your primary brand? - Credit: BigStockPhoto.com

Every business is different, and they’ll reach their customers in different ways. But if your target market is predominantly online, make sure you pick the right domain name to help them find your business. And make sure it’s clear that your website is tied to your company as a whole, especially if you want to give your site the benefit of your existing reputation.

Credit: BigStockPhoto.com

Do you long to be your own boss? Would you love to work from home, at least most of the time? Would you like to be in control of your own financial destiny rather than constantly making a buck for someone else? If so, the idea of a home-based business might appeal to you.

If you’d love to work from home, but you don’t have a small fortune to invest in your business up front, that’s ok. Being an entrepreneur might still be in your future! Here are a few low cost business ideas for businesses you can start at home.

1. Arts and Crafts — If you’re the artsy type, why not create and sell your very own masterpieces? From quilts to scrapbooking kits, you can sell your arts and crafts at craft shows or even online.
2. Author — Have you ever dreamed of writing a book? Why not start today? Even if you don’t pursue a traditional publishing path, you can make money in self-publishing. You might invest directly in the printing and promotion of your book, or you can take an extremely low cost route of print-on-demand (POD) publishing through companies like Lulu.com.
3. Babysitting / Daycare — If childcare is more your thing, you could always offer a babysitting or daycare service for other working parents in your neighborhood. Check with your local government to find out what their rules on registration and insurance are for daycare providers before diving into this one.
4. Blogging — Blogging might not be the easiest way to make money, but there’s still plenty of money to be made. The trick? Choose a niche where advertisers are aplenty, one you’re passionate enough about that you’ll always have post ideas, and make an effort to really connect with your readers so they keep coming back and spread the word.
5. Bookkeeping — Is math your strong suit? If you’re a numbers person with a bookkeeping or accounting background, you might be just what other business owners in your area need. Who couldn’t use a little help getting their finances in order?
6. Consulting — If you have experience or strong credentials, you can become a work at home consultant in just about any service area you can imagine. There’s marketing, PR, wedding planning, and even business startup consulting just to give you a few ideas.
7. Consumer Complaints — Are you good at getting what you want? Do you have a take-no-prisoners approach to handling consumer complaints of your own? If you have a talent for making companies sit up and take notice and then fix customer service problems, you might have a future in writing consumer complaint letters. Many people would love to get results to their consumer nightmares, but they’re either afraid to be firm or they just don’t know what to do, who to contact, or what organizations to report companies to. You can handle it for them and ease their stress levels a bit.
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   Dog Walking / Dog Sitting — Do you live in a community with a lot of dog owners? Chances are that at least some of them would love to know there’s a dedicated dog lover around to take care of their pooches while they’re at work or on vacation. Why not offer daily dog walking services and more comprehensive dog sitting when people are away? You’ll even have a chance to bond with some new four-legged friends!

9. eBay Business — Do you have an attic or garage full of things you don’t want or need anymore? Why not sell them on eBay (or Craigslist)? When you’ve sold your own wares, you can visit yard sales, antique stores, and auctions to pick up new items to flip for a profit through online auctions and classifieds.
10. Energy Conservation — Are you the local expert on energy conservation? Are your friends and neighbors always jealous when they hear how much you’re saving with your new energy-efficient ways? Why not turn that passion into a salable service helping others save money on energy by going green?
11. Financial Planning — With the world’s recent various financial crises, who doesn’t have money on the brain? If you’re a financial professional looking to go the solo work route, your very own financial planning business might be a lucrative idea.
12. Freelance Coding / Programming — Any business not on the Web yet probably should be, and those that are already could always use a spruced up site. That might mean coding their designer’s work, improving their existing code for better site performance, programming software solutions, or anything in between.
13. Freelance Design — Businesses always need designers — for websites, brochures, newsletters, logos, and much more. If design is your forte, this might just be the home-based business for you!
14. Freelance Photography — Are you a genius behind a camera? If so, why not put those skills to use through a new business? Maybe you want to photograph weddings or other events. Or perhaps creating and selling stock photography online is more your idea of work meeting fun because of the added freedom. Either way, what are you waiting for?
15. Freelance Translation — Businesses are global these days. A company in China might need to target an English-speaking audience with their marketing materials (or vice versa). If you can translate fluently between two in-demand languages, the world might literally be at your doorstep.
16. Freelance Writing — I’ll admit I’m biased towards freelance writing, as it’s how I make much of my living (in addition to blogging). There’s great money in it if you don’t settle for low paying markets up front, and with more businesses moving to the Web there’s a seemingly endless supply of Web writing work available if you just go out there and find it.
17. Garage Sale Organizing — If eBay wasn’t quite your cup of tea, that’s okay. Plenty of folks still love a good old fashioned garage sale or yard sale. Why not help them with the logistics so they don’t have to be bothered? You could deal with pricing and stickers, organizing the sale setup, promoting it, and staffing the sale on the day it happens.
18. Home / Office Organizing — Are you a natural-born neat freak? If so, your talents for organization and order might make you a perfect professional organizer!
19. Internet Marketing / Affiliate Marketing — Did you know that you can make a lot of money online by promoting other people’s products? Write sales pages, drive traffic, push sales, collect a portion of each sale as an affiliate. Sound good? Give it a try!
20. Personal Assistance — If you don’t like to be stuck doing the same thing day in and day out, becoming a personal assistant might be a good home business idea for you. The tasks are pretty much endless — run errands, help with housework, or do whatever your client happens to need help with on any given day.
21. Real Estate Staging — Are people in your neighborhood struggling to sell their houses? If you’re good at both decorating and “cleaning house,” you might want to start a home staging business. This is where you go to homes on the market and you make them more appealing to buyers (get rid of the clutter, put out fresh flowers and plants, etc.). Make them buy those beauties!
    
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    Credit: BigStockPhoto.com

    Recycling — If your neighborhood doesn’t require recycling yet and there’s no recycling pickup, you could help the environment while you earn a bit of green to line your pockets with a recycling business. Help locals sort their recycling, then haul it away for them to the nearest recycling center.

23. Tutoring — Are you a bit of a brainiac? Do you remember your calculus, world history, and literature in a way that would put most Jeopardy contestants to shame? You can put those academic skills to use by tutoring students who need some extra help.
24. Virtual Assistance — Similar to a personal assistant for your neighbors, why not consider being a virtual assistant for other business owners? You can help them with routine tasks like taking calls, answering emails, or doing data entry work remotely, working with companies not only all over the country, but all over the world!
25. Webmaster — Do you have a great idea for a website that no one’s tried yet? Do you think you could improve on an existing type of website enough to at least make it profitable? Then put your Web prowess to work for you and become the proud owner of a new money-making website today!

You may also enjoy reading How to Pay Off Debt.

Are you a home-based entrepreneur? Is your business idea not included in this list? If you have other low cost business ideas people can do from home, leave a comment and tell us about it!

Credit: BigStockPhoto.com

Are you a webmaster? Are you a freelancer? Do you run a home business? Has anyone ever heard what you do for a living and told you to “get a real job?” Oh, how that used to piss me off! Don’t people understand that working for yourself and working from home still have one key component of work? Apparently not.

Don’t fret too much if you’re in this situation now. You’ll get through it just like I did. My family didn’t understand what I did. They certainly didn’t understand that I was very good at what I did and that there was good money in it. I got grief constantly. My mother would randomly hand me job ads from the local paper as though she was trying to be caring and helpful (and deep down I do think she really believed that). At one point she even told me flat out that a “real job” meant working 9-5, for someone else, doing work that you didn’t really like. My sister would make the occasional comment about how no one wanted her to turn out “like me” (meaning sans employment and supposedly unhappy).

They were pretty clueless. I was extremely happy, even in the earliest days of self-employment before income picked up. It was about freedom. It was about pursuing a dream. I was doing something that none of them were able to do, and I was going to succeed (and have) whether or not they thought it was a good idea. Really, their concerns are understandable. Here’s why:

These people love you and really do want what’s best for you.

I know my mom wasn’t trying to piss me off when she’d tell me to get a “real job.” She was worried that I wouldn’t have a stable income and be able to support myself. She was concerned that I’d be lonely working by myself every day. She was afraid that the stress of handling a start-up would manifest itself in depression.

In my case none of that was true. I worked in a field where money was good. I have a large network of clients and colleagues I deal with every day — I probably interact with more people daily than she does in a typical office environment. And I was anything but depressed. Tired? Yes. (Holy friggin’ hell was I tired!) But it was a good kind of tired — an ecstatic exhaustion I suppose you could say.

People really don’t understand what you do.

The other common issue is that your friends and family might really not understand the work you do. I mean come on, what exactly does a webmaster do anyway? (Sure, we might know, but your typical John and Jane Doe probably don’t have a clue.)

I’m a full-time writer these days — a business writer. I write press releases, marketing copy, Web content, blog posts, etc. with a business twist or a business-oriented mission. But when people ask what I do, it always scares me. I know the moment I say “writer,” most people will have preconceived notions of a starving artist barely scraping by. That’s why I always qualify “writer” by explaining the business / corporate aspects. Then people don’t glare at me with a look of pity in their eyes.

Before I became a full-time writer, I was an independent PR consultant. You might think that being a consultant would command more respect from friends and family than being a writer or webmaster. It really didn’t. If anything, it just confused them. “What — people pay you to tell them what to do?” Um, yeah, I guess you could put it that way. What made it worse is that most people really don’t understand what PR is. In that sense, becoming a writer was a blessing.

Credit: Rachel D via Flickr

How to Convince People You Already Have a “Real Job”

I have to tell you, one of the best moments of my self-employed life was the day the “get a real job” speeches stopped once and for all. A family member needed some money for a down payment on a new apartment. We were just casually discussing it, and how frustrated they were, because without finding a way to come up with the money they wouldn’t be able to move as planned.

Credit: penywise via Sxc.hu

That’s okay. There’s nothing wrong with people needing to see something concrete. Sometimes that’s what it takes. Yes, it would be nice if they’d stop adding to the stress much earlier so we could get on with business, but the reality is that it’s the norm. As for those with incredibly supportive parents, friends, spouses, and others in their lives, I’m quite envious. For the rest of us, show people something “real” that they can appreciate and understand (money, media coverage, or a contract with an awesome big-name client for example), and you’ll shut up those “get a real job” rants in no time.

How about you? How many times have you been told to “get a real job?” How does it make you feel? Does it make you want to quit? Cry? Scream? Or do you just let the comments roll right off of you? Did you finally find a way to make those comments stop? If so, tell us how you did it by leaving a comment below.

There is perhaps no other single factor that contributes to the failure of small business as much as a lack of market research. Small business success isn’t something that happens by accident. Success is a result of conscientious market research and copious planning. Entrepreneurs are optimistic by nature. They tend to see what is possible, rather than becoming mired down in the negative or paralyzed by the claims of naysayers. Optimism and initiative are fantastic, but they won’t turn a profit without being coupled with proper market research and planning.

Hard work and dedication alone won’t guarantee success or profitability. Before you pin your future and your life savings on any small business venture, you need to determine that you can actually earn enough to support yourself with it. The only way to make sure this is even possible is by conducting market research. There are several questions to ask yourself throughout the market research process. Here are a few of the most important questions you will need to answer throughout the process:

Can I actually make money doing this?

This seems like a silly question, but it is one many small business owners never bother to ask. Starting a small business is not an “If I build it, they will come…” situation. The truth is that there are some products and services that cater to a very small niche market. You will need to build a fundamental understanding of the types of consumers and/or businesses that are most likely to buy from you, what their wants, needs and expectations are, what they’re having trouble getting and what will set you apart from your competition.

How can I meet my target market’s needs?

The best indicator of what your target market needs is what they’re currently buying. Find out what products and/or services within your chosen industry are selling well and which are experiencing a lull in demand.

What is happening to your target market as a whole? How are their needs changing? Will their needs change with age or will you continue to target a specific age demographic indefinitely? Do the members of your target market have children and does having children, or not, have an impact on their demand for your product or service? What are your competitors currently offering and what can you do better, or differently, to better meet a customer’s needs?

What are the price points for your products or services?

What are people currently paying for something comparable to what you will offer? Are people willing to pay more if the quality and perceived value are higher? Evaluating what people are willing to pay for a product or service can be difficult, but the most difficult information to gather is typically the most valuable in the long term.

Consider surveying your target market and ask them directly what they would be willing to pay. Social web platforms like Twitter, popular blogs and online forums can help you establish a direct link to your target market that will help make gathering this information much easier today than it was 10 years ago.

Study your competition. Find out what people are already paying for comparable products or services. Organizations like Mediamark Research & Intelligence – http://www.mediamark.com/ and Experian Simmons – http://www.smrb.com/ are invaluable sources for such information.

Who is your competition?

Identifying the companies that currently offer products or services similar to those you want to offer is critical. While you may believe your product or service is totally unique and that no one else offers anything comparable to what you will offer, that is incredibly rare. There may be no product or service out there that will mirror your offering exactly, but there is inevitably a comparable or substitute out there that already exists. Identify these companies and learn everything you possibly can about them, what they offer and who their target market is.

What can you learn from your competitors?

It’s not as if you can just call up your competition, run down a laundry list of questions and expect that they’ll answer you. On the other hand, we’re smack in the middle of the Information Age.  Competitive research is easier now than it has ever been.  The Internet is a gold mine for anyone conducting market research today. Not only can you look at your competitors’ websites specifically, but resources like Alexa and Compete can provide valuable data and outstanding insight.

If you feel your destiny is to join the ranks of the self-employed, that’s fantastic. You’re going to need a lot more than a desire to live out your destiny and good luck to make a start-up venture successful.  Before you hop onto the entrepreneur train, there are some important things to think about long before you walk away from your 9-5 job and the steady paycheck that comes with it.

Deciding what small business is best for you can be difficult. To find the right fit, start by brainstorming. Evaluating a few key aspects of your life can give your brainstorming some direction and help you get the ball rolling. Start with these seven and work from there:

Plan To Be Successful – What Do You Want?

Why are some small business owners successful while so many others fail miserably? Oftentimes it comes down to a true love and passion for what they do. If you enter into a small business just because you think you can make money at it, chances are you’ll fail. If you don’t have an enthusiasm and commitment to what you’re doing that goes beyond they money you may eventually make doing it, chances are you’re going to be a very unhappy and unsuccessful small business owner.

Strengths – What Are You Good At?

What are you good at? What have you learned throughout your lifetime and your professional career that you can put to use in your own small business? We aren’t always good at recognizing our own strengths and weaknesses. This might be a good time to enlist the help of friends, family and professional acquaintances you have worked with closely in the past. It’s important that you’re honest with yourself about your strengths and find an entrepreneural venture that will marry well with your strong points.

Preferences – What Do You Like To Do?

Just because you’re good at something doesn’t mean you enjoy it. Let’s face it, just because you’re good at math as a kid doesn’t mean you should grow up to be an accountant. Sometimes what you’re good at doesn’t light your fire and that’s fine. Keep in mind that when you’re starting small business, you will live that small business 24 hours a day, 7 days a week indefinitely. Make sure your business falls in line with both what you’re good at and what you like to do.

Hobbies – What’s Your Passion?

Parlaying a passion into a small business often brings together your strengths and your preferences. Do you enjoy golf? Perhaps opening a golf pro shop is the way to go. Do you have thousands of images you’ve created as your photography hobby over the years? Perhaps a venture involving freelance or portrait photography is your best bet. Even if you can’t translate your hobby into a potential money-maker, stop to think about what you love to do and why you love to do it. That simple step can help you figure out what small business has the most potential for success for you.

Skills – What Can You Do?

Strengths and skills are two very different things. Skills are much more specific and situational. As a small business owner you will have to wear many hats. Do you have basic accounting skills? Can you keep track of your accounts payable and accounts receivable on your own? Do you have any graphic design ability? Do you have any knowledge or understanding of human resources and the recordkeeping required to comply with state and federal requirements?

Previous Experience – What Have You Learned Up To Now?

Translating what you’ve learned throughout your career to this point is often one of the undefined variables that separate the successful from the unsuccessful in the world of small business. Dig deep and figure out what you’ve learned from each of your previous jobs, internships, classes and real world experience that can help make you successful in your own ventures moving forward.

Assess Your Network – Who Can Help You?

Who have you worked with in the past that might be willing to help you or want to work with you now? Who in your network of friends, acquaintances and former co-workers might be potential customers? Who in your network could become a potential vendor? If you can work with people with whom you have an existing relationship of trust it will help to reduce the potential for problems down the road. Take a close look at your current network to determine what advantage you might be able to gain from those people you already have a relationship with.

In the end, small business success often comes down to a combination of great planning, will to succeed, good decision making and a little bit of luck. Do your homework and your chance for success goes up exponentially. Fly by the seat of your pants and you’ll wind up among the whopping majority of small businesses that fail.

Starting a small business isn’t easy. If it were, everyone would do it. Moreover, if running a startup were easy, a much higher percentage of small businesses would succeed. The sad, and often discouraging, reality is that the majority of small businesses fail. Anyone who tries to tell you that there is a tried & true, guaranteed, step-by-step, fool-proof method to start a new business have obviously never done it. If you remember only one thing about starting a small business it is that there is no single “right” way to approach it. It is exciting. It is challenging. It is also frightening and often intimidating. The key is to never let fear or intimidation paralyze you.

Students of economics and business have studied the process of entrepreneurship for decades in an attempt to discover a single, universal formula that will guarantee success. That journey is as futile as attempting to figure out how to find a single genetic indicator or environmental factor to explain why some of us develop cancer while others don’t or why one twin struggles with life-long weight problems while the other twin doesn’t. As with health & wellness, there is no one formula that will guarantee success.

This fact is what truly appeals to an entrepreneur is the challenge of blazing your own trail and finding the formula that leads you down the road toward success and fulfillment. Most entrepreneurs are nonconformists at heart. They dismiss the notion that “it can’t be done…” or “it must be done this way…”. Entrepreneurs inherently want to do things their way. If you’ve been blessed with an entrepreneurial spirit, you know exactly what I’m talking about. And while there are no turn-by-turn road maps to follow, there certainly are some helpful guidelines that can help to steer you in the right direction and avoid common pitfalls.

For instance, it is important to know that in order to open a business account with any bank, you must have first filed your incorporation or DBA paperwork. If you are going to open a brick & mortar store or office, common sense will tell you that you must decide on its location before you can have phones installed or Internet service set up. The following small business startup checklist will help you to get moving in the right direction and avoid some of the common mistakes that put new small business owners at a disadvantage from the start.

• Decide on a company name.
• Decide where your business will be located.
• Determine the best corporate structure for your business (consulting with an accountant can be very helpful).
• File the necessary incorporation paperwork (consulting with an attorney can be helpful, but there are also many more affordable options available today – like LegalZoom – which allow you to file the necessary paperwork yourself).
• Consider what trademarks and/or copyrights will be needed to protect the brand you are developing.
• Decide exactly what products and/or services your business will offer initially.
• Identify your target market and compile data on where to find them and how to communicate with them.
• Decide how many, if any, employees will be required to operate efficiently.
• Estimate the monthly expenses for the business and projected sales on a cash flow statement.
• Complete a break-even analysis to confirm the potential profitability of the venture.
• Set up a business bank account.
• Hire a graphic designer to create your business logo, as well as any printed and online marketing materials – like a website, business cards, flyers, etc.
• Develop a search marketing strategy – understand, or hire someone who understands, how to take full advantage of Internet and search marketing, search engine optimization, website usability, etc.
• Establish a means of communicating with your potential customers (this can include telephone line(s), VoIP service, Internet access, e-mail accounts, etc.)
• Buy any equipment necessary for the day-to-day operation of the business (this can include computer(s), fax machines, printers, manufacturing/production equipment, etc.)

For any new small business venture, there are a seemingly endless number of things to consider. The items above are just the tip of the iceberg, but they will certainly help you get off to a good start. As you move forward with the development of your small business, knowledge will be the key to your success. For additional information on a wide variety of topics that apply to small business development and entrepreneurship, check out the Ewing Marion Kauffman Foundation website.

When you form an image of the quintessential American Dream, what do you see? If you’re like many of us, owning your own business is a part of that picture. In a world seemingly controlled by corporate greed and avarice-driven, overpaid corporate executives, our role as “the employee” is less appealing than ever before. For many, the security that comes from a steady paycheck is wildly overrated. Employees are feeling more undervalued every day.

The motivation behind wanting to follow the dream of business ownership is as unique as the entrepreneur himself, but there are several things every entrepreneur seems to have in common:

Flexible Schedule. Whether you’re a single parent or a happy bachelor, being able to determine your own schedule is appealing on many levels. Let’s face it, no one likes being told what to do. Most “jobs” require adherence to someone else’s predetermined schedule. Traditional 9 to 5 jobs are confining. Running a new business is demanding and the hours may be long initially, but having the ability to work when it is most convenient cannot be undervalued. Setting your own schedule allows you to more easily juggle the demands of work life and home life.

Control. Control over your own schedule is one thing. Some employees these days work from home or already control their own schedules – outside sales positions are a perfect example. Nonetheless, they’re still forced to answer to someone else and expected to help to achieve goals that may not mirror their own. Control over what you do during the time you are working is incredibly appealing to entrepreneurs. Being able to decide for yourself what work is to be done, what type of customer you want to serve and how to approach the day-to-day operation of your business is tantamount to an entrepreneur’s personal & professional happiness.

Financial Independence. Let’s face it, we’d all like to be independently wealthy, but for most of us winning the lottery just isn’t in the cards. A steady paycheck has always been a benefit of working for someone else. As with anything else, the apparent security of a steady paycheck has an opportunity cost. Are you really being paid what you’re worth? Is the amount of effort required to meet the demands of your position commensurate with your pay? For an entrepreneur, the more you work, the more you can potentially earn. That potential can be a great motivator.

Less Nonsense. And by “nonsense”, I’m referring to the corporate bureaucracy, office politics, bickering, nepotism, etc. Entrepreneurs believe typical corporate shenanigans to be unproductive and detrimental to productivity, creativity and ingenuity. As a small business owner, you call the shots. You make the rules. And you have the opportunity to decide how to run your business, as well as the best way to motivate yourself and your staff. No more empty mission statements and corporate dog & pony shows.

Maximizing Potential. One of the biggest advantages of owning your own business is the ability to take advantage of your full range of skills. Most employees don’t have a high level of control, responsibility or influence. As an entrepreneur, the responsibility for everything from answering the phone to paying the electric bill falls on you. Entrepreneurship provides a unique opportunity control your own destiny, utilize a wide variety of skill sets and develop those skills to their full potential.

Ownership. No one can dispute that ownership is a great motivating force. When your own personal and professional reputation is at stake, you tend to be willing to work harder to protect and build that reputation. Corporate mission statements often claim to encourage employees to take ownership of a situation and take initiative, but anyone who has spent any time within the corporate structure understands how stifling and restrictive that environment truly is. Within the corporate structure, decisions are made in the board room and forcibly carried out by front line employees. Entrepreneurs have an owner’s stake in literally every facet of the business and therefore have the incentive to do whatever work is necessary to create the most productive, effective and efficient work environment possible.