Have you been reading all the hype about how to start a small business? Have you always wanted to be your own boss, sell your great ideas, make your dreams come true? Well, it is something that can become a reality, and it does for many, but many more people fail if they start with the wrong idea of what it takes to start out in business for yourself.

Number one and most of all: assumptions are dangerous. Most people do not even realize that many of their decisions are founded on assumptions. People form partnerships, thinking that both partners are making the same commitment and have the same criteria for success. Wrong. Susie may know that a gift shop is not just a nine to five proposition, while her best friend and new partner Jane may still be planning to go away for two weeks at Christmas like she has done every year.

People also assume that a good product will attract attention, but it is getting the product to the customer that defeats most businesses. How often have you seen a great idea fail for one business, when another can take it and succeed. Many people can have a great idea and the skill to achieve it, but never get the chance to prove it.

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Do you know how you will get the first customers to pay attention long enough to see what a great product you are selling or what a wonderful service you can provide? You need the product or the service, but without customers you may never get the chance to present them. Most businesses, even with research done that shows there is a strong market, fail to attract the customers they need for success.

No matter what the promoters say, starting on credit is problematic at best. The Small Business Administration may guarantee a loan, but the business must find a lender first and that takes collateral. No matter how detailed your business plan or how many seminars you have attended, the bank will want to see your security.

What will you use for start up money? Credit cards are easy, pay back is hard, slow, and expensive. Without collateral, the banks will not finance your enterprise, no matter how much the SBA seminars promise you that they will. A perfect business plan may get you points with the SBA, but it seems to cut no mustard with a banker.

However, if you have a good plan, and a good product or service, and perhaps a good job on the side to keep things going while you get your business up and running – if you are willing to work hard, learn from your mistakes, and plow everything back into the business for the first few months or years, the dream of a small business of your own can become a reality. It can be satisfying, hugely rewarding in terms of money and family security, and better than a college education for learning about the real world.

How to start a small business? Be as smart and cautious as you can while being as bold and daring as it takes. Should be a cinch if you are really cut out to be your own boss.

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Category: Business Management
Keywords: business, job, money, investment, market