Articles & News About Money & Coin Collecting

Top 5 Money Saving Tips for Business Start-ups

Anyone can start up a business, but not everyone succeeds. Consider these five critical questions before setting up shop. They can save you money in the beginning and make money for you over the life of your endeavor.

1. Is the business itself viable?

Many new businesses fail not because the idea was poor, but because the would-be entrepreneur didnt do his homework. Your town may well be able to support two organic food markets, but not right across the street from one another. Remember to consider:

- market size - ease of entry - potential market share

Mark the competitions location on a map and look at the radius of the town. A centrally located business will outperform one on the edge of a community. If your competition is on the eastern edge of town, is there a place for you on the western edge? Would customers rather do business with you than drive across town? Do you have access to better or equivalent inventory and a good location to seize that part of the market? The old saw, Location, location, location is crucial to a new business.

2. What are your short term and long term goals?

What do you hope to accomplish in both the short and long term? You may simply want to reach a break even, point in your first month, selling as much inventory as you purchase with a plan for a profit of X% in the second month to be increased by X amount each subsequent month. Evaluate your progress at documentable intervals, generally three, six, and twelve months. Have you set aside money that will carry you through a bad first month? If so, how will you adjust your goals for the remainder of the period in question?

3. How will you keep your records?

Successful businesses keep records. Some are necessary for day-to-day operations and tax payments. You can use a financial package like Quick Books with modules to assist you in figuring payroll as well as Social Security withholding for your employees. A spreadsheet like Excel is excellent for tracking inventory and sales, with built-in graphing capabilities will allow you to see a picture of your business performance. If you dont think you can handle these tasks on your own, plan to hire a bookkeeper or an in-house employee who can keep everything accurate and up to date.

4. How will you handle space, equipment, and staff?

Although you can locate space on your own, there are many advantages to working with a commercial realtor. A professional in the field will understand the demographics of the areas you are considering and may be able to find lease space as well as buildings for sale (depending on your goal in that regard.) By the same token, you may find that leasing equipment is a better option than buying, at least in the first year. If you are taking out a small business loan, you can add lease financing for business equipment to the terms of the agreement.

Dont over-invest in space, equipment, and staff at the outset. Work with as few people as you can manage. Consider hiring independent contractors or freelancers for specific projects, rather than paying people in periods when there may be little or no work. Make sure that the people you do select have the necessary skills. If you have to spend too much time training your personnel, youre losing money.

5. How will you advertise initially?

Initial advertising is tricky. If people dont know about you or cant find you, they cant do business with you, but you dont want to be stuck with costly glossy brochures that never get used. Marketing is a garden you must tend constantly. Where will your advertising dollars be most effective? Some possibilities include:

- A trade publication. - The local newspaper. - Online through purchased ads or a business website. - Radio. - An inexpensive postcard mail campaign.

Dont forget to think outside the box. You can, for instance, place ads on the plastic flip down liners of grocery carts where hundreds, even thousands of people will seem them weekly.

Dont feel bad if you dont know how to answer these questions yourself. As the entrepreneur, its your job to anticipate potential issues and solve them by whatever means necessary, including going to experts. We dont all have business degrees, but with proper forethought and good planning, we can all be successful business owners.

http://www.capitalfundsleasing.com offers commercial equipment leasing up to $5 million to start-up as well as established businesses. Lease Business Equipment with us and save!

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Coin Collecting At FindaBook.com
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