Four Tips for Starting a Small Business

Small business owners across the country may not be aware of the opportunities available in their area. From tax breaks to local business incentives, many small businesses can get a leg up. Having prior business education and experience can help, but local resources serve to further deepen your knowledge and support network.

Start with Business School

Educating yourself in business essentials is one of the keys to success. Small business owners often earn an MBA before opening shop because of the range of applicable information the degree provides. Associate's and bachelor's degrees in business administration offer similar business training, with less of a time commitment.

Build a Business Plan

When you start a business, a strong business plan is essential. Here are just a few elements your small business plan should include:

• Executive summary
• Market analysis
• Organization & Management
• Financial

Take Care of Your People

If you already have experience with a full-time job, there are some things--such as health insurance and tax information--that you may take for granted. Once you start a small business, you should be aware of local healthcare and tax laws for you and your employees. Depending on your business, you may be required to provide healthcare and worker's compensation insurance.

Don't Be Afraid to Ask for Help

Feeling overwhelmed by the pressure of starting a business? Local resources are often available to offer counseling, training, and business development. Call your local government office, or check online for local resources. Many trained MBA holders successfully turn to local channels for additional guidance.
Sources
U.S. Small Business Administration

Amelia Gray is a teacher and freelance writer in San Marcos, TX. Amelia earned a Bachelor's Degree in English Literature from Arizona State University.