It’s a great time to start a small business, and many people are doing just that.  A recent report from the Bureau of Labor Statistics (as reported by a NYTimes small business blog) shows that small business start-ups have increased between December 2008 and April 2009.
Why the Increase in Start-ups? It’s not surprising that more people are starting new businesses.  If you get laid off, don’t want to move, and have some expertise, it’s likely that you would consider staying where you are and finding a business you can start or buy or you can search for a franchise.
Increase in …read more

…and other not-so-crazy fund-raising ideas for business startup.  The Wall Street Journal reports that more traditional funding for small business start-up has become leaner, so small business owners are resorting to more creative ideas for raising startup capital.
One business owner even sold cupcakes to fund her business idea.  You may not be a baker but you can certainly find creative ways to finance your small business start-up.  For example:

Make something to sell. Consider what you might make and sell locally to get money.  For example, you could sell baked good or crafts at local flea markets or farmer’s markets this …read more

Sometimes life takes us on a path we didn’t imagine.  Like when a job ends.  Have you had a great idea for a business but you didn’t do anything about it?  If you are without a job at the moment, maybe it’s time to think seriously about your idea.
A recent story in the Wall Street Journal’s Small Business section chronicled the experiences of several individuals who started small businesses after their jobs disappeared.  These stories are inspiring, and they provide insight into the variety of ways you can start:

Be inspired. A middle-of-the-night inspiration might just be the spark to …read more

Small business owners often start out their businesses by listening to others and not learning the basics.  As in any other endeavor, there is lots to learn, and you are the only one who can learn it.  If you don’t want to rely on someone else to run your business, you need to learn the basics.  For example:

Creating a financial structure for your business
Setting prices, billing and collecting money
Web and technology installation
Marketing strategies
Demographic analysis
Budgeting, break-even analysis, and financial analysis
Creating a business plan
And lots more.

Fortunately, there are many resources you can use to learn before, during, and after you start your …read more

It’s time to take the lead from young people. Aspiring teenage entrepreneurs are simply too optimistic to let this economy get them down.
Sharon Sharon Lechter is the founder of YOUTHpreneur, a member of the President’s Advisory Council on Financial Literacy, and co-author of the international best-selling book Rich Dad Poor Dad. She encourages us to check out www.youthpreneur.com, which provides teens a social network to connect with each other, share ideas and potentially form ground breaking partnerships.
April is Financial Literacy Month. According to Lechter, parents find success when they use current situations or “teachable moments” to explain important things or life …read more

John Lennon said, “Life is what happens when you are making other plans.” You are starting a small business.  Everything is going well and you are on track to open in a week.  Then something happens.  Life gets in the way.  It could be that your daughter gets sick, or your elderly mother falls and breaks her hip.  Or your car, which has many miles on it, gives up the fight.  Who knows?  
So are you going to give up on your grand opening? Are you going to put your business on the shelf, so to speak?  And what if …read more

This is a great time to start a small business!  The Recovery Act has provided more funds for the Small Business Administration and higher loan guarantee amounts.  And banks are still lending, if you have the right qualifications (a high credit score, collateral, and a great business plan).  In the photo, Ben Spearing assembles a baby stroller as his wife, Billie Jo, unpacks a wheel as they prepare for the opening of their baby store in Costa Mesa, California, in April. (Paul Rodriguez/Orange County Register/MCT)
But the realities of getting a small business loan haven’t changed. Here’s what I mean:
Reality …read more

What do you do when you can’t get a loan for your small business, for start-up, expansion, or just to pay the bills?  Tough times require tough measures.  If you can’t find a bank to loan you money, there are still other alternative financing sources.  Here are some possibilities: 
Credit card financing.  The National Small Business Association says that small businesses use credit cards more than any other type of financing.  I’ve mentioned before  the “slippery slope” of credit card financing, suggesting that you use credit cards only as a last resort, and only on a temporary basis. Getting behind …read more

If you’ve ever thought about starting a small business and weren’t sure exactly how to go about it, then “Start-Up Weekend,” in Detroit March 27-29, is for you. At the three-day event people are invited to pitch ideas for new businesses upon arriving Friday evening.
Teams form around the ideas that generate the most excitement and then they hit the ground running with a clear idea of what they can work to accomplish within the remaining hours in the weekend. Teams then arrive back at the event on Saturday morning and work late into the evening. Sunday, teams finish up their …read more

Do you have what it takes to succeed in a small business?  It’s fun to read about wonderful businesses to start or franchises to buy. But no matter how fantastic these business opportunities might be, consider carefully how the business fits your skills, experience, and interests. And you need something more to succeed: a passion for this business.
This business owner has a passion for pool. But without skill and experience, he will have a difficult time being successful.  Before you jump into a business opportunity, spend some time taking a personal inventory.
What are your skills? What do you do best? …read more