Credit cards and debit cards are generally the most secure forms of payments, but accepting them requires your to take on additional fees paid to various credit card companies which, depending on the size and complexity of your business, may not be worthwhile.
It will be very tough for a younger person to gain credibility when it comes to dealing with potential customers willing to pay big money for your services or product. It would be best to learn your trade or product extremely well . At first, the new entrepreneur will have to reduce his/her prices, and perhaps even give some stuff away as a form of advertising. You must also be patient, it takes a while for a business to become successful.
Create ideas fitting your budget. Once you know how much money you have, research the costs of different types of marketing and come up with ideas which fit those methods and are effective for the price range. If you have a lot of money to spend on marketing, for example, you can consider shooting a commercial. If you have almost none, you’ll want to think about ways to use social media effectively, which is very effective for requiring little money.
Utilize your employees. Don’t be afraid to delegate tasks to employees. What you as a small business owner can’t forget is that delegating helps save you time, provides an opportunity for you to focus on your many other tasks and helps to ensure you keep your priorities in order. You can always start with delegating small tasks and increase the level of responsibility over time so that you can build confidence and trust together.
Think about who is most likely to buy your product and why they would buy it. For example, if you are selling dentures, it makes little sense to include younger people in your marketing considerations.
Approach friends and relatives. People who know you for a long time are most likely to have faith in your ability and intentions. These are also the people who are likely to stand by you if the going gets tough in the initial stages of your venture or you need to raise more money. However, make it clear the money is intended as risk capital and they might lose it completely or may not be returned in the short term.
Put your idea into writing. It is important to take the ideas in your head and get them down on paper. Most successful businesses offer a new product or service or fill an existing niche in the market. Whatever your reasons may be for starting a small business, make sure to clearly and concisely put them in writing.
Here, it useful to ask questions of your service or product. For example, you may want to ask questions like, does my product/service appeal to younger or older people? Is my product/service affordable for lower-income consumers or is it a high-end purchase? Does my product/service appeal to people in specific environments? You won’t be selling many snow tires in Hawaii or beach towels in Alaska, so be realistic about the appeal of your product.
Network as much as possible. Gain the support of other local small businesses by networking with other small business owners. Join small business associations and participate in community events to raise awareness of your business. Participate in community functions so potential clients will be aware of the services you offer.
You will want to be sure that you are using marketing which is appropriate to the type of people you expect to be interested in your product or services. There is little point in using social media to, for example, advertise a 55+ only cruise line. Meanwhile, if you’re advertising for your new dance club, a printed newspaper is probably not going to be your best bet. There is also no point in advertising a business only available in Chicago to people in Seattle, so consider physical location as well.
If you ask people about an idea they will all say “YEAH! THAT SOUNDS GREAT!” And then they don’t buy. Get past this base level of feedback. To figure out if your idea has legs it helps to plot it on a demand matrix like the one below:
When it comes to taxes, make sure you’re filing everything correctly and on time. The website for Governement of Canada has a section of its website dedicated to a checklist for new small businesses and their fiscal obligations and their implications—it’s a good idea to spend some time there to make sure you’re compliant.
Unless you’re running a solo business from a home computer you already own, it’s likely that you’ll need some financing to start your business as well as periodic infusions during slow periods or when your company is growing.
Who am I? I’m New York Times bestselling author Ramit Sethi, and I’ve created more than 15 products that generate tens of millions of dollars a year. I’ve helped tens of thousands of students build businesses so profitable they can leave their full time job.
Leadership skills are critical to the success of a new venture. Do you have them? Whether or not you think you’re a gifted leader, you should consider putting management theories aside and focus on common sense as you build your business.
Use your resources effectively. It’s important to be confident in those things you do well, and realize there are resources to help with those parts of running a business that are not as comfortable. Invest in the equipment you need to help get your business off to a good start. If you don’t have the equipment in-house, look for business resource centers that can help with services needed to run your business such as packing, shipping, printing, and other business service needs. We often hear about the importance of time management, and learning more about available resources can help us better manage our time.
Starting your own business is one of the most powerful ways to take control of your life and make extra money month after month. You can start with just a few hours a week. And best of all, you get to choose your hours, pick projects you find exciting, and meet interesting people.
If you really want all those things, you need learn to dig deep into what your customers really want and put their needs first. This takes work, and you need to be prepared to dedicate time EVERY week to make it happen.
As an entrepreneur, there’s a tendency to want to do everything yourself. But if you’re finding yourself unable to keep up, it’s time to bring in some help. Hiring employees is not something to take lightly. In fact, many great leaders cite smart hiring as the key to their success. And as you grow, it becomes more and more important. With the right people in place, you’re able to scale. With the wrong people, you get stuck in your tracks. To make sure you’re being as strategic as possible when building your team, read our tips on how to hire great employees.
Use a little old fashioned networking. Go to conferences, charity galas, meetings with complementary businesses and anywhere where your customers are likely to be highly concentrated. In other words: get out in public and interact with people. Use your friends connections to meet people who may be able to help you. This kind of interaction is very important for starting a business. You can’t exist in a vacuum after all.
Create a records system. From doing taxes to figuring out why you’re mysteriously missing $2,000 to searching through customer records to find out if Mrs. Jones did in fact pay her bill, you’re going to want a good records system to help your business run smoothly and efficiently. Invest in file cabinets, labels and digital records software to keep you organized and on top of things.
Determine your cost of operation. You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc. 
Organizing weekly, bi-weekly or monthly meetings between you and your staff can help ensure that everyone is on the same page and will help you avoid wasted time or overlap in the various responsibilities of your team members. Meetings can also help you analyze who is and who is not adequately performing the duties assigned to them.
Get an office. You will need a space from which to run your business. This can be a home office if you require little space and will not have employees, or it can require an entire workshop or warehouse. Look at renting in a low cost neighborhood or business incubators instead of a fancy address. Some universities make space available at a low rent for new business ventures based on an innovative scientific idea. It depends on what you will be doing and how big you intend your business to be. Make sure the space is coded and legal for how you intend to use it and within your budget.
Use banking options against one another to secure the largest upfront capital and lowest interest rates. For example, if one bank offers you a $10,000 loan at an interest rate of 4%, you may be able to take that offer to a competing bank to see if they can provide more upfront capital or a lower interest rate.
I need funds for state filing and office equipment. I am also a paraplegic so my mobility is very limited but a home-based business would be ideal for me. Does anyone have any specific suggestions for me to raise funds for this. I need about $3500.
There are several loan programs aimed at helping first time entrepreneurs set up their business. The Small Business Administration (SBA) operates the loan programs offered by the U.S. government. To qualify for the loan, your business must meet some criteria such as your business must operate in the United States, your business must qualify as a small business according to SBA guidelines, you must operate for profit and you should have a good credit score.