Compare These Top Vendors for Starting a Small Business

Maybe you have an idea for an internet business startup, or you are starting a small business from home. Do you need a business startup loan, business startup software, or just want to know the basics of how to write a great business plan?

Whether you are still in the idea stage of how to start a business, or you've already taken the first few steps, having the right resources will be critical to your success.

Startup Resources

Here are four ways to improve the odds of success for anyone who wants to start a business: 

• Get the right people: If you can afford to, hire employees or can bring in partners when you first start a business. Studies show that well-staffed business startups have better survival rates than solo operations.

• Get enough financing : Studies show that businesses starting with less than $50K have higher failure rates. The key is to have enough financing so your business can take root.

• Training: If you can, attend seminars on how to start a small business offered through a local Small Business Development Center, or enroll in a college-based entrepreneurship program to learn the ropes. Many startup businesses fail because their owners don’t know basic business tasks like balancing the checkbook and managing their inventory.

• Start at home: To keep costs low, start a home-based business.  Businesses that begin this way and then move into new space as they grow have higher success rates.

Need startup funding but can’t qualify for a loan? Consider using equipment leasing to ease that financial burden.

Starting a Small Business

There are several steps you should take before you start your business in order to guarantee its success. You can get assistance with any of these steps – as well as additional information on small businesses – from the U.S. Small Business Administration (SBA). Other ways you can prepare yourself for your new role as a startup business owner include:

• Get free counseling and advice on how to start a business from a certified small business counselor or mentor.

• Go online to foster the support of like-minded startup entrepreneurs. Nothing's a better motivator than involvement with a community of other entrepreneurs who are starting a small business - and sharing the ideas and information they've learned. 

• Get expert help writing your startup business plan. A good business plan will guide you through the first phase of your startup and convince potential investors to finance your business.

• Try franchising opportunities as your route to starting a small business.

• Acquire a business education before you begin. Business owners who complete courses on how to start a small business have a greater chance of success. 

Risks of Starting a Small Business

The most common reasons for failure within the first few years of starting small business include competition, mismanagement, high rent and insurance costs, high debt, inability to get financing, loss of clients and difficulty with collections.

• Making preparations in advance – such as writing a solid business plan, taking business classes, and seeking the advice of a mentor in your industry – can greatly reduce the risk of your business’s failure.

If you're ready to take the risk of the risk of starting your own business, carefully study how to start a business in your chosen market before taking the plunge. Even though business failure rates aren't as high as once believed, aspiring entrepreneurs still need to do their homework. Once you educate yourself, surround yourself with others invested in your success, and acquire enough financing, you’ll be ready to begin the process of starting your own small business.

If you’re starting a small business, be sure to get professional business plan help and apply for a business loan.