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Financing is one of the most important aspects of starting a new business. Your ability to raise adequate capital will determine the fate of the business venture. Insufficient financing may cause the business to fail.

When you choose employees, carefully consider they will be with you for a long time and will be an essential ingredient in your success. Look for people who complement your strengths and lessen your weaknesses.

Since 1964, SCORE has helped more than 11 million entrepreneurs start, grow or successfully exit a business.

Assess Yourself  - Are You a Fit?

One of the first steps you should take before deciding to go into business is to determine why you, the prospective business owner, want to go into business. Have you realistically calculated the rewards and challenges of owning a business? Do you have the essential characteristics to be a successful business owner? Are you ready to handle the common types of problems faced by small businesses? Are you prepared to make the commitment and take the risks? Are you sure that this is what you really want? These are important questions you need to ask yourself.

Suppliers and Distributors could be very important to your business, so maintaining a good relationship with them is important.

People have a natural tendency to be overly optimistic about the prospects of success for a proposed venture. Yet the failure rate for new small businesses is high. To improve your odds, you should conduct a careful feasibility study before you start. Market Research is a good way for study your chances for success. The key to marketing your business is knowledge about your customer.

A Trade Secret is information useful in the industry and kept confidential. Its information imparts value to its holder and provides a competitive edge. Should information constituting a trade secret be leaked, it could have a major negative effect on the business. Information such as customer lists, information received by an employee regarding business opportunities valuable to an employer, and information provided to an employee in confidence in the course and scope of his employment could be identified as confidential.

Even negative information such as failed remedies or manufacture of

Choosing the best location for your new business is a critical decision not to be made in haste. Your first consideration for convenience and cost factors is to contemplate the possibility of running your startup company from home. With the rising number of virtual companies, it’s easier than ever to work remotely and take advantage of some home-office tax deductions at the same time. If the home-based option won’t work for you, finding a location for your small business requires doing due diligence.

YOUR HOME OFFICE

Home-based businesses are on the rise. According to research done by

Your business is only as good as the people that you attract and keep. Therefore, it’s important you take the time necessary to find the right people; it will save you frustration and valuable time in the long run.

Think of the people you will hire as an investment. When you choose employees, carefully consider they will be with you for a long time and will be an essential ingredient in your success. Look for people who complement your strengths and lessen your weaknesses. Choose those with a record of success. Become familiar with the employment history of potential employees, as people

Before starting your business you should thoroughly investigate business insurance. Often, small businesses ignore the importance and necessity of insurance until they have suffered a major loss. A sound insurance plan protects you and your business by minimizing the risks and reducing the uncertainties of your business.

In selecting an insurance plan, it is important that the business has all the right coverage for its specific needs at the best rates. There are many insurance companies to choose from, each with their own plans and rates. Most of them provide package deals that combine

Good record keeping — a constant and detailed knowledge of expense, income, and profit or loss — is the first step toward profitable management of your business.

The legal structure of your business can take four basic forms: Sole Proprietorship, Partnership ("Limited" or "General"), Corporation (S or C class), and Limited Liability Company (LLC).