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Tips for Starting a Business In The Land Of Freedom

Aug 17, 2007
The United States is one of the best places in the world where anyone has a chance to work hard and start their own business. This chance at success is one of the main driving forces for immigrants coming into this country. There are very few other places in the world that will give someone a chance to go from having nothing to owning their own business. The reason all of this is possible is that the United States economy is based on capitalism.

The foundation of capitalism is based on the concept of big risk, big reward. A person has to take a risk by starting a business, but if the business takes off then the person is rewarded handsomely. Starting a business can be very scary, but there are a few proven tips, that if followed, can reduce the risks of starting a business greatly.

Save as much money as possible - Starting a business usually costs quite a bit of money upfront, but it might also take months or even years before the new business starts to turn a profit. Before starting a business, make sure that enough money has been saved to pay for most of the startup costs, and also living expenses for at least a year. That way even if the business does not take off right away, it will not fall hopelessly in debt. If a business can make it past the first year then it has a very good chance of making it, so making sure there is enough money saved to sustain it is very important.

Create a business plan - A business plan is one of the most important things that need to be done when starting a business, because if a business does not work on paper, then it can never be made to work in real life. A good business plan usually plans to a break-even, because if a business can break-even then it can start to sustain itself. If a business plan is for a break-even, then any increase in sales will allow the business to quickly turn a profit.

Spend as little as possible - When starting a business make sure that spending is kept to a minimum. If the business can be run out of a house, garage, or attic, then it should probably be run this way. Any money that can be saved by not paying rent or not hiring another person should be saved. The only time to hire another person is when they can be kept busy all of the time. If there is not enough work, then a temp or an outside contractor should probably be used.
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