Q:

What are some tips for opening a small business?

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Quick Answer

A small business has a better chance of success if the owner creates the business around a particular skill, passion or talent. Create a detailed business plan in writing; the plan can be short or long. Location is crucial to success. A small business location should fit with its brand image and be situated in a competitive and safe area that adheres to local zoning laws.

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A small business plan typically includes an executive summary, company description and sections such as marketing analysis, product and service descriptions, marketing, and sales. Information in the business plan should be based on thorough research into a particular market segment, competition and consumers. Business owners should carefully consider how to structure the business legally and pick the option best suited for operations. Choices include sole proprietorship, partnership, corporation, S corporations and limited liability corporation. A business tax identification number is required for filing taxes; businesses can apply for one via a state government website.

Business owners intending to self-finance the operation can use savings, investments and salable assets to get started. Small business startups don't usually get money from banks or investment firms, but business owners can often get additional startup funds by taping into a personal network of family and friends.

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