by Timothy Cummuta

Created on: August 02, 2011

I decided to write this because small businesses are said to employ 80 percent of the workforce in the U.S today. To say it is not an important part of the U.S. economy is an erroneous and severe understatement. For many people starting their own business is the ultimate dream of their lives. However, many, many small businesses fall into failure in a short period of time. I cannot go into great detail here on how start and run a small business. That subject requires at least a full-length book all to itself if not more. What I want to cover is what I believe are the ten most important steps to starting and running a small business well enough to give it a fighting chance. You will have to do the work!

Planning: This seems a little simplistic, beside who would go into business without planning. I am talking about serious business planning. Unless you are simply going to run a small time operation from your basement or garage doing little things part-time to earn extra cash, you need a business plan. If you intend to go to a bank or some other entity to get some form of financing or investment, they will all require a Pro Forma which is a short to the point business plan.

Creating a real business plan will guide you through the thought process required to understand the level of involvement required to be successful in a small business. Successful businesses do not happened by chance or accident. They are usually well thought out enterprises which require hard work.

There are numerous books available on the subject of business planning as well as software packages that are inexpensive. These books and programs will do more than an adequate job in assisting you to create a realistic business plan. One software package I can recommend is Business Plan Pro from Palo Alto. It runs about $100 for the standard versions and is well worth your investment. I do not get any kickback from this company. I have used their product and it was easy to use and understand. The rest of the ten important steps are all covered by the business planning process.

Funding: One of the greatest reasons accounting for business start-up failures is funding, or lack thereof. How will you stay in business? If you need income to live on while you start your enterprise how much will that require and how will you get it. Funding or financing your business requires the utmost analysis. You will most likely incur unexpected expenses regardless of how well you plan out your business. Things just

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