K. MacKillop
K. MacKillop, an entrepreneur with a J.D. from Duke, is co-founder of LaunchX LLC and authors a small business startup blog. The LaunchX System, a five Unit series of step-by-step business startup procedures, key software and more answers the startup question, "Where do I start?" Visit <a href="http://www.LaunchX.com" title="http://LaunchX.com" target="_blank">http://LaunchX.com</a>.
Articles by this Author
Potential entrepreneurs who aren’t sure what kind of business to start, but know they want to be on their own are often drawn to the idea of buying a ready-made business Whether purchasing an existing business or buying into a franchise or multi-level marketing (MLM) program, the idea of having the operations portion of a business already laid out can be very attractive
For many people with a great business idea, the delay in taking the plunge into entrepreneurship is because of the lack of time or money to get their idea off the ground In most cases, there are viable means to modifying the business idea into something that can be started part-time and with less capital than the original plan
Whether you plan to work from home just during the planning stages or through the life of your business, creating the right space will increase your productivity and efficiency Your best bet is to carve out a dedicated space, used solely for your startup work
Many potential entrepreneurs have a hard time deciding whether starting a business part-time or full-time makes the most sense for them On the one hand, dedicating yourself full-time to a startup seems like it would give your idea the best chance of success
The road to entrepreneurship offers plenty of opportunities to waste money Unless your rich uncle is bankrolling your entire startup without concern for what and how you spend, you need to keep your expenditures under control
Finding ways to spend startup capital is easy, but there are a few things that should be included in every new business's startup budget The top five are:
Startup Essential #1 -- Protecting Your Business
Setting up your legal obligations and protections correctly from the start is critical to building a successful company
Most first-time entrepreneurs are under the impression that SBA loans are an easy, viable route to funding any startup While the SBA is an excellent government program to assist American small business, keep in mind that it is a government program, with all that distinction means - the process is slow, the restrictions are strict, and the hurdles to approval are high
Bad personal credit is a common stumbling block for first-time entrepreneurs Often, the motivation for going into business is to make more money, indicating that they are not making enough money working for others, thus, bad credit
Of the three keys to business success, financial management is often the most feared among entrepreneurs Even if you don't consider yourself a “numbers person,” keep in mind that the down and dirty reality of running a business is in the numbers
Another creative industry designed to separate the entrepreneur from his money are the startup consultants While some provide legitimate services for particular circumstances, the industry is expanding rapidly with ridiculously expensive consultants, most charging $150 or more to tell you the next few steps to take in your startup
