In 1985, Sony was king. In 2011, it's Apple. Why the turn of fortunes? I contend that Apple was quickest to recognize that products as we knew them in 1985...
The lean startup model eliminates waste and focuses on customer feedback to build a product or provide a service that people want. The model requires business owners to focus more...
If not for the emergence of design thinking, some of the world's most innovative companies might not have the edge they do now. There are 10 tools that I teach...
There are plenty of articles on how to start a small business, but few on what to expect. I started my first company 16 years ago and wish someone would...
As a new business owner, you have taken the risk to launch yourself into an adventure that can be extraordinarily rewarding, challenging, and terrifying. Your ability to manage yourself through...
India's 1 billion people and 9 percent annual growth are attractive to nearly any business, as are the 380 million new Internet users that will come online there by 2015....
Loss? Are we nuts? Don't we know your new venture has the potential to make you richer than Warren Buffett? We sincerely hope it does, but all new ventures involve...
As you expand your startup business past the garage stage, it's important to know when you can no longer go it alone. How to draw top talent to complement your...
For most businesses, the two largest slices of the budget pie are people costs (salaries, benefits, and so forth) and office space. The only way to eliminate these costs is...
Starting a home-based business can be both challenging and rewarding. As your business takes off, you'll face several challenges, including how to create an effective workspace. Although your new, home-based...
Everyone is passionate about something. We all dream about converting that passion into a real business that can make money. Our company, ProBatter Sports, grew out of my personal love...
There is a lot you must know to be successful, yet few of us who own small businesses have the opportunity to attend a good business school. My advice: 1....
For entrepreneurs just beginning professional service practices, prospecting can inspire both trepidation and anxiety. Where do you start? One great rule of thumb is to focus on the familiar. We...
In my consulting practice, I have worked with several entrepreneurs who have taken the concept of partnership too lightly—making commitments too quickly and jumping into relationships before being sure they...
For entrepreneurs looking to build a new business or expand an existing one, a strong partner can be key. For a company such as a consumer product business seeking to...
Ruth Stafford Peale once said success will come if you just "find a need and fill it." But how do you find a need or—even better—an unmet need many customers...
As the economy has gotten progressively worse, more people are unsure of their future employment. One trend I've seen is an increased willingness to take personal risks and open one's...
When starting a company, many entrepreneurs plan for the obvious startup costs like advertising, furniture, and equipment. But some leave the document-filing work to their lawyers and suddenly discover that...
It's no secret the economy is slumping. I have told the companies I'm involved with that for 2009 let's not worry so much about growth as much as maintaining the...
As investors and lenders continue to tighten their purse strings, it is more important then ever for small business owners seeking capital to create credible business plans. What business owners...
Investors consider hundreds of businesses before making an investment decision and they learn to do so objectively and with discipline. Business professionals must do the same when they too are...
Here are five hints on how to make the most of your business plan: 1. Take the long view and do long-term planning. Map out where you want to be...
When your business is still in the planning stages, it is important to know your mission. Start by clearly defining your business idea and being able to articulate it succinctly....
For most successful entrepreneurs, the idea is the easy part of starting their businesses. The challenge is getting the idea-turned-tangible-product to market. While tenacity, patience, and consistency are main ingredients...
Every year, the executive team at Grow Utah Ventures reviews over 300 business plans. Traditionally, entrepreneurs have focused on making sure they have a well-written business plan. However, we've found...
To be competitive in a new market, you don't want to start from scratch. The quickest way to learn how to be successful is to check the playbook of your...
Some inventors come to me and say, "I have this idea. It's the only one of its kind. It's brand new. No one has ever thought of it! In fact,...
The information you can discover regarding the financial performance of a specific franchise depends, in part, on whether you are a potential purchaser or simply a curious member of the...
Ever since Ray Kroc flipped his first hamburger and launched what eventually became the McDonald's () restaurant chain, an untold number of small business owners have adopted the same franchising...
A corporation conducting business in one state when incorporated or chartered in another is considered a foreign corporation. If your corporation will conduct business in any state or states other...
When you start your own business, your tax situation will change dramatically. Many new business owners get overwhelmed with the tax laws and regulations that govern their new venture. Luckily,...
If you have asked a franchisor this question, you may not have gotten a straight answer (or one at all). The main reason lies in legalities. The Federal Trade Commission...
Don't buy a business plan. Develop your plan, write your plan, but don't buy one. Buy business plan software, or books, or blank templates, if you insist. Take a course...
A sound business plan can mean the difference between a company that prospers and one that flounders. A good business plan communicates accuracy and credibility and generates enthusiasm for your...
Working from home can make you long for the days when you had an actual office. Dealing with daily family issues and running a business at the same time can...
If you have asked a franchisor this question, you may not have gotten a straight answer (or any at all). The main reason lies in legalities. The Federal Trade Commission...
A crucial function of running your own business is developing proposals and pitches to increase relationships and close deals. To help facilitate the entire new business proposal process—whether you are...
As an entrepreneur starting a business, it's easy to take everything upon yourself, especially if you're young. Don't. As you get your business strategies in order, take a step back...
It is widely assumed that focus groups are reserved for large corporations that can afford the cost of using professional market research firms. Smaller businesses, however, are now running successful...
Every entrepreneur is faced with a tough choice: Do I demo my new product or service as soon as I can, or do I wait until it's fully polished? I...
Most startup companies receive the bulk of their seed capital from friends and family (F&F). The best way to make this type of funding work for you is to put...
Whatever vision you have for your high-growth company, you will have to redefine it until it becomes so clear, so undisputedly compelling, that any person investing in your market or...
One of the first steps in establishing a home-based business idea is deciding which type of business entity you will set up. There are several different categories of business entities,...
Choosing the right location for your small business is an important step for success. Here are some things to keep in mind when selecting your spot: Find out if...
When Tom Sherburne started manufacturing composite kayaking helmets, he didn't think he needed a business plan. His Auburn, Ala.-based helmet business, Shred Ready, began as an offshoot of his kayaking...
When an industry is constantly evolving, successful entrepreneurs roll with the trends. Just ask Tony Zoccoli, founder of Nine O'Clock New Media, a Web-development and creative-services firm based in Fremont,...
When starting a new business, the entrepreneur's excitement and energy are often aimed at grand and lofty goals. Often the siren of starting a new company is the potential riches...
A solid financial plan should always be included within any business plan. Plans for financing the business today and allowing for future growth should be outlined in addition to ongoing...
Before writing the competitive analysis, first identify both direct and indirect competitors. You can locate listings of local businesses, search the Internet for online competition, and seek out mail-order businesses...
You've put a lot of time and effort into your business plan. What happens when it's done? Think of your business plan as a living document and refer to it...
A limited liability partnership (LLP) is similar to a general partnership, except the partners are not personally liable for negligent acts conducted by other partners or employees not under their...
The simplest business structure is the sole proprietorship—the IRS's automatic classification for any business started by an individual. Most new businesses with only one owner start out as sole proprietorships....
Typically, the success or failure of a small business is based on the background and experience of the entrepreneur. If, for example, you are opening a restaurant, it is beneficial...
It is a good idea to start the process with several choices for your corporate name before beginning research to determine whether the corporate name you have selected is available....
One of the greatest challenges a business owner or manager faces is selling the company's product for the highest amount of money. Frankly, it is easier to sell a product...
People start their own businesses and become entrepreneurs because they dream of having the freedom and rewards that can come from being their own boss. However, after observing thousands of...
If a business has grown more quickly than anticipated, the first reaction may be exultation, followed by contentment to ride the wave and enjoy the fruits of its hard work....
Buying a business without a broker is no problem if you know the business-owner or already have a good idea of the type of business you want to buy. If...
Not so long ago, starting an online business primarily meant creating a Web site and organizing it in a business-like manner. You would create a catalog, add a shopping cart...
Owners of home-based businesses sometimes view marketing as an unnecessary expense, but nothing could be further from the truth. Because a home-based business doesn't have a storefront for passers-by to...
All businesses and contracts start out with the best intentions, but a significant percentage of them are bound to fall apart. Prepare for it! Be clear with your partners about...
Starting your own business is like having a child. It's a long-term commitment you cannot ignore or get away from for any length of time. It's not for everyone, and...
Starting a home-based business can be a complicated undertaking. The following checklist covers the most important points that you will need to consider and will help you stay focused as...
Angels usually target early-stage startups and invest anywhere from $25,000 to $500,000. Angel investors often provide the seed money to get a business up and running while the founders pursue...
If you are thinking about starting your own home-based business, the available options can be almost dizzying. However, there are many tried and true home-based businesses that may be just...
It's easy to get swept up in the whirlwind of activity known as rapid growth, especially when it hits you unexpectedly. But if your expansion goes unchecked, it can be...
Unlike the executive summary, which must be concise, this is where you can elaborate on the details of the business. Typically, this section is used to explain your vision and...
If you're thinking of getting involved overseas, emerging markets present a great source of opportunity -- as well as incredible challenges. But with a bit of strategic planning, small businesses...
Raising several million for a startup may sound like a lot, but the money can go fast. Here are some strategies to stretch the dollar: First and foremost: Focus on...
Real cost-saving strategies for small businesses are based on realism and execution. For example, for online companies that receive limited office visits, spending a large portion of their budget on...
Many small-business owners incorporate their businesses to protect themselves and their shareholders from liability. That way, their personal assets are safe from business creditors or lawsuits against their firms. Before...
Writing a business plan can sound like a daunting task. Once you are ready, begin your business plan with the understanding that it is a work in progress and there...
Automobile expenses are one of the major tax deductions for small businesses, and making the right choice on how to deduct vehicle expenses can save you hundreds of tax dollars....
There is no law that says you have to incorporate in the state in which you plan to do business. Up until a few years ago, incorporating in Delaware had...
Franchising is a formidable force in today's economy. The International Franchise Assn. reports that there are more than 760,000 franchised businesses in the U.S. today, accounting for nearly $1.53 trillion,...
Selling a product or service at the right price is one of the fundamental decisions every business has to make. Most businesses establish a selling price by determining: 1. The...
What is most important in a business plan? First, here is what a standard business plan should cover: 1. The company (its legal formation, history, and ownership) 2. What it...
When deciding on which form of business will best serve your purposes, you should take into account the following factors: 1. Your own personal assets and liabilities 2. Your existing...
When contemplating purchasing a business, you have some major issues to sort through, including: Type of Deal. What kind of deal will it be -- purchasing the assets of the...
Locating in a small town not only has business advantages, but personal benefits as well. Don't forget these quality of life issues when you're choosing your destination: Housing Advantage: There...
When you consider starting a new business, you have to consider location. More and more entrepreneurs are recognizing the benefits of starting a business in a small town. A few...
When contemplating and/or pursuing your entrepreneurial ambitions, there are a plethora of things to consider. The loan officer wants to see your business plan, the community wants to know how...
Colleges and Universities can offer a treasure chest of knowledge to the savvy small business owner. Here are five ways to tap into that source: 1. Volunteer your company to...
Don't assume that forming an LLC or corporation will always shield your personal assets. Even if you operate as a corporation or LLC, a creditor can still go after your...
When you're ready to take your business plan to the bank to apply for a business loan, be prepared. Many people misunderstand what the bank can and can't do for...
1. Start with a plan in mind. Create a simple, informal business plan that addresses the major areas of your enterprise: marketing, cash flow, legal structure, etc. 2. Claim your...
Entrepreneurship isn't for everyone. The work is hard, the financial rewards elusive, and the pressures immense. To be even remotely successful, you need to have some basic business skills, be...
Make sure you have a large amount of "skin in the game." Venture capitalists hesitate to invest in companies in which the founders have not sunk a lot of their...
My advice to anyone considering bringing a business to the U.S. is to really learn the ins and outs of the laws on franchising first. Don't just leave it to...
"We tried a little pilot course early last year on design for autistic children. We got some students in that course who had an autistic brother, as well as parents...
I think a good business plan is critical. You wouldn't start a journey without a map. Whether it's on the back of a napkin or in a 100-page document, you...
When Ray Kroc was a milkshake-machine salesman, he noticed that one restaurant, in California, was buying more machines than anyone else, so he went to visit his best customer --...
Choosing a location for your business or franchise is no different than choosing a neighborhood in which to purchase a home. It makes all the difference in the level of...
Rule No. 1: Sales is the top-priority job. In every company, sales is the only job that must be done well. A lot of companies think sales is a necessary...
Unlike their parents and grandparents who waited till their 60s to exit their businesses, today's "cash-out generation" of entrepreneurs exit their successful businesses in their 40s, often to pursue new...
The success or failure of a new specialty retail store is the result of how much time the new store owner spends on developing creative ways to build their business,...
You don't need a lot of money to start a business. I see a lot of people not venturing forth because they think they have to get big-time financing. I...
You have to go out and find opportunity. If you're an entrepreneur, it's not going to knock on your door. Opportunity doesn't even know where you live, it doesn't know...
If you're an entrepreneur looking into office space for the first time, don't even think of buying. You want to rent. Make sure you get a "good guy" clause in...
I think most small businesses fail because they're overcapitalized. I think it's the worst myth of small businesses. When I opened this bookstore, I did it on what I could...
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.
