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Nov 16, 2012

Starting a Small Business

Some of the sturdiest and most remarkable companies of today were started with a leap of faith in the 1930s during the Great Depression.

If you have a good idea – and, a product or service the public wants and needs – then even the Great Recession of the 21st Century shouldn’t be enough to stop you from starting a small business.

One of the greatest keys to success for any new small business is to begin things correctly. First, make a plan; write everything down. Sometimes, things sound good in conversation, but, when on paper, look and feel totally different. Committing ideas and plans to paper allow you to fully think through every detail, find any flaws, and fix those flaws before they cost you a lot of money.

Get the right help, up front. Today’s highly regulated business environment means you can spend hours of a productive work week just shuffling papers, meeting regulations, and filing government reports. Get some professional assistance in the beginning to understand what you’re up against, and make a decision about the continual use of professional help. You will be able to weigh to cost of professional help – such as an accountant – versus attempting to do things yourself. It’s very possible the lost income you will have from taking time away from producing a product or service versus paying someone to take care of a paperwork chore will be much higher than the cost of paying a professional.

Think small, but prosperous. Customers want to deal with prosperous companies. They want to see an image, and know the company they are dealing with didn’t sprout up overnight. The beginning is too early for teak or mahogany office furnishings, but it’s not too early perhaps for some selectively chosen office furniture from a used furniture dealer. The cost of a bottle of furniture polish will save you thousands of dollars versus buying the identical piece new.

And, finally, have faith in yourself. A good idea is a good idea, and more than one giant corporation was founded by one person with a twinkle in their eye and the ability to make things happen.

MBS Accountancy is always ready to meet with anyone who believes they may like to start a small business. The MBS professionals know all of the ins and outs of doing business in California, and can help guide you to success.

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