youtube.JPGfacebook.JPGtwitter.JPGgoogleplus.jpg

800-348-5194 (Toll Free in WY)
email:WSBDC@uwyo.edu

Time To Be Cautious...

Jan 26, 2009

The January edition of the Wyoming Business Report carried an article by Russell Smith, the Region VIII Administrator of the SBA, titled "Time to be cautious when starting a small business".  He discusses the current economy and the Top 5 reasons that businesses fail.  Nothing real new.  But he also talks about 5 creative ways to get into business that are worth touching on.

 

1)  Buy an undervalued existing business.  It has a track record, established clients and assets in place.  Lenders are more likely to provide financing to an existing, established business, and trained employees are on staff.

2)  Exchange salary for an equity position.  Working your way in first as an employee will let you begin the ownership process and learn the business.

3)  Virtual office is the wave of the future.  Working from home can significantly reduce the cost of start-up if you don't require a store front location.

4)  Establish alternative and innovative means to obtain capital.  Actually he refers to older ways - saving money before starting, family or friends, starting small and building over time with cash flow generated by the business.  The less debt you incur, the better.

5)  Leverage outside counseling before starting your business.  There are lots of resources available to assist - SBA, Small Business Development Center, and the Wyoming Business Council to name a few.

 

Starting a small business can be very rewarding.  Being well prepared prior to jumping in can mean the difference between success and failure.  To read the entire article go to www.wyomingbusinessreport.com, and click on "Other articles from current edition".

 

Bruce Morse



Bruce Morse


Please add a comment

Leave a Reply



(Your email will not be publicly displayed.)


Captcha Code

Click the image to see another captcha.