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There is almost always a certain amount of risk involved with starting a small business. According to the Small Business Association (SBA), more then half of new small businesses will close down within five years. Underlying these sobering statistics is the unspoken financial turmoil, ruined credit, strained relationships, and personal stress that can accompany a business failure. Taking steps to minimize the risk inherent in starting up a new company is thus good business practice that, when done correctly, can save a tremendous amount of headache and heartache down the road. To that end, here are five essential tips to follow that will help minimize the risk of starting a small business. 1. First define your unique risks. Before you start your business, or as soon as possible, take out a piece of paper (you can do this electronically, but taking time to write it out will make it more real to you) and make a list of all the possible risks of starting a business in order of priority ...

Numerous statistics have shown that having a business plan can be very helpful for those planning to start or grow their business. Putting together a business plan can be illuminating to those who have very limited understanding of business management skills and how the process works in practice. Whilst there are numerous text books and templates available on how to put together a business plan, I have found that this is not always helpful for the novice who still need a hand holding. Getting support from an expert can be helpful but the financial investment can be a stumbling block. One way to overcome the investment challenge is to source experts with flexible approach in supporting clients with their business planning. For instance, how about utilising a seminar or a workshop where you can get all the support you need on the day from a qualified expert working in a group. Many small businesses have used this approach to circumvent the barrier of consultancy fees. Another option is t...

The home based business can be defined as a business whose primary office is in the owner's home. The business can be any size or any type, as long as the office itself is located in a home. In the USA, there are about 6.6 million home based businesses that generate at least 50% of the owner's household income.(a) "If one advances confidently in the direction of his dreams and endeavors to live the life he has imagined, he will meet with success unimagined in common hours." - Thoreau ESTIMATES OF THE TOTAL SIZE OF HOME BASED BUSINESS "One study has estimated that the total number of people who run or are employed by home based businesses in South East England is in excess of 250,000 people, equivalent to 7% of the working population of the region.(c) "While the average home entrepreneur business has two employees (including the owner), 39% have between two and five employees, and 10% have more than five. Using these average employment numbers, Emergent ...