The quest for wealth and success

Business Start-up Guides


Before starting a business, it’s important to do a lot of homework. The failure rate of new businesses is upwards of 50%, partly due to lack of planning. Following are some suggestions for getting started:

*Study Your Industry - Read books, visit websites, and join trade associations so you can learn everything there is to know about your industry of interest. If you are venturing into an industry that you know little about, try getting some experience by working or volunteering.

*Read About Small Business – Start by reading a minimum of three business books. Check them out from your local library or take a trip to a bookstore and invest in growing your knowledge. Also check out Home Business Magazine, Entrepreneur, and Inc. Each is worth the price of subscription.

*Talk to Business Owners - Most business owners are happy to help others, provided they don't view you as competition. Contact owners of businesses outside of the area where you live. Let them know you are interested in starting a similar kind of business and ask questions. You could offer to buy them lunch in exchange for some friendly advice. You could even e-mail business owners across the country to ask for advice (I did this myself prior to opening my bookstore in 2003. At least half of the people I wrote to sent me back some great advice!).

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