Business Management Skills

“Maybe they’ve lost their job at a larger firm and they want to follow their dream by starting a small business, so we’ve actually seen an increase in small business startups,” explains Jim Schlies, VP of Economic Development at the Fox Cities Chamber of Commerce. What it all boils down to is having a solid business plan, he says. Secure enough funding, spend frugally and seek to maximize your marketing value. These are just a few tips to help you get started.

Sometimes it’s hard to predict where you’ll find your niche, so it’s a good idea to create a small business startup that encompasses a couple of different areas. For example, Dan Wiley, a 48-year-old first time entrepreneur, started a Los Angeles based firm that provides a range of services from public relations and advertising to branding and internet design. “I never expected we would be doing as much website designing as we have been, and that so few customers would be looking for our public relations services,” Wiley admits. His advice to aspiring innovators is to save up a year’s worth of operating capital to cushion the blow, should things not work out as anticipated.

“It’s been harder to find quality investors,” admits Charisse McAuliffe, the 31-year-old head of GenGreen, a database of over 45,000 green businesses and organizations. She finally made her dreams come true with her $250,000 in savings and an additional $750,000 from angel and private investors. “Now that we’re up and running, I’m getting as many as 10 solicitations per day, but for the most part they’re not viable options,” she says. With National Geographic and News Corp purchasing some of her content, this home based business is really soaring! She recommends that you check out tools like www.angelsoft.net, a social networking site for aspiring entrepreneurs and angel investors.

Most small business startup tips seem to center on finances. Taylor Spellman, a 25-year-old who began a NY interior design shop, admitted that his vision was not fortuitously timed. Just as he was pitching to young professionals in the finance industry, “many of them lost their jobs, or never got those bonuses,” Spellman explains. As a result, he had to cut his fees from $100 down to $50. “Be sure to have some money in the bank as a cushion,” he advises. “If you’re not willing to go into debt, this probably isn’t the right time to start your own business.” Perhaps this is the cautionary tale many eager entrepreneurs skip over with their market plans. With 3/5 of small businesses failing within the first few years, the statistics certainly aren’t in your favor; but with enough capital and enough patience, you can still realize your dreams.

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