Small Biz Resources

I'm not going to claim to be a small business expert. However, I've worked with hundreds of small businesses and seen some succeed and unfortunately many of them fail. With the economy in its present state many are going to work for themselves. I think it's awesome that more individuals are taking charge of their lives and hopefully finding the work that brings them joy.

To answer many of the questions I get from small business startups and to curve the percentage of failed business I would recommend checking out your state government's resources for small business startups. Beyond informing you on tax issues these sites generally have some great resources like checklists and questionnaires to help you understand what you're about to undertake and to define whether you're a good candidate for starting a business.

Almost every business failure I've seen has been contributed to poor planning. Whether it's licenses, finances or legal issues. They just didn't take the time to do the homework and be realistic. I know all about the stories of someone starting a multi-million dollar company out of their garage with six credit cards. Yes, it happens but not very often. This isn't to crush your dreams or stop you from taking the leap. However, do your homework and plan for the unexpected — because it happens.

At the very least, please take the time to check out your states business resources and ask questions. Talk to an accountant and attorney before you do anything else. And, most of all make sure you have the funds to finance your startup. It use to be standard to have six (6) months or operating costs — these days I'd recommend at least nine (9) months. Most businesses fail within the first few months because they under estimated the cost of business.

For the resources above just google "starting a business in (your state) and you'll probably find a site similar to the State of Wisconsin. http://www.wisconsin.gov/state/byb/

Good luck and best wishes!