How to achieve a smart start in business

Only one in twenty new businesses will survive to achieve its fifth anniversary. So what will give you the edge in success? It is important to have a smart start. Here are some common challenges faced by today's small business owners:

1. Having the proper attitude. Many people enter into a new business expecting instant success. However, being realistic will allow you to overcome the inevitable up and downs of the business cycle.

2. Having enough capital. Many people decide to go into business without ascertaing the costs involved. Of course, the capital costs in starting a small business differs based on the type of business. For instance, a home based business is usually less expensive to start up than a retail establiishment. You should have at least 6 months of savings available to keep yourself afloat.

3. Knowing your business. This appears to be rather obvious, but you should know everything about your business. If you are planning to open a Swedish-Spanish fusion restaurant, you should be aware of your competitors, the market, trade journals, the food press and industry leaders.

4. Knowledge of basic business principals. Basics may include legal, accounting, bookkeeping and marketing. Should you incorporate your business? Do you need a contract with a key supplier?

So before you start your business, you need to achieve a smart start before entering the lions den.

Words of wisdom for naming your business

An important step in starting your business is naming it. Your name will provide a foundation for every marketing effort you ever launch. If the name that you have chosen is currently being used or trademarked by another company, obviously try a different name. To do otherwise is a recipe for trouble.

A trademark search is a smart investment before officially adapting your name.

Your business needs legal virus protection

Smart Business Planning requires preventing problems and making sure that your business is being protected from potential trouble.

Your computer has the latest anti-virus software, but is your business protected from potentially damaging litigation?

Contact the Law Office of Frederic R. Abramson at 212-233-0666 for a free business tune up.

In Search of a billion in revenue

Is your company in search for a billion in new revenue? The New York Times, in the special small business section on May 1, discusses how the Google's of the world experienced growth:

1. They had a breakthrough value position;
2. They exploited a high growth segment;
3. They secured marquee customers;
4. They build alliances with larger companies;
5. They split management duties, with one executive running day to day operations and the other executive concentrating on building markets.