What does it take to startup a small business?

Money probably is what comes to your mind but there are really many more things that you need other than money to do your business. These are all attitudinal things. You should have the mental and physical stamina that would require you to be deeply involved in your business and oversee every minute detail day in and day out. You would need strong planning and execution skills, because if you are going to startup a small business it is initially going to be a one man show. You need to think through what you are going to do and then go ahead and do it as well. Once you identify that you want to undertake business the next step is to decide what kind of business you want to enter into. The choice must be influenced by your expertise, passion about the work, financial position and other factors like government regulation, competition and tax purposes.

Should I go in for a partner?

When you decide to startup the business it is important for you to lay out a business plan and understand what are the things it will take you to build a successful business. These will broadly include technical details, financial resources and managerial skill. Whether or not you go for a partner would depend on your weakness in one of these areas and the choice of your partner should strengthen you in the areas that you find your self weak.

How do I choose employees?

This is a very critical decision as the initial years are the shakiest for any small business which is just a startup. This one decision can make or break the future of your company. More than anything else you must keep in mind that quality scores over quantity. If you find someone that is good enough then you must be willing to pay them a little extra. It is better to have one stellar person working for you rather than three mediocre ones. Also keep in mind that the employees should be in sync with the culture of the company that you are trying to build in. If you like to run a tight ship with all decisions flowing from the top then you must have employees who are not opposed to authority and will follow the same with their subordinates so that you can propagate the culture that you want within the company as you go along building its size.

Where will I get the necessary finances?

Even to startup a small business you would need some sort of loans to go about it. There are several banks, venture finance companies, insurance companies and other financial institutions that lend to entrepreneurs who want to set up their own businesses. However it is advisable that you put some money of your own also when you start up the business. This will ensure that the lenders gain in confidence that you are putting your own money behind this and at the same time the interest outgo will be lesser as the loan amount in itself will be less. The SBA is another place that you can turn to even if you are refused by the banks and they would help you out with your financial needs.

In recent times there has been a sudden increase in the number of home-based business opportunities. In fact, nearly 50% of all small business owners work from home. According to a study, the home business industry is expanding and the revenue generated from this industry will increase by 17% yearly through the year 2008. Growth by such leaps and bounds has seen its share of scamsters along the way, claiming lots of unsuspecting victims. They succeed by typically playing on the inexperience and gullibility of wanna-be entrepreneurs, and roping them into participating in dubious ventures. If youre planning to start one, and have to choose between several proposals, first of all make sure that all the ideas are for a legitimate home based business.

To begin with, you might have trouble looking for the right business option but nevertheless, exercising few precautions can go a long way in making sure you choose the best program. So, how do you find a legitimate home based business in an ocean of fraudulent schemes?

Before you rush into something that might burn your fingers, take time to evaluate the business ideas. Some safety measures are:

Look for established businesses: Look for tried and tested business ideas that have been successful over a period of time. See if theres a good buzz around the business, or better still, try to talk to others who have a stake in it. If the business has been around for a bit, chances are that it is a genuine opportunity.

Keep a cut-off date for success: Sometimes, a proposal which might seem like a legitimate home based business on the surface may actually be a smokescreen for something more sinister. If youre already into it, but havent seen any returns so far, theres not much point pouring good money after bad. Most businesses that have a leg to stand on turn in a profit within a couple of years. Its wise to work to a deadline for success, failing which opt out of the business.

Get real: While consider competing offers, remember that the other parties will glorify their programs, so do remember to discount the hype. For example, a home business that promises you millions of dollars in next to no time is likely to be a get-rich-quick chimera. A legitimate home based business proposal will not offer implausible guarantees.

Check for reliability: Check the credibility of the business before you buy-in. Organizations like the Better Business Bureau can help you check a companys pedigree. Ask whether the business enjoys a good reputation among existing and prior members. Interact with customers or vendors to get some true feedback.

Try it out: A great way to suss out a legitimate home based business is to try out the product or service that is being offered. If the product is delivered as promised, and works satisfactorily, youre probably onto a good thing. If its one of those businesses where youre asked to send a check of $20 in the mail, and thats the last you hear of it, thank your lucky stars that you got away easily!

In order to provide better services to customers and enhance delivery, businesses must bring about a change in their processes. This is what ITIL aims to achieve in the IT industry. This certification was established to bring forward a set of benchmarks for the services in the IT industry, so that businesses below this benchmark can change their processes and improve their service offerings in the market.

ITIL can also help those businesses that are incorporating IT in their businesses processes. There are many benefits of using IT in your daily business. Although it requires an initial investment, it can certainly cut down costs in the long run, by decreasing labor and improving productivity. It can also help businesses understand the needs of customers, so that they can develop products and services which are aimed at fulfilling the needs. With ITIL, businesses can identify all the areas which need a change, and can also learn how to manage this change.

If you are a in the IT business and are thinking about changing your processes as recommended by ITIL, then there are some things you need to do. The first step is to create an advisory board, which includes people who have this certification, and have extensive experience in the IT industry. This will help in identifying all the areas of concern, so that nothing is missed out during the process. It is important to create a team responsible for managing the change in the organization, so that there are no haphazard changes which can uproot the entire system.

It is important to start with one step at a time. If you are thinking about changing the customer service delivery center, and then just put some time and resources aside for that. In that way, you will be able to focus on one thing and give it your full attention. It is also essential to educate people about the changes because in the end, service is provided by the employees, and if they are not trained, then a proper change can never happen in the business.

There should also be an effective process for reporting and tracking changes. Any change that happens should be beneficial for the company, and should improve service quality. The overall aim should be to provide better services to the customer, while bringing financial gains for the company as well. Because good results in company will bring good impact on salary and promotion of every employee.