Fredericksburg Parent

August 2013

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10.1 million firms were owned by women in 2008. Sadly, for almost every new business that opens, another is closing. 4 WHAT ABOUT SEED MONEY? Do you have enough money to launch your new business and keep it going until it shows a profit? When you are doing research for your business plan, be sure to include costs for insurance, advertising, association fees, website hosting and equipment rental. These expenses occur whether you have money coming in from sales or not. Whatever dollar amount you think you need to start your business, expect to double it. No matter how well you plan, a new business has surprise expenses. By having extra money to fall back on, you will not need to dip into your personal savings when these surprises occur. 5 DO YOU HAVE THE RIGHT SKILLS? A business owner needs to wear many hats. One of the biggest downfalls of small business is the absence of sales skills. Yes, you may be an expert in your field, but if you can't sell yourself, no one will buy your goods or services. A business owner needs to find a way to get the word out. Buyers will not show up at your door without advertising. Accounting is another skill often lacking in small business owners. Before hiring help, check out your local SCORE chapter for online workshops and local mentoring to help you with the skills you need to work on. Owning a successful home based business is a dream held by many women. You will have the flexibility to set your own hours, keep all the profits and be your own boss. However, it is not for everyone. Take a moment to ask yourself these questions and see if you would be a good candidate. If now is not the right time, wait until you have gathered the skill and support you need to make your business succeed. In the long run, it is better to wait for your dream. Don't risk losing it because you weren't prepared. Pam Molnar is a freelance journalist and small business owner. She has launched several successful businesses while staying home with her three children. www.FredParent.NET 21

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