Best and Secured Way to Start a Small Business

1 - Save up as much Money as possible  before Starting.

The probability is  that your business may not be profitable for one to two years, so it’s important to save up as much of the needed investment money as possible.

2 - Start on a Tiptoe.

Start small. Don't rent premises if you can work somewhere else, and don't employ people until you can keep them productive.

3 - Make a Working Business Plan, no matter how short.

For most small companies, the key portions of a business plan are the break-even analysis, a profit-and-loss forecast, and a cash flow projection.

4 - Put all Contracts in Writing.

For future reference or in a case of disagreement, it's wise to put almost everything into writing and endorsed by both parties.  Verbal contracts are very difficult to prove.

 ©2011 EnterpriseAfrik