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Simple tips for starting a small business

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If you’re thinking of walking out on your day job and starting your own business, then check out this CBS News post for a quick reality check. It offers some basic advice on what it takes to live like an entrepreneur. For example:

Live like a college student. It’s almost impossible not to spend money before you make money; some small businesses take months and years to turn a profit. Don’t assume your savings will see you through. Eliminate every drop of personal spending that isn’t necessary. A huge percentage of startups fail because they run out of money, and even if you don’t, chronic money problems can lead to poor long-term decisions. Before you start the business, cut all personal expenses to the bone.

Full story at CBS News.

More tips for entrepreneurs.

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