Six steps to starting a successful business

2/28/2011

With the economy on the mend, entrepreneurs are in a better position to start a new company. USA Today recently offered some advice to businesspeople who are looking to make this jump in 2011.

1. First, entrepreneurs need to evaluate their current standings, taking note of their financial and mental well being.

2. Next, they need set their company goals and begin developing a comprehensive business plan.

3. Legalizing a company should be the third step. Preferably, entrepreneurs should try to incorporate to minimize personal liability.

4. Acquiring commercial loans and financing will help put entrepreneurs’ plans into action. They should consider asking angel investors, the U.S. Small Business Administration, local banks or friends and family for loans.

5. Once funding has been acquired, small business owners need to set up shop and begin promoting themselves.

6. Finally, they need to refine their business plans after they have some practical, real-world experience.

Small business owners may want to consider developing a business that can reach international customers, especially as President Barack Obama's administration begins to support small company exporting.