I am an SBA workout specialist (debt settlement and modifications), so I have a little different perspective.  Here are some things that I see every day that everyone should know before starting a business:

1) If you pledge your home for a loan, you risk losing your home if you default on your loan.  Banks will rarely release your home unless you can offer replacement collateral, so don't believe your loan officer if they tell you that the bank will release your home once you go a year or two and stay current on your loan.

2) Have an exit strategy.  Before you start, you need to consider the realistic possibility that your business may fail.  At what point will you throw in the towel if the business doesn't work out like you thought you would?  I've seen people liquidate retirement accounts, take home equity loans, and run up credit cards, only to have that house of card collapse.

3) Understand that if you default, you may get sued by your lender.  Some lenders can get downright nasty, and attempt to garnish wages, attach liens to all your personal assets (even if you did not pledge them), and force you into personal bankruptcy.  If its an SBA loan that you default on, don't plan on getting another refund until the debt is paid in full because they'll enroll you in something called the Treasury Offset Program.

Don't Do It!.  Just kidding, # 1 Do a business plan . #2 Do a feasability study,  Or test market.. sonnie

Original post: Hello I am also new and I want to start a new business and i am searching for the tips.

This account was created by a forum spammer from India. Why was he allowed to automatically approve his own account? This account only exists to spam forums promoting a bogus rainwater filtration product that is a total scam.

This account hijacked by Random Digilante.

I advise small, new and home businesses and the first thing I always recommend is to go to the sba.gov site and work through their excellent  free business plan tutorial.  It will help you see your weaknesses and strengths.  Once you think you are on the right track, contact SCORE.org to be put in touch with a retired business executive to serve as a mentor.

Learn everything you can about the actual business aspects, like financials, marketing, taxes, etc.  there is a lot to learn and often people don't take the time or 'think' they already know that 'stuff'. 

I would say treat Marketing as an Investment. While Accountants/CPAs and Lawyers are important, they may help you save some money but a Marketing Consultant will help you make money. The trick is finding the right one. Get your Marketing Plan done to get the "Message to Market Match" then Target your Audience once you have identified the persona of your Ideal Customer. All the best!

Before start a new business you should make plan and strategy for your business. You should be aware about market value of that business. You should check out that the location is perfact for your business or not.

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