I'm interested in starting a small business any advise?

i am a young professional woman and i am seriously considering starting a small business preferably a small night club in the down town cleveland area does anybody have any usefull tips or advise on how i would go about this





thankyou all so much in advance!I'm interested in starting a small business any advise?
Whatever type of business you start, don't make the mistake of being undercapitalised: in other words, don't start until you have sufficient funds to cover your expenses in setting up the business.





Before you even start, though, you need to assess the market for whatever you propose to sell: if the market is already crowded with similar businesses, you have a low chance of success. Also, if there are not sufficient customers with the inclination and the cash to patronise your establishment, you won't succeed either.





Remember that the majority of new businesses fail in the first year, and that if you go bankrupt it will be harder to get finance to start another business in future. Those that fail do so mostly because they are poorly planned and are undercapitalised.





Also, be realistic: make a list of the equipment and staff you need to get started, and make realistic assessments of what each item on the list will cost, not excluding anything such as insurance. Then add 10% for inflation and unforeseen price/wage increases.





Write a detailed business plan and show it to a bank manager or a successful business owner for their opinion. (But make sure they are not potential business rivals.)





Employ a qualified, reputable accountant who is NOT RELATED to you to keep your accounts.





Don't expect to make a profit in the first year of operation, and be prepared to work your tail off!!!





Good luck - I hope you will be successful.








EDIT: a couple of things I forgot to mention:


1. if you buy an existing business, make sure you don't buy a mess of debts as well. Closely inspect the premises and equipment, and get the books checked by your accountant, before you sign.


2. If you contemplate having a business partner, do a criminal check on him/her first, and as far as possible check out their previous level of success in business.


3. Make sure you know what your legal liabilities are to local, state and federal governments, such as licensing, registering your business name, paying employees' entitlements, and workers' compensation insurance, etc.I'm interested in starting a small business any advise?
You're entirely welcome, and I wish you the very best of luck!

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It does depend state to state. You'll need a place, You may need a small business license/certificate (or something like that) if you plan of serving alochol, you'll need a liqour license, lights, sound equipment. In order to accept money, you may need some sort of license.


Maybe there's something on the internet, like how to start a business, or how to open a night club. Is there anyone in your county that would be able to help? Or state? Good luck!!


~Leah