What advice do you have for someone opening their first business now, considering the state of the economy? -

Make a business plan and stick with it. Some small businesses shoot themselves in the foot by trying to do too much (going outside what they are good at) or too little (not using all their resources and abilities. I would suggest doing some economic evalutation. Is the economy in your area really bad (stores closing, people leaving) ? Will your business fulfill a want or a need? If you are targeting needs you can probably build even in tough times but if you are offering to fulfill a want, the determination of the consumer to fill their desires may be waning. In tough times luxuries are pushed to the side by more people. Good luck!

Two (2) words: MARKET RESEARCH. Who is your market?? Are they willing to buy in this economy? If so, what are they willing to buy and how much are they willing to spend for it. Market research is the foundation of any business plan.A simple and proven method of market research is to start by giving away samples of your product in return for honest customer feedback (limited by your start-up budget of course). It s an old saying. If you can t give it away, you sure can t sell it. In other words, will people want your product for free in return to take the time to feel out a survey about the product and how much they willing to pay for it. If this is out of the question or beyond your budget, then do your market research using on-line resources: 1) Write an e-book about the benefits of your product or service. Note: you can write and produce an e-book very inexpensively. 2) Then give the e-book away in return for an opt-in e-mail (i.e. opt-in listing building). 3) Then, send e-mail to people who opt in and solicit feedback about your e-book and the underlying product or service. The beauty of this technique is that these individuals will become your customersIf you are interested in learning more regarding the on-line methods, review the resources below. Best Wishes

Before starting a business, you must do a market survey in order to have an idea of the present scenario. Developing a business plan can be an add-on to your business. I know a website that is engaged in providing assistance to run the business successfully. Find out your way by browsing through the pages of http://www.fintel.us/

Start your business online first like mine:http://www.TapSurface.comWants it generates enough income for you to open a store front go for it, you will know (and the bank possibly giving you the loan) that you can pay your lease at least.

Unless you are 100% sure that it will work, don t do it.