Living In Las Cruces- Spring/Summer 2008

ECONOMICS

By Anela Borrego
Photography by Claudia Carle

Whether your dream is to be a home-based business owner, or eventually an owner of a large corporation with thousands of employees, it all starts with one person-you. Timothy Clifford and Denise Cooper (both of which are Certified Public Accountants with Clifford, Ross, Raudenbush & Cooper, LLC) agree that the road to becoming a successful business owner is an in-depth process, and isn't something that happens overnight. If this is something you're interested in pursuing, hopefully with these few pointers you can get the ball rolling.

RULE #1:
Make a Plan.
According to Clifford and Cooper, before you start purchasing an office building or hiring employees, you need to have a plan...a detailed plan...a business plan. These two experts say that a business plan is handsdown
the most important document an aspiring business owner will ever create. Although a business plan doesn't guarantee success, it does give you the best shot at it, and with statistics stating that one in two businesses fail, you want the best shot you can get.

Becoming a business owner is more than just having a good idea and running with it, it's about knowing how to effectively implement a good idea that makes a business successful, and that is why a well thought-out business plan is crucial. Even the most basic business plans should include four sections: 1) a detailed description of the business, 2) marketing, 3) finances and 4) management. Abusiness plan will not only help you go through all the details, and potential kinks with a fine-toothed comb, but having a well thought-out business plan will also be how you get the money you need to start your business. Unless you have a very rich uncle that can dish over a ton of money, you'll need lenders or investors to loan you the money you'll need to get started. They want to see you've really done your homework before they even consider taking a chance on your cause.

RULE #2:
Reach Out for Help.
For many people, starting a business is something they've never done before. Seeking out help is one of the smartest things a person in that position can do. To be successful you'll need all the advice and insight you can get. There are a number of organizations dedicated to helping individuals start and develop their small businesses. Many of these organizations are non-profits, making great information available to you at no cost. An enormous amount of helpful information can also be found on the Internet; hundreds of sites are available to tell you how to start a small business. You can even find sample business plans and conduct much of your research on the Internet.

Since starting a business is a major deal, and usually involves a lot of money, you'll also want to seek out a small team of professionals to help you with your endeavor. One of those professionals should be an accountant. Clifford and Cooper say that behind any successful business there is a good accountant. Without proper money handlings, a good business with the greatest potential can go right down the tubes. Clifford and Cooper suggest getting an accountant involved early in the process. They actually say the earlier the better. Having an accountant involved in the early stages may seem like an additional expense but having someone that is professionally trained to manage money can save you thousands in the long run.

RULE #3:
Expect to work and expect to work hard. Many people often have a misconceived notion of what owning a business really means and entails. Some people think that taking the entrepreneur route means living the high life like Donald Trump. They envision extra long vacations, enormous paydays and the freedom to do what they want, but in reality that isn't the way it is. Many small business owners say when they first started their businesses they had never worked so hard for such little money. Sometimes it takes months and even years for a business to start really making money; it's a hash reality you have to consider before you decide you want to be a business owner. If you think you can escape working hard you'll most likely fail, but if you're willing to put in the time, effort and energy, you have the opportunity of fulfilling the greatest American dream.