A startup business, in its infancy, concentrates on:

Some anonymous statistician working for your Uncle Sam recently divined that a new small business is started every 10 seconds. And, what's more, few live to their first birthday. Why do some businesses succeed while others falter? One reason is that the successful business owner is able to make adjustments if things don't work out exactly as planned. In effect, the successful business owner is able to right a sinking ship, while the unsuccessful owner just goes down with the ship. Let's take a look at how you can fix common problems that may occur in your business.

As a new business owner, you'll need to purchase insurance coverage appropriate to your business. First, you need to identify what your business insurance needs will be. The best way to do that is by talking to an insurance agent.

As a new small business owner, you need to give some thought to protecting yourself. Your first step is to talk to your insurance agent or broker about your options. At some point, depending upon your circumstances, you may need to discuss your options with your lawyer. To help you figure out what to do next, take a look at either of the following:

Patents, trademarks, and copyrights are collectively known as intellectual property and generally refer to the rights associated with intangible knowledge or concepts. Intellectual property may be a concern if your business is developing (or has developed) a product, process, or concept that you are going to market.

Joining a trade or business association, like opening a separate bank account or getting good business cards, is one of those steps all new business owners should consider doing right from the start. A business association can be a valuable resource for your business.

Most state and local governments require businesses operating in their area to obtain licenses or permits. In some instances, the federal government may also require you to obtain a license or permit.

When you start your own business, you may be confronted with the task of finding contractors or suppliers.

If you're one of those new small businesses that needs to hire an employee or employees, you have a daunting task ahead of you. The operation of a small business is often such an intimate process that finding just the right employee seems to be crucially important in a way that it often isn't for larger companies. Mistakes in hiring are greatly magnified in a small business.

If working from home is not a possibility and you're operating on a shoe-string budget so that you can't afford to rent office space, you should consider a business incubator. A business incubator is a facility that provides economical space, plus business services such as typing and copying, some management advice, and possibly financial assistance.

There really aren't too many hard and fast rules for when to open your business. It'll largely depend on your individual circumstances.

When you were figuring out how much it would cost you to start your new business, you should have set aside a sum for marketing and advertising. The sum that you set aside is your marketing and advertising budget.

As a small business owner, you'll probably need some type of equipment, whether it's office furniture, a computer system, or, for some, perhaps even some heavy manufacturing equipment.

An important factor in selecting a location is that you keep a long-term perspective. Site selection can be a big investment. Choosing the right site now can avoid the costs of relocation in the future.

Before you decide whether to lease office space or to work from home, you have to determine exactly what your facility needs will be. In some cases, your facility needs will be such that you'll have to lease office space. In other cases, your facility needs may be minimal and you can work from home. If you have a choice, and all things are otherwise equal, you should probably work from home, primarily because (1) it's a lot cheaper than renting office space and (2) you have less to lose if your business fails.

If you decide that you want to lease office space and you've found a location, the next step is to negotiate a lease agreement for that location. A lease agreement is a contract between you and the owner of the property. Since it's a legal document, you should have your attorney review it before you sign it.

Although your business might have a name, shareholders, and even a lawyer, it won't be worth much to you until you've added some of the final "details" - like customers, suppliers, and employees. For suggestions on how to take care of those last details that are so essential to your business, check out any of the following:

If you incur startup expenses, the IRS requires you to amortize and deduct the expenses over a period of at least 60 months, provided that you subsequently enter the trade or business to which the expenses relate. Expenses incurred after the business begins operation, however, are often deductible in the first year. Thus, it's often a good idea to postpone some expenses until after your first customer arrives.

Deciding where and when to open your new business is often one of the most difficult decisions a business owner faces. These decisions may also be the most important ones because the ultimate success of the business can hinge on where it's located and when it's opened. To work through these decisions, choose one of the following:

The importance of keeping good financial records cannot be overstated. It's important at tax time; it's important if you want to get financing; it's important if you ever want to monitor your business's progress; it's important if you ever want to sell your business; and it's important if you just want to know where your money is going.

Even if your business has an accountant, you should know something about basic accounting principles. Setting up your books in an organized manner is one of the important, and most ignored, first steps a new owner can take. To find out more about how to set up your books, see one of the following:

New small businesses that need a loan to get started are in a classic catch-22: lenders will want to see a proven track record before they lend you any money, but you can't establish the track record until you get the loan. As a result, a lot of new owners have to turn to alternate sources of financing, such as selling personal assets, borrowing from friends and relatives, or taking on partners or investors.

Naming your business may not be as simple as it seems. When selecting a name, try to make the name short, easy to remember, descriptive of the business, and capable of drawing attention. Depending on the business form you choose, you may have to register and/or receive approval from the local or state government where your business is formed.

A limited liability company (LLC) is a hybrid entity that combines the tax flow-through aspects of a partnership with the liability protection of a corporation or a limited partnership. However, unlike limited partners in a limited partnership, who lose their limited liability status if they attempt to manage the business, a member of an LLC is not prohibited from managing the business.

For most purposes, an S corporation is not a separate type of corporation. An S corporation operates in the same manner as a regular corporation. It must have directors, officers, and shareholders who function in the same manner as their regular corporation counterparts.