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Starting a small business that fills a need can be a good idea even in times of economic recession. Knowing how to start a small business the right way is important, however. If you're interested in starting your own business, begin by collecting relevant information about small businesses in general &mash; and your niche in particular — from many different sources.
A good place to begin is at government websites created for people in a country who are interested in starting a small business. These types of websites are often extremely helpful as they usually include both necessary information on how to start a small business and links to licensing regulations and other legal information all in one place. For example, the US government has a website with a comprehensive selection of learning materials and information about starting a small business. The site lists the steps needed to become a small business owner and organizes information about licenses and laws by state. Many countries have similar government websites with information relevant to the particular nation.
Disabled people and minorities who want to start a new business may be eligible for grants and/or participation in learning programs about starting a small business. Some banks and corporations also sponsor free workshops for everyone on how to start a small business, and they usually offer information on things like how to find your target customer, how to create a business plan, how to price and market your product or service, and how to analyze your competition. Understanding your competitors is an important consideration when starting a small business, since a new business in the same field must have a unique selling proposition (USP) that sets it apart and appeals to a target audience that will buy its products or services.
Many colleges and universities have courses that teach people how to start a small business. These classes can provide a lot of feedback on your business idea as you can connect with instructors as well as other aspiring small business owners. Job clubs and business networking organizations in your community can also provide good information about starting a business. Libraries and book stores have many books written especially for new entrepreneurs looking to start a small business and run it successfully.