Just A Quick News Tidbit:

A recent study by WellFargo/Gallup looked at how much money it took to start a business - not as much as I would have thought, and yet quite a stretch for many. They reported that it took an average of $10,000 to get going, and here's what they had to say:

"Many small business owners started businesses with their own money, and with very small amounts. Seventy-three percent of business owners surveyed primarily funded their businesses with their own personal savings, while 37 percent obtained loans and lines of credit. More than half of those surveyed (53 percent) indicated they would have had an easier time had more money been available at the outset.

 

The study also revealed a need for business knowledge and information. Only thirty-one percent of small business owners surveyed started with business plans. Forty-nine percent say they would have had an easier time had they asked for more advice from experienced business owners, while an additional thirty-nine percent indicated a better understanding of financial management would have been an asset."

Oddly enough, I set aside exactly $10,000 to start my business - nice to know I'm average!

My thanks to Jeff Cornwall of The Entrepreneurial Mind for alerting me to this study!