The economy may be looking better for some states this year, but budget woes are a challenge from east to west. In its fifth annual ranking of America’s Top States for Business, CNBC for the first time took into account state budget gaps among the 43 metrics that go into its rankings. That made for some interesting changes this year, with last year’s Nos. 1, 3, and 5 states falling while other states climbed in rank.

Here are the Top 5 states for business:

1. Virginia – The Old Dominion State is back on top, knocking out Texas and capturing first-place honors for the third time in five years.
2. Texas
3. North Carolina
4. Georgia
5. Colorado

To read more about the best and worst states to have a business visit: http://www.cnbc.com/id/41665883?__source=monitor|topstatesva|&par=monitor

All entrepreneurs must make decisions dozens of times during every day. Those decisions will make or break a business. The how we make decisions – the when we make decisions -and the way we make decisions stems from our self confidence.

Do we believe in our inner voice? Do we believe in our ability to be right? Have we been told often enough that we are smart enough and have what it takes to choose the right direction to succeed.

Too often our society values men’s voices over women. And, before you scream “male basher” think about all the times you’ve blurted out a suggestion only to have it parroted more loudly by a male participant who then gets applauded as a genius. Yes, this continues to happen in 2011, and although it does not mean that women cannot lead it does affect their confidence to lead.
Self confidence is acquired early on and develops over time. The more often we make decisions that are valued the more often we believe in our decision-making ability. If your parents allowed you to make choices when you were a child than you are more likely to risk making decisions as an adult — and, more importantly, as an entrepreneur Decision-making means taking a risk. If being right is more important to you than moving forward you probably have a decision-making problem. Our gut instincts are established early.

Take a moment now to think of an example of a recent business decision you needed to make. For example, you are in desperate need of a new assistant. You have interviewed several individuals for the position. Your gut tells you how you feel about each one. The one that has the most impressive resume and the positive recommendations makes you feel uncomfortable at your first meeting. What is your response to this gut response?

(a) It must be me. I’m not a good judge of character.
(b) (S)he must be the best choice because everyone whose opinion I value thinks so.
(c) Maybe (s)he had a bad day and our chemistry was just off.
(d) I don’t have to make this decision now. I’ll just think about it for awhile.
(e) I wouldn’t make this hire if (s)he were the last person on earth. I don’t care how good the resume and recommendations are. I know best!

You already know where I’m going here. First, allowing the opinions of others to persuade you when your gut tells you something else will NEVER be the right way to make a decision. And, second, putting off a decision that needs to be made will only jeopardize your small business.

So, if decision-making is a problem for you start practicing today to listen to your gut. With all the talk about the fact that women generally spend too much time feeling rather than thinking this is exactly the talent needed to go with your gut. Your gut WILL tell you which direction to take. The most important thing every business woman must do for herself is to believe in her power to make the right decisions.

Read more from Vicki Here: http://www.vickidonlan.com/Womens-Business-Blog/bid/63093/1-Mistake-Women-Entrepreneurs-Make

This coming year will be a year filled with endless possibilities!  I’m excited to work with Ken and his team to build my business to a million dollars! Often as an entrepreneur, it feels like you’re re-inventing the wheel.  I am open for suggestions and feed back on ways to improve my systems.  I am eager to learn and drink in the enthusiasm that Ken brings to how he lives life and operates his business!  Thank you for this amazing opportunity!

Edna Ma, MD
Creator/Founder
BareEase & Cream

So you decide to startup a business. You have an idea. Let’s say you want to be a carpenter. You print some brochures, some business cards, and take out an ad in the Yellow Pages. You pay $600 for a website and a domain name that tells everyone about your amazing credentials and experience. You distribute your fliers at a local grocery store. And then you wait. And wait. And wait…
Nothing happens. But, that’s what everyone starting a business does, isn’t it? Print out some brochures, tell everyone how great you are, and wait for the money to roll in.

Stop right there. You have just made several of the top 10 startup mistakes entrepreneurs make when starting a business.

Startup Mistake # 1: First, being a “carpenter” is too general. There are a million carpenters in the world, but the only successful ones have something to concentrate on. Wood carving, house renovation, specialized pieces. Like the old saying goes, “Jack of all trades, master of none.”

Startup Mistake # 2: If you fail to plan, you plan to fail. An idea is not a business plan, or a marketing plan, or even just a goal. It is simply an idea. Although the planning process may seem long and tedious now, it will benefit you more than you could imagine in the future. For example, when you are seeking funding, when you are joining an association of professionals, when your goals change, when your business changes, or if you take on a partner or investor. Your plan should guide you, but not constrain you. If something in your plan doesn’t fit just right, change it. Your business plan will never have a final draft.

Startup Mistake # 3: Brochures and business cards are garbage to startup businesses! You will spend far more producing them than they will produce for you. Ignoring the high cost of printing these materials, and the costs associated in designing them if you aren’t proficient yourself, most startup businesses change too quickly for these materials to be effective for more than a short period, sometimes as little as days.
If it costs $1000 to print these the first time, and $1000 to design them the first time, imagine how much you will pay if your brochures beat statistics and last two months. If alterations to design cost $500, it costs $1500 every time your business changes. If your business changes every two months, you can expect to spend at least $9000 that year on brochures and business cards. Yes, that is nine thousand dollars in lost revenue, over something that is less effective than graffiti. Don’t waste your time, or your money, on brochures and business cards until you can keep your typical sales presentation the same for at least six months. Otherwise, for business startups, these things aren’t worth the trouble.

Startup Mistake # 4: Okay, the Yellow Pages. Let’s take a look in the Yellow Pages and see how many other trillions of carpenters there are. Which ones stand out? Definitely not the tiny ad in the corner. Probably not the one-liner. And as a business startup, that is all you would be able to afford. For the one or two clients per year this would bring you, it is better to wait until your marketing budget can afford to buy large, extravagant and eye-catching ads.

Startup Mistake # 5: Six hundred dollars for a website and domain name? A website and domain name before a marketing plan? This scenario is already causing headaches for those of you “in the know”. Best idea for a business startup, design your own website for free if you can. Second best idea for a business startup, get a friend or relative to design it for free. Third best, pay a minimal fee for the complicated stuff and the rest can be done by yourself and a relative.
Only if no one in the world can help you, do you want to hire a professional to do the whole thing for you. And when you do, try and get it on 30 or 60 days post. That way, the new website will be generating money for you before you pay. If you do pay upfront, and can’t get around it, ask if they do free updates. You are guaranteed to change a thing or two, probably at least once a week as you test out your new site. If you pay $600, it had better be a good website – because your entire marketing budget just paid for it.

Startup Mistake # 6: Wow! A carpenter who went to John B. Doe Carpentry Academy! Is that what your customers say? Most likely, they won’t even think that. Most customers think, “Wow! Look at his work. It is just what I need.” And that is what you want your customers to think. Don’t promote yourself; promote your solutions. Everyone who comes to your website has a problem they need solved. If you figure out that problem, and can tell them how to solve it using your website, you have just hit a marketing gold-mine.

Startup Mistake # 7: What is a carpenter doing at a grocery store? And why is he handing out fliers anyway? If you do hand out fliers, do it where it counts. A carpenter should hand out fliers at a lumber yard or furniture store. Even a department store that sells nails would be a better location for a carpenter when handing out fliers. Think about it.

Startup Mistake # 8: You stopped marketing. This is probably the biggest mistake for a business startup. Even if you do exactly the opposite of everything you have read so far, if you keep doing it you are bound to get at least minimal results. If you stop when you run out of new ideas, you probably won’t get much.
The key to marketing is repetition. Make sure people think of your name when they have a problem. If they have only seen your name once, but your competitor just sent them a third flier, your competitor will get their business. We’ve all heard that it takes more than once for a customer to buy, and it has never been more true. With the information available to your customers today, you want your name to be in front of them as much as possible.

Startup Mistake # 9: When nothing happened, you didn’t try again. Nothing says failure like someone who quits. Motivate yourself! Get up in the morning and say “I’m going to get hits to my website.” Or “I’m going to get a client this week!” If you build it, but nobody knows its there, nobody is going to come. When you’re starting a business, you have to try, make mistakes, learn, and try again. If you try, make a mistake, and give up, you will never be the success you know you can be.

Startup Mistake # 10: You assumed that what everyone else does will work for you. Wrong! What everyone else does took them a long time to figure out, and they have been tweaking it all that time to make it work right for them. If you copy part, but not all, of what they do, you will never get the same results. People strive for individuality, and businesses should too. If you copy your competitor in every aspect, your prospects might as well flip a coin. Do you want 50 percent of the business you could be getting? No, you want it all!
The bottom line with a business startup is to stay motivated. Starting a business is one of the hardest things anyone can ever do because of the uncertainty, the lack of a support structure, the complete and total disregard of your typical safety zone. It is all part of starting a business. But the rewards are far greater than the sacrifices. And in the end, when you are financially secure, and independent from the corporate world, it will be more gratifying than you could have ever dreamed.

Cherilyn R. Lester is an entrepreneur in her own right, and the proprietor of Novus Life & Career Coaching. Novus specializes in coaching entrepreneurs, helping them to grow their business without everything else taking a back seat in the process. You can visit her at http://www.novuslife.com/ or call 206-20-COACH to schedule a complimentary session and see just what Novus can do for you. We’re like motivational business startup consultants on a sugar-rush.

Startup cost categories
Bear in mind that different small businesses will have different types of startup costs. For example, a furniture retailer might need a storefront and staff to man it, while a toy manufacturer might need manufacturing equipment, a warehouse and staff that is trained to operate the equipment. And then again, if you’re operating an online retail business, you might be doing it at home in your PJs, and don’t need a facility or staff at all.

Costs for a startup business can be divvied up into six major categories:

• Cost of sales:  Product inventory, raw materials, manufacturing equipment, shipping, packaging, shipping insurance, warehousing

• Professional fees:  Setting up a legal structure for your business (e.g. LLC, corporation), trademarks, copyrights, patents, drafting partnership and non-disclosure agreements, attorney fees for ongoing consultation, retaining an accountant

• Technology costs:  Computer hardware, computer software, printers, cell phones, PDAs, website development and maintenance, high-speed internet access, servers, security measures, IT consulting

• Administrative costs:  Various types of business insurance, office supplies, licenses and permits, express shipping and postage, product packaging, parking, rent, utilities, phones, copier, fax machine, desks, chairs, filing cabinets – anything else you need to have on a daily basis to operate a business

• Sales and marketing costs: Printing of stationery, marketing materials, advertising, public relations, event or trade show attendance or sponsorship, trade association or chamber of commerce membership fees, travel and entertainment for client meetings, mailing or lead lists

• Wages and benefits:  Employee salaries, payroll taxes, benefits, workers compensation

Factor in the time to get your startup business off the ground
One critical component of getting an accurate startup cost estimate is to determine the length of time it’s going to take you to open your startup business. It might be very different if you’re opening a restaurant versus an eBay business. No matter what your business type, take into account everything you will spend, from the moment you dig in to the startup process, through the time you’re ready to sell a product or service. If you need three months from the time you sign a lease to the time you can put the “open” sign on your retail storefront, calculate how much money you will need for salaries, electricity, rent (and your mortgage payment!) during those three months.

Learn about the specific costs for your type of new business
There’s a variety of resources you can tap into to understand specific costs associated with your chosen dream startup business. Start with the StartupNation Community, where you can search for other people in your industry, and post a message on the boards asking for help from fellow entrepreneurs.
Also make sure you check out your industry’s trade association. It should have an active group of members who are going through or have successfully navigated the startup process, and they typically will be happy to share tips with you. You might even get access to sample business plans and checklists for your market niche, but most importantly, you’ll find out which hidden costs to be wary of in your industry.
Take every opportunity you can to network with business owners in your industry, whether it’s online or in person. They will have the best understanding of how the costs of a typical business in your industry balance out across those six categories. With that knowledge, you’ll be able to create a reasonable cost estimate for starting a business of your own.

Put all the pieces together
Once you’ve pulled together the costs for your startup business, take advantage of StartupNation’s downloadable Cash Management Report, which also helps you project your monthly cash flow.
Above all, be realistic when calculating startup costs for your new business. The first calculation may not be the right one. Continue to refine your analysis until you’re satisfied with the final number, and then do yourself the favor of adding a miscellaneous line item for 10% of your total budget. You’ll spend more than you think to get your that dream startup business going, and the “miscellaneous” category will cover any unexpected costs.

Amanda Webber is a freelance writer for StartupNation.

Article By:  http://www.sba.gov/content/being-leader

Follow These Steps to Starting a Business
Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 10 easy steps can help you plan, prepare and manage your business.
Step 1: Templates for Writing a Business Plan
Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and Training
Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
Step 3: Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your Business
Find government backed loans, venture capital and research grants to help you get started.
Step 5: Determine the Legal Structure of Your Business
Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name (“Doing Business As”)
Register your business name with your state government.
Step 7: Get a Tax Identification Number
Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
Step 8: Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.
Step 10: Understand Employer Responsibilities
Learn the legal steps you need to take to hire employees.

In a recent poll, we asked readers, “Which entrepreneur do you admire most?” The winner, hands down, was Oprah Winfrey, with nearly double the votes of Bill Gates and four times Richard Branson. In a career filled with firsts and superlatives, Oprah has managed to amass a sizable fortune, become one of the most powerful people in the entertainment industry, and yet maintain a sense of humility and compassion we all should strive to achieve.

Broadcasting Pioneer:

Born in a small town in Mississippi in 1954 and raised in Nashville, Tennessee, Oprah began her career in broadcasting at age 17 at radio station WVOL. By 19, she was anchoring the news at WTFV-TV, both the the first African-American woman and the youngest person ever to do so. In 1976 she moved to Baltimore, where she co-anchored WJZ-TV’s Six O’Clock News. She soon made the switch to doing talk shows, hosting the local People Are Talking.

The Oprah Winfrey Show:

In 1984, Oprah relocated to Chicago to host AM Chicago. Within just one month, it had surpassed Donahue as the #1 local talk show, and within a year it was renamed The Oprah Winfrey Show. A year later, it entered national syndication and became the highest-rated talk show in TV history. It has remained the number one talk show for 18 seasons, has won dozens of Emmys, and is seen by an estimated 30 million viewers a week in the United States and is broadcast internationally in 111 countries. READ MORE HERE