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Small business plan: Cash is king

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    Dave Ramsey's tips on how to get started

  • Duration 3:30
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-- well despite positive economic news in -- at least.

There are still signs that confidence is lagging take a look at this it's a new report that finds that loans to small businesses actually dropped.

By 3% in March and now lenders are look trying to lure small companies -- new credit cards.

But personal finance experts around he says don't get -- in the he joins us from Nashville to explain how you can start a small business.

With cash well sure David your rich how do you do -- if you're not rich.

Well it really doesn't take a lot of money this is -- -- stats say that 60% of small businesses that -- started last year.

Started on less than 5000.

Dollars so a lot of Bill Gates people a lot of people like Michael Dell a lot of people are starting things in their garage and they now have an -- the other started in their living room and -- just bootstrap that is what we call it an.

Just because loans are down doesn't mean small business startups are down their way OK good to -- -- you say you some tips for how you can start a business the first has to admissions it.

Absolutely you need to know why you're here and it needs to be more than just for money small businesses about a cause you've worked so hard.

-- you really really really need to plug into that.

Without a doubt and you got to do a written business plan you need to plan out where you're going what the personnel looks like what the marketing looks like you need to look at where the money's gonna come from how you're gonna plan out your cash flow open a separate checking account.

You don't mix when your small and you're starting your primitive don't -- your personal money with your business money and be sure to set aside your money for taxes.

Getting -- -- -- income tax or sales tax these kinds of things shots more small business -- down and just about anything else.

Are those are great tips meanwhile we have some questions from viewers the email Sandra.

From Michigan wants to know I started a successful catering business on the side.

I'm wondering when -- quit my job at pursue my business full time is there a formula for that's.

Sure you need to get your catering business were almost makes.

As much measure making during your day job which -- going to be working a lot of hours.

Listen if you're gonna jump off the document better make sure the boat -- pulled up pretty close.

So meaning we gotta get that small business growing there's a great book out by getting John A -- called quitter and it tells you exactly how to do that I've suggested.

Are -- -- new -- -- is from Jeff in text this he says I'm in construction.

Not -- -- I'm having trouble finding reliable contractors do you have any tips for hiring and keep.

Eight employees.

Absolutely it's a huge problem for all of us in business and the thing I learned is is that.

You know thoroughbreds don't wanna run around with donkeys and so you -- put a stable full of thoroughbreds because it -- stable full of -- you put a thoroughbred -- -- they won't stay.

And in and the way you find those is you spend more time interviewing quit using just the mirror test if they followed up a -- a higher.

Pentagon Mike from New Jersey says we've been in business for six years.

And have four employees were bursting at the seams are current office space we have the chance to finance a bigger space in a prime location.

But I'm leaning towards a lease purchase agreement instead what do you think.

No I would do a lease with an option and not lock yourself in and give yourself plenty -- need to stay nimble when your business -- -- a butterfly sting like can be.

-- -- Lots of my autos and slogans this morning which -- like I'm going to put on -- officer.

Thanks so much Dave Ramsey -- to Syria.

Thank you -- are you a YouTube.

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