5 Tips For Starting Your Own Business

By Jack Tobias

Small Business Saturday, founded by American Express in 2010, is a day shoppers are encouraged to patronize local, hometown businesses that are generally smaller—much smaller—than the big box stores and retail chains that attract the Black Friday crowds.

Does Small Business Saturday—this year on Nov. 30, a day after Black Friday—have you thinking about starting your own business?

Here are five tips to get started, courtesy of the U.S. Small Business Administration:

—Location, location, location. This might be the most important decision you make.  Are you close to customers? Does the location provide the image you want? Is there a need for your product or services in a certain area?

–Make a Plan. Look ahead three to five years. What route will you take to grow revenue? Don't assume you can run a business by the seat of your pants. Put your plan in writing.

—Financing. Money talks. There are local banks, but don't forget other sources of revenue to get going, such as government-backed loans, venture capital and research grants.

—Register the business' name. You're about to make history. Make sure your business' name is registered and legal.

—Get a tax identification number and proper licenses and permits. Like registering the name, these are your tickets to getting started and making things legal.