Hindsight is 20/20. There are so many times we wished we would have just asked someone for their business tips and advice. When you’re starting a small business, you’ll want to read as much as you can about the process from seasoned veterans who’ve been there, done that, and lived to tell the tale. One common theme you’ll hear time and time again is; get the funds. Regardless of what your idea is or what strategies you hope to employ, the bottom line is that you’ve got to have money to survive any business plan. Here are some other suggestions from successful recession startups.

Sometimes it’s hard to predict where you’ll find your niche, so it’s a good idea to create a small business startup that encompasses a couple of different areas. For example, Dan Wiley, a 48-year-old first time entrepreneur, started a Los Angeles based firm that provides a range of services from public relations and advertising to branding and internet design. “I never expected we would be doing as much website designing as we have been, and that so few customers would be looking for our public relations services,” Wiley admits. His advice to aspiring innovators is to save up a year’s worth of operating capital to cushion the blow, should things not work out as anticipated.

A successful small business doesn’t happen overnight, warns Doron Reuveni, a 42-year-old who provides testing services for software, Internet and mobile application companies. Reuveni began the business in 2008 after securing $2.3 million in venture capital and angel investor funds, then another $5 million from independent investors. The biggest hurdle may be convincing investors that you’ve got a worthwhile product or service. “I’ve had this idea since early 2007,” says Reuveni, “but without investors, it was difficult to it get off the ground. It might take a little longer to get your business going, but be persistent.”

Most small business startup tips seem to center on finances. Taylor Spellman, a 25-year-old who began a NY interior design shop, admitted that his vision was not fortuitously timed. Just as he was pitching to young professionals in the finance industry, “many of them lost their jobs, or never got those bonuses,” Spellman explains. As a result, he had to cut his fees from $100 down to $50. “Be sure to have some money in the bank as a cushion,” he advises. “If you’re not willing to go into debt, this probably isn’t the right time to start your own business.” Perhaps this is the cautionary tale many eager entrepreneurs skip over with their market plans. With 3/5 of small businesses failing within the first few years, the statistics certainly aren’t in your favor; but with enough capital and enough patience, you can still realize your dreams.

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