Tips for Starting Small Business

Updated: Friday, 23 Sep 2011, 10:36 AM MST Published : Friday, 23 Sep 2011, 9:11 AM MST

PHOENIX - With the markets on such a roller coaster, many people are worried about their money and their future. Should they make drastic moves? Or just wade in the water?

Fox 10 talked to a financial expert, Dave Ramsey, about personal finance and small businesses. First we wanted to know how important s

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First we wanted to know how important small businesses are to the economy.

“Small business is literally the backbone of our economy. And it’s where a lot of these people that are unemployed are going. They become self-employed, can’t land a big job, can’t find a place in the traditional method — so they find something to do. It’s the free enterprise system,” Ramsey said. Here’s a tricky situation – say you want to start up a small business, but you’re not great with managing your personal finances What do you do? “In business, if I have savings, that would be called ‘retained earnings.’ If i didn’t have any payments that would be called increased cash flow and reduced risk, and if I did a budget that would be doing a great accounting system.So those basic ideas, those basic principals, we teach in personal finance apply in business. Big business uses them, small business uses them and businesses that don’t have any debt right now are prospering in these down times,” Ramsey said. With Arizona’s unemployment rate sitting at 9.3 percent, many people are wondering what’s the best way to get a job. “I look at is that person going to bring us talent and bring us stuff that we can’t get if we don’t have them? Are they going to cause us to serve our customer better? That means we’re going to make more money on what that person costs me,” Ramsey said.  Dave Ramsey - EntreLeadership Defined 9a-12pm, Book signing 12:30pm-2:30pm Central Christian Church 933 N Lindsay Rd Mesa, AZ Read more at www.myfoxphoenix.com