'Starting a New Business on a Small Budget' shares insights and lessons learned from a pair of successful entrepreneurs who started their own business on very limited funds.

'Buying a Franchise' relates the advantages and disadvantages of becoming a franchise owner, including such considerations as finding the right franchise, investigating a franchisor, and understanding the risks and limitations of a franchise agreement.

When small business owners plan their cash flows, they usually assume that sales will occur on a regular basis. For example, if they estimate that they will have $120,000 in sales revenue, they typically presume that they will do roughly $10,000 per month in sales and plan accordingly.

To get an accurate read on how much money you'll need to keep your business running in the first 90 days, you'll need to figure out how much revenue your business will produce in those 90 days. The greater the revenue, the less you'll have to come up with from your personal resources.

Our case study of a ficticious sandwich shop outlines many of the expenses you are likely to incur during your first three months of operation.

Many activities must be undertaken and expenses incurred before you are fully ready to open your doors for business. Here are some things to consider.

It's opening day and you are ready to serve customers for your new business. But do you have the staying power to make it through those critical first 90 days?

New small businesses that need a loan to get started are in a classic catch-22: lenders will want to see a proven track record before they lend you any money, but you can't establish the track record until you get the loan. As a result, a lot of new owners have to turn to alternate sources of financing, such as selling personal assets, borrowing from friends and relatives, or taking on partners or investors.

Jumping into a new business with both feet may be too risky for some people. In fact, most people believe it is best to stick one toe in to test the waters first, and most new businesses start on a part-time basis, while the owner is still working elsewhere.

It takes a lot of time -- and money -- to get a new small business up and running. Make sure you don't overlook any of these expenses, so you can improve your changes for success. It is important to determine how much it will cost you to open your doors for business.

When focusing on the startup costs for your new business, don't forget to include the cash and income needs of your immediate family. We recommend creating a budget for personal living expenses, which will be part of your overall financing requirements.

Startup businesses often begin with only ideas and enthusiasm. One of the many issues that every entrepreneur must address when starting a small business is the financial reality involved in deciding exactly what he or she wants to do, when it can be done, and how it's going to be done.

Now that the research on the potential market and costs for your proposed small business has been completed, you need to examine the financial and legal implications of going into business for yourself.

Starting a franchise has its advantages and disadvantages, compared to buying an existing business or starting a new one from scratch. Still, there are special considerations, and becoming a franchisee makes you a partner in a larger business structure.

Not every entrepreneur needs to invent a better mousetrap in order to start a business. Sometimes, "your" business is already out there, being operated by someone who is waiting for you to call and make an offer.

The importance of keeping good financial records cannot be overstated, and good accounting habits will pay off down the road for your fledgling business.