Getting Started
How To Start a Small Business
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Starting and managing a business takes motivation, desire and talent.
It also takes research and planning. Like a chess game, success in small
business starts with decisive and correct opening moves. And, although
initial mistakes are not fatal, it takes skill, discipline and hard work
to regain the advantage.
To increase your chance for success, take the time up front
to explore and evaluate your business and personal goals. Then use this
information
to build a comprehensive and wellthoughtout business plan that
will help you reach these goals.
The process of developing a business plan will help you think through
some important issues that you may not have considered yet. Your plan
will become a valuable tool as you set out to raise money for your business.
It should also provide milestones to gauge your success.
Getting Started
Before starting out, list your reasons for wanting to go into business.
Some of the most common reasons for starting a business are:
 You
want to be your own boss.
You
want financial independence.
You
want creative freedom.
You
want to fully use your skills and knowledge.
Next you need to determine what business is "right for you." Ask
yourself these questions:
What
do I like to do with my time?
What
technical skills have I learned or developed?
What
do others say I am good at?
How
much time do I have to run a successful business?
Do
I have any hobbies or interests that are marketable?
Then you should identify the niche your business will fill. Conduct
the necessary research to answer these questions:
Is
my idea practical and will it fill a need?
What
is my competition?
What
is my business advantage over existing firms?
Can
I deliver a better quality service?
Can
I create a demand for your business?
The final step before developing your plan is the pre-business
checklist. You should answer these questions:
What
business am I interested in starting?
What
services or products will I sell? Where will I be located?
What
skills and experience do I bring to the business?
What
will be my legal structure? (see next page)
What
will I name my business?
What
equipment or supplies will I need?
What
insurance coverage will be needed?
What
financing will I need?
What
are my resources?
How
will I compensate myself?
Your answers will help you create focused, wellresearched
business plan that should serve as a blueprint. It should detail how
the business
will be operated, managed and capitalized.
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