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FIRST
STEPS 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
well-thought-out 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.
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1.
Getting
Started -
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Us For Info On
GRANTS
Also!
Before
starting out, list your reasons for wanting to go into
business.
Some of the most common
reasons for starting a business are: |
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•
You
want to be your own boss.
•
You
want financial independence.
•
You
want creative freedom.
•
You want to fully use your skills and knowledge.
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2.
Next
you need to determine what business is "right for you."
Ask yourself these questions:
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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?
Will
I have the support of my family?
How
much time do I have to run a successful business?
Do
I have any hobbies or interests that are marketable?
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3.
Then
you should identify the niche your business will fill.
Conduct the necessary research
to answer these questions:
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What
business am I interested in starting?
What
services or products will I sell?
Is
my idea practical, and will it fill a need?
What
is my competition?
What
is my business's advantage over existing firms?
Can
I deliver a better quality service?
Can
I create a demand for my business?
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4.
Before developing your plan
is the pre-business checklist.
You should answer these questions:
What
skills and experience do I bring to the business?
What will be my legal structure?
How will my company's business records
be maintained?
What
insurance coverage will be needed?
What
equipment or supplies will I need?
How
will I compensate myself?
What
are my resources?
What
financing will I need?
Where
will my business be located?
What
will I name my business? |
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5.
The final step
Your answers will help you create a focused, well-researched
business plan. that should serve as a blueprint. It
should detail how the business will be operated, managed
and capitalized.
One
of the most important cornerstones of starting a business
is the business plan. SBA offers you a tutorial on preparing
a solid plan with all its essential ingredients. Be
sure to review and peruse this section.
Once
you have completed your business plan, review it with
a friend or business associate. When you feel comfortable
with the content and structure, make an appointment
to review and discuss it with your banker. The business
plan is a flexible document that should change as your
business grows. |
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