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The Facts About . . .
Starting a Small Business
So, you're thinking of starting your own business? Well, you're not alone. Last year thousands of people across the United States decided to exercise their independence by creating their own small businesses. It's the American entrepreneurial dream to take a business idea from the concept, research and planning stages to the day when you open your door, hang out your shingle or go live online.
Whether your target market is the entire world or just your neighborhood, the U.S. Small Business Administration has valuable information to help turn your entrepreneurial dream into a thriving new business.
New business owners often have the same concerns as new parents. Will I be successful? Who has done this before and can advise me? Where will I get the financing? What help is available, and how much will it cost? All those concerns seem to hit at once.
Most of those who succeed in starting their own businesses have planned for every phase of their success. Thomas Edison, the great American inventor, once said, "Genius is 1 percent inspiration and 99 percent perspiration." That same philosophy also applies to success in business.
To enhance your chances for success, first generate a little bit of that perspiration to eliminate the most common mistakes new business owners make. According to the experts, most novices should spend a great deal of time researching their potential businesses and the marketplace.
Developing a workable business plan can help smooth over the bumps in the road to your success. The SBA can help you over those bumps with free or low-cost resources to help you plan, finance and manage your small business. Those resources are available through the SBA's World Wide Web site, http://www.sba.gov, to anyone with access to a computer and an Internet connection.
Prospective small business owners checking the SBA's Web site find free, online courses taking them step-by-step through the process of starting a business, including writing business plans and raising capital. Another section of the Web site details SBA-sponsored loan programs and outlines online financial workshops. The SBA also provides free, downloadable financial shareware for your business. Other sections on the Web page deal with special SBA services for veterans, minorities and women.
The SBA also offers free e-mail business counseling through SCORE, the Service Corps of Retired Executives, at www.score.org. Other online business services include sections on federal and state government agencies and links to other business resources from financing to business schools.
Even if you lack a computer, you can still access this vital information. Virtually all the information and resources available electronically are also available at an SBA office near you. Can't get to an SBA office? Then you can call the SBA's Answer Desk, at 1-800 U ASK SBA.
Use those resources to help put together a complete business plan. But, before you start your plan, carefully research and answer these basic questions:
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Once you've determined that your business idea is feasible, answer these questions:
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If you are starting a home-based business, you should answer these additional questions:
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Your answers to these questions will help you create a focused, well-researched business plan that should serve as a blueprint. The plan should detail how the business will be operated, managed and capitalized.
Next Page:
Research Resources
The Business Plan
All of the SBA’s programs and services are provided to the public on a nondiscriminatory basis.
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