PLANNING is critical to successfully starting and building a business. That’s why we’ve dedicated a section for it. In the two links below, you’ll find guidance on the tools and resources necessary to write a winning business plan. From sample plans to a business plan primer, we’ll get you started on this very important activity. Once your business is up and running, you’ll need to regularly review and update your plan to manage growth.
Getting Ready
Entrepreneurship offers many rewards, but you must be prepared and committed. Take whatever time is necessary to determine if you are ready; this will be time well spent.
Writing a Business Plan
A written guide to starting and running your business successfully is essential. This plan will encourage loans, promote growth, and provide a map for you to follow.
STARTING a business requires you to complete a number of steps and make some key decisions. Though part of your overall plan, you’ll need to select a location, decide on a business structure, and obtain the necessary licenses and permits. In addition, determining which financing options will meet your short-term needs and long-term goals is crucial. Within this section (see 9 links below), we’ll provide information on these topics along with guidance on buying an existing business, copyright and trademark issues, and getting support from an outside expert.
Financing Your Start-Up
All businesses require some form of financing. An integral component of starting a successful business is raising sufficient capital. There are many challenges here, but numerous resources are available to help you.
Buy a Business
Once the decision is made to start a business, often the next decision is either to buy an existing business or start a new venture from scratch. There are advantages and disadvantages to both options.
Buy a Franchise
Business franchising offers many opportunities. This form of ownership has helped many entrepreneurs get started in business and succeed.
Name Your Business
There is more to naming your business than just coming up with something that sounds good and you happen to like. Thought must be given to state and local requirements and making sure you don’t infringe upon the rights of someone else’s business name.
Choose a Structure
Many factors must be considered when choosing the best form of business ownership or structure. The choice you make can have an impact on multiple aspects of your business, including taxes, liability, ownership succession, and others.
Protect Your Ideas
Innovations and new product ideas are valuable assets of a business. These assets need to be protected so that your rights are not infringed upon by others.
Get Licenses and Permits
Most states and many cities and/or counties impose licenses and permits on a wide variety of businesses. The operation of your business will most likely require such a tax.
Pick a Location
Choosing the right location for your business can be a major factor in its success or failure. A good location may allow a struggling business to survive, but a weak location could mean trouble for even a very well-run business. Make sure you know all the legal restrictions of your place of business.
Lease Equipment
Sometimes leasing equipment, instead of buying it, can be the best option for your business. However, there are many variables that should be considered, including costs, use restrictions, legal parameters, and others.
