In Business / November 2005
Starting a Small Business
By Judy K. McCauley,
Starting and managing a business takes motivation, desire and talent. It also takes research and planning.
Large companies like Nike, Federal Express and AOL, as well as West Virginia business owners like Robin Hildebrand of Blue Smoke Salsa in Ansted and Jon Hammock of KeyLogic, Inc. in Morgantown all began with an idea that was developed over time.
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 the chance for success, take the time up front to explore and evaluate the business and personal goals. Then use this information to build a comprehensive and well-thought-out business plan that will help reach these goals.
The process of developing a business plan will help the entrepreneur think through some important issues that she may not have considered yet. The plan will become a valuable tool as she sets out to raise money for her business. It should also provide milestones to gage success.
The U.S. Small Business Administration, through a relationship with My Own Business, offers a special online course on how to get started with a small business. (Visit the web site at http://www.myownbusiness.org/course_sba.html.
Before starting out, the entrepreneur should list her reasons for wanting to go into business. Some of the most common reasons for starting a business are: to be one’s own boss, to attain financial independence or more creative freedom and to be able to fully exploit individual talents and skills.
Next the potential business owner needs to determine what business is right for her, by asking herself yourself a few questions, such as 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 hobbies or interests that are marketable?
Then she should identify the niche her business will fill, conducting the necessary research to answer these questions: Is the idea practical and will it fill a need? What is the competition? What is my business advantage over existing firms? Can I deliver a better quality service? Can I create a demand for my business?
The final step before developing a plan is the pre-business checklist and answers to specific questions about the services or products to be sold, where the business will be located, the skills and experience the new owner will be bring to the business, the name and legal structure of the business, what equipment or supplies will be needed, the insurance coverage and what financing will be required, what resources are available and how the new owner will be compensated.
The answers will help any entrepreneur create a focused, well researched business plan that should serve as a blueprint detailing how the business will be operated, managed and capitalized.
Judy K. McCauley is the Director of the U.S. Small Business Administration West Virginia District Office in Clarksburg. For information on basic start-up business topics, visit the SBA Web site at http://www.sba.gov/starting_business. For more infrmation about small business assistance in West Virginia, contact the West Virginia District Office, 800-767-8052 ext. 8 or wvinfo@sba.gov, or visit our website at www.sba.gov/wv.
Copyright © 2005-2006 A Woman's View. All rights reserved.
Femme Fair 2006
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