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Starting a Business
Starting a business requires a tremendous amount of planning, a strong knowledge of local, state, & federal guidelines & requirements, a detailed picture of your potential market, a source of financial options, calculations on start up costs, and access to a wealth of business & industry knoweldge. The following sections address some of the most frequent concerns on the new business owner’s mind:
Writing a Business Plan
Part of the business planning process will include writing the business plan. You will want to determine if the business opportunity is going to work before investing all your time and resources into it. This conclusion will come from your expertise, industry research, exploring market data, and crunching the numbers. This information is the basis for the business plan. Another important decision to consider is why you are writing a business plan.
Business & Industry Research & Market Data
In order to determine if the business is the right choice for you, market research will need to be done. You will also need this information to write a business plan. How do you know what price to sell your products or services at? How many do you need to sell? How will you market this? Universities, libraries, & reputable Internet sources offer a tremendous amount of information & data that will help you make these decisions.
>> Marketing Resources
>> University Resources
>> Business Glossary
Business Loans, SBA Loans, & Other Financing Options
A major component of your new business includes financing it. The business can’t exist without the resources to run it. Financial resources for small businesses can come from many sources.
>> Financing Resources
Choosing the Business Type: Entity Selection
To start a business, you will need to choose what type of business it will be. This includes determining the type of entity, such as a sole proprietorship, partnership, corporation, or limited liability company (LLC). Important considerations when choosing your business entity include the potential for legal issues & various tax considerations. The business type that you choose will have a strong affect on both, so be get informed or use an attorney &/or CPACertified Public Accountant to assist with this process.
Entrepreneurship: What Type of Business is Right
When starting a new business, an important consideration is what type of business is really right for you. You may have a great idea, but do you have the skills to sell & market a new product? Do you understand the requirements of running a franchise? Should you buy a business or start your own business from scratch? These are important things to consider when starting a new business.
Business Regulations, Requirements, & Insurance Needs
When starting a new business, you will want to consider the regulations for the type of business you are starting. The products or services you offer could require you to posses certain licenses or meet minimum requirements. Certain types of businesses & industries, like restaurants, construction & building, landscape architecture, government contracting,
In addition, your business may not necessarily require, but should strongly consider, certain types of insurance. In some cases, such as Workers Compensation, there are specific requirements for some businesses to obtain it. However, other types of insurance, such as Errors & Omissions & Bonding, are important only for specific business types.
>> Business Insurance
>> Financing Regulations, Requirements, Insurance
>> Small Business Grants for Contractors
Small Business Taxes
You will need to consider the business taxes on the local, state, & federal levels. Factors that affect you business taxes include the kind of business entity you choose, the type of business you run & the products or services your business offers, & other activities your involved in your business.