Steps for Starting a Business, Pt. 1

I’m sure it is true for all of us throughout our life to have been told the importance of reading the directions before putting something together. Whether it was furniture or a midnight holiday construction of Red Flyer Wagon. If you don’t read the directions, there will likely be some leftover, sometimes very important, pieces at the end. The same can be said for starting a business. Exciting as it may be, in the end having neglected the vast resources and insight available the business can leave some important pieces on the table.

Ask questions, ask more questions and when you think you have it all figured out, ask even more questions.
Sometimes you may not even know what questions to ask. Most businesses are started from something you’re good at, your calling. Becoming a business extraordinaire comes with time and education. Even the most skilled individuals don’t always make the best business owners, but that does not have to be the case.

Here are some basics questions you should ask:

  • Why am I starting this business?
  • Who is my ideal client?
  • Who products or services will I provide?
  • How will I differentiate myself from my competition?
  •  Will I need suppliers? Employees? A Loan?
  • How soon could I be profitable?
  • How will I manage my business?
  • How or will I advertise?

This may seem like a lot of questions, but it’s only the beginning. In this article, and the next, I’ll lay out some important steps to address these questions.

Enroll in Business Ownership 101:

  • Not literally, but take the educational process of starting a business very seriously. Many times the excitement of embarking on this journey means forgetting the fundamentals, ultimately costing more in the long run.
  • There are many FREE resources out there on the internet that can be used to get the “know-how” to become the business owner that you strive to be. One of the best is the Small Business Administration website. Check them out!
  • Read articles on: choosing your business location, loans and grants, hiring your first employee, legal requirements of your business and many more.
  • The time spent researching and studying will pay you back 100 fold and keep you from leaving any pesky little pieces behind.

Next week we’ll cover: developing a business plan and learning how to document.

-Rene T., Business Banking Officer

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