But Wait, There's More!

Starting a business has so many components, I could have written and located days and days worth of posts to entertain and educate you. Most of the information I provided this month was from the Small Business Association and I did that because it is some of the best, most up to date information available.

Do your homework and don't just jump into a business because you think it will give you the time and freedom to do your own thing, that couldn't be farther from the truth! What is true is that with the right ground work and proper research you could find yourself in the business of your dreams making a prosperous living. I say, if you're willing to do the work, success is likely!

What Is SCORE?

SCORE is a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA), and has been mentoring small business owners for more than forty years.

SCORE is a valuable network of 13,000+ volunteers who offer small business entrepreneurs confidential business counseling services at no charge. SCORE volunteers have the knowledge and experience to help any small business owner get the help they need. Our dedicated volunteers represent over 270,000 years of experience across 62 industries.

SCORE also provides local workshops and events throughout the country to connect small business owners with the people and information they need to start, grow, and maintain their businesses, as well as online workshops available 24/7. SCORE provides resources, templates and tools to assist entrepreneurs in developing tools and plans they need to navigate their way to small business success.

Founded in 1964, SCORE is headquartered in Herndon, VA and has 364 chapters throughout the United States and its territories, with over 13,000 volunteers nationwide.*

*Directly from the web site Score.org.

Network!

Yeah, it sounds cliche' when in fact, it's fun! Start with your local Chamber of Commerce - memberships are usually very inexpensive and no matter how business savvy your are, it's not what you know, it's who you know. You need to meet and know the other influential business people in your area. Our Chamber does a business networking luncheon the first Wednesday of each month and an evening mixer as well. There are two opportunities every month to get out and market your business.

If you are connected on Facebook and Twitter, there are many more opportunities to meet up with other professionals and spread the word about your business. I'll talk about social media in the next few posts. No matter how you get your name out there, you have to do it. Network! Network! Network!

Marketing a New Business

I'm a firm believer that without marketing, you do not stand a chance at staying in business. Let's face it, who wants to barely get by? No one! You have to have a marketing plan and a budget to not only implement it, but to maintain it. Here is some more great info from the SBA website.

Developing a Marketing Plan

Marketing takes time, money, and lots of preparation. One of the best ways to prepare yourself is to develop a solid marketing plan. A strong marketing plan will ensure you’re not only sticking to your schedule, but that you’re spending your marketing funds wisely and appropriately.

What can a Marketing Plan do for Your Small Business?

A marketing plan includes everything from understanding your target market and your competitive position in that market, to how you intend to reach that market (your tactics) and differentiate yourself from your competition in order to make a sale.

Your small business marketing budget should be a component of your marketing plan. Essentially, it will outline the costs of how you are going to achieve your marketing goals within a certain timeframe.

If you don't have the funds to hire a marketing firm or even staff a position in-house, there are resources available to guide you through the process of writing a marketing plan and developing a market budget.

Business Laws and Regulations

As a business owner you will be expected to know the laws and regulations surrounding your business, both on local, state and national levels. Be sure you do your homework to know what you need to know in the following areas:


Advertising Law

Employment & Labor Law

Finance Law

Intellectual Property

Online Business Law

Privacy Law

Environmental Regulations

Uniform Commercial Code

Contact a Government Agency

Workplace Safety & Health

Foreign Workers, Immigration, and Employee Eligibility

Money! Money! Money!

Where will you get the cash to start your business? You not only need the cash to get started, but you will also need money to keep the doors open until the big bucks start rolling in. Okay, I'm making light, but the fact of the matter is, you need to be able to run your business and the expenses will either be fixed or variable. This is not including the one-time costs you will have for equipment, signage, incorporation, etc.

While identifying these costs, decide whether they are essential or optional. A realistic startup budget should only include necessities to start the business. Fixed expenses include rent, utilities, administrative costs and insurance costs. Variable expenses include inventory, shipping and packaging costs, sales commissions, and other costs associated with the direct sale of a product or service. The most effective way to calculate your startup costs is to use a worksheet that lists the various categories of costs (both one-time and ongoing). I know, back to the paperwork!

What Kind of Business?

Being a business owner myself (ZipperBack Gloves & Intentional Winning in Life), I have researched this subject to death. I am currently enrolled in business classes at my community college and yes, I've learned some of my lessons the hard way. I am using the SBA website for much of this topic not because I don't want to write original pieces, but because I feel it is the single best resource for people looking to start a small business. When I use a segment of their website, I am sure to tell you. One of my lessons as a business woman is if it already exists perfectly, don't reinvent (or in this case, rewrite) it and give credit where credit is due! Visit the SBA website for more invaluable, free information.

You have several options to explore, including where you’ll do business, how you will structure your business, and how you will conduct business. Additionally, you should explore opportunities that exist for people with specific characteristics.

•Nonprofit Organizations
A nonprofit organization uses its profit to improve its services, rather than pay dividends to investors. If your organization is registered as a nonprofit, you are eligible for certain programs including grants, government surplus...
•Self Employed & Independent Contractors
Do you want to be self-employed or an independent contractor? This page will discuss the many opportunities that are available to you and guide you to success in the small business world. Self-Employed Individuals As an...
•Starting a Green Business
The explosion of organic and eco-friendly products on retail store shelves is more than just a passing fad. It's big business. This reality presents opportunities for environmentally minded entrepreneurs ready to start their own...
•Startups and High Growth Businesses
In the world of business, the word "startup" goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential....
•Women Owned Businesses
Have you ever wanted to start your own business? If you are a woman entrepreneur, there are many opportunities for you to start, grow and expand your business. Start by asking yourself the following question: Is Entrepreneurship for...
•Starting an Online Business
Establishing a business presence on the Internet can be a lucrative way to sell, market, and advertise your business’s goods and services. The following topics provide details on how to start and manage an online business. 1...
•Young Entrepreneurs
Young Entrepreneurs are a valuable source of American innovation and long-term growth, and SBA is committed to supporting you! We’re dedicated to educating young people about entrepreneurship; connecting young entrepreneurs to...
•Home Based Business
What do Apple Computer, Hershey's, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home based businesses. In fact, more than half of all U.S. businesses are based...
•People with Disabilities
Starting a business can be a great opportunity for many people with disabilities. In addition to meeting career aspirations and goals, owning your own business can provide benefits such as work flexibility and financial stability....
•Minority Owned Businesses
Are you ready to start your business, but don't know where to start or what opportunities are out there for minority groups? The following resources provide information on federal government programs and services that help
•Veteran & Service-Disabled Veteran Owned
If you are a veteran or a service-disabled veteran, you have several options to choose from when starting your business. As a small business owner, you are continuing to serve America.