For this week’s #BusinessTipTuesday we are observing #VeteransDay, which is to be celebrated on November 11. This past week was National Veterans’ Small Business Week and this past month we made a trip to the Courthouse Square to celebrate Veterans Resource Day, sponsored by the Veterans Resource Coalition of NEPA. During the event we asked many people what kind of business they would start if they had the opportunity. We heard some amazing ideas! Here at the Small Business Development Center (SBDC) we are looking to help everyone with any business needs that they may have through our educational programs and no cost, confidential consulting services. Whether you have a business idea already or know you want to start a business of your own, it is important that we take a look at all aspects of starting a business. Here are just a few things to think of at the very beginning of your business venture!
First, let’s take a step back and start with business ideas… it is time to brainstorm! Is there something that you are truly passionate about? Or have you come up with an idea to solve a problem? Or maybe you have found a gap in the marketplace that needs to be filled. No matter what it is, you have to feel confident and devoted to your business idea. After all, this is like the foundation to your home; a strong business idea sets the tone for a long lasting successful endeavor.
After you have your business idea, it is necessary to conduct an abundant amount of research. This ensures that you are extremely knowledgeable about everything that encompasses your business. Most importantly, you want to make sure your idea has not already been executed. Or if it has been done, make sure you have a spin on that idea so your business stands out to its competitors. Then you must do research on your industry, market, and financial needs to name a few. There are many more necessary pieces of information to research in order to form a solid basis of knowledge for your business. Additionally, as a business owner the research never really stops, as you constantly need to stay informed. Once your business is up and running you want to stay fresh and current with what is happening in your industry.
With your research underway, the next important step is starting your business plan. This could be a daunting task, but it is definitely necessary. Here at the SBDC, we have a guide that helps you with writing your business plan and some specific tools that make this process a little easier. Our guide and tools cover everything that needs to be included in your plan. As well, our consultants are available to help with every step along the way!
There are many more steps in starting a business, but these are just a few to start off with. Taking these few first steps can launch you in to your overall goal… becoming a business owner. Whether you need help with research, your business plan, or anything else the Small Business Development Center consultants are equipped to help take your desire to start a business and turn it into a reality. With that being said, if you could start a business today what would it be? Let us know, we would love to help make your dreams come true!
The University of Scranton
Small Business Development Center