SBA

 

Starting a business is a true realization of the American Dream. In the spirit of National Entrepreneurship Week, which takes place from February 10-17, the SBA is here to help you get one step closer to accomplishing your goal of business ownership. Every individual’s journey is different, but if you want to join the ranks of the millions of entrepreneurs who have become successful business owners, here are some general tips.

  1. Plan. It starts with a great idea. Even the best ideas, however, need fleshing out. Ask yourself a few questions: Is there a need in the marketplace for your product or service? If so, can you find a competitive edge to set yourself apart? These questions are a part of market research, a process that will help you lay out your business plan. The right business plan will guide you through the stages of starting your business and help you secure funding from lenders and investors. Not sure where to start? Leverage the SBA’s how-to guide.
  2. Launch. Once the plan is in place, it’s time to put in the work to make your business a reality. You’ll need to make some decisions regarding where your business will operate, which type of structure it will use, and what it will be called. Other key tasks also include registering your business, acquiring the proper federal and state tax numbers, applying for licenses and permits, and opening a business bank.
  3. Manage. Mastering day-to-day operations, including managing your finances, hiring and managing employees, etc. — is an accomplishment all its own. But if you’re like most business owners, you’ll eventually want to take things to the next level and the SBA can help. Maybe a new piece of equipment is the only thing standing between you and reaching your next milestone. Perhaps you want to fine tune your marketing and sales strategies. Whatever it takes, the SBA can support.
  4. Expand. Businesses grow in different ways. Some invest more money into their existing business. Others expand to new locations. Many entrepreneurs break into government contracting or exporting. The SBA can assist you along the way.

From planning to expanding, and everywhere in between, SBA resource partners are a small business owner’s best resource. Learn more about starting or growing your own business at sba.gov/starting.

Article Courtesy of the SBA