Serving Northeast Alabama
225 Church Street , PO Box 168, Huntsville AL 35804 Phone: (256) 535-2061, Fax: (256) 535-2050 www.nearsbdc.org
STARTING A BUSINESS
1. PRELIMINARY STEPS A. Ideas and Commitment B. Experience in the Technical, Financial, and Managerial Aspects C. Determine the Need for the Particular Type of Business D. Determine the Market Segment You Will Serve E. Familiarize Yourself with the Industry's Trends F. Become Knowledgeable about the Legal Environment G. Define Your Company's Mission and Goals H. Update Your Personal Financial Statement 5. FINANCIAL ASPECTS A. Prepare Financial Projections B. Conduct a Feasibility Study C. Study Industry Financial Averages D. Set-up Record-keeping System E. Prepare Financial Reports F. Follow All Tax Laws and Guidelines
2. START-UP GUIDELINES
A. B. C. D. E. F. G. H. I. J. K. Write a Business Plan Establish a Source of Adequate and Reliable Financing Identify Potential Suitable Locations Check Zoning Ordinances for Your Business Location Select an Attorney and CPA Choose a Record-keeping System and Method of Inventory Control Get Tax I. D. Number, Forms, and Follow Other Tax Requirements Open Bank Accounts See Your Insurance Agent for a Full Range of Coverage Arrange for Utilities, Telephone and Other Services Acquire Necessary Licenses and Permits
6. FACILITY MANAGEMENT A. Outfit Office/Store with Furniture, Fixtures, and Supplies B. Find Reliable Suppliers and Back-up Suppliers C. Acquire Inventory D. Arrange Security Measures 7. OPEN YOUR BUSINESS A. Prepare for Grand Opening B. Implement Your Business Plan
3. MANAGERIAL CONCERNS
A. B. C. D. E. F. Choose a Legal Structure with Your Attorney/CPA and File Required Documents Establish Policies on Credit, Collections, and Guaranties Start Networking by Joining Related Professional Organizations such as Your Local Chamber of Commerce, the Better Business Bureau, Trade Groups, etc. Set Personnel Policies Design a Competitive Employee Benefit Package Hire and Train Employees
4. MARKETING ACTIVITIES
A. B. C. D. E. Conduct Market Research and Identify Targeted Customers Select Company Name Choose a Promotional and Advertising Strategy Print Logo, Business Cards, Letterhead Stationary, Envelopes, Forms, Invoices, etc. Get an Appealing Store Sign, Sign for Door, etc.
Funded in part through a cooperative agreement with the U.S. Small Business Administration. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact NEAR SBDC, 225 Church Street, Huntsville, AL 35804 at 256-535-2061 to make arrangements.
An Institutional Member of the Alabama Small Business Development Consortium
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