How to Start a Small Business

							                      Small Business Start-Up Checklist

There are literally hundreds of books, journal articles, and websites that will give you
valuable information about starting a new small business. You should take the time to
peruse a few of these so that you will have a better “feel” for the potential rewards and
costs of “being your own boss”. However, below you will find a checklist of the
questions and issues (in no particular order) that you need to address before taking the
plunge into the fascinating, but often frustrating, world of entrepreneurship.

   -      Are you suited to the requirements of this type of business?
   -      Do you have support from your immediate family?
   -      Where will your business be located?
   -      What is the competitive environment in this location?
   -      Is there room for your business in this market?
   -      How long will it be until you have a product or service ready for the market?
   -      You must have at least one competitive advantage – what’s yours?
   -      Who are your target customers? What are their demographics?
   -      How will your target customers know who/where you are?
   -      What will you call your business?
   -      Is there any licensing required for starting your business?
   -      What are the costs involved in starting your business?
   -      What are the (likely) projected revenues from your business?
   -      What are the important assumptions you are making regarding costs and
          revenues?
   -      Will you need to hire any staff to work in the business?
   -      Who can help you with the things you don’t know how to do?
   -      What happens during illness, emergencies, and holidays?
   -      What are your plans for selling on credit?
   -      What are the risks that can harm your business?
   -      How can the Internet (e-business) impact you?
   -      Do you have sufficient funds to carry you through the start-up period,
          including living expenses on top of your business expenses?
   -      How well do you deal with failure?

                        Some Good Websites to Know

                                  www.sbaonline.gov

                                www.StartupJournal.com

                                      www.ipl.org

                                      www.inc.com

                      www.smallbusinessnotes.com/planning.html