1. I am thinking about starting a business but I am not sure what to do next.
First ask your self a few simple questions:
| a. | What the business is (or will be)? |
| b. | What produts and / or services do you plan to offer? |
| c. | What markets do you intent to provide service to? |
| d. | Where will you have your business? |
| e. | Do you have enough money to finance your business? |
If you have answers to the above questions, check our website for a business plan template, you are now ready to do a more detailed plan for your business.
If you do not have answers to any of the above qeustions, or are not sure about your answers, you need to find out what you really want to do, or call one of our counselors for advice.
2. Should I incorporate my business so I do not have to have any personal liability?
Go to the "Legal structure of businesses" and compare the advantages and disadvantages of being incorporated. Depending on type and size of your business, each of the legal forms of business will provide you with different kinds of benefits and liabilities.
We suggest you counsel with an attorney before you decide what legal forms are best for you.
3. Why do I need to prepare a business plan?
Before you go out and spend your time and money, a written business plan will help you:
| a. | Define your business project entirely, so you can see if owning a business is a good option for you at the present time. |
| b. | Communicate your business idea(s) to others and provide them with evidence to prove that your business will be a success. A landlord and a banker often require a written business plan before they give you a lease or a business loan. |
| c. | Create a timeline and process to start your business. |
4. Can I borrow money to finance my startup business?
Yes, but it will be difficult if you do not have sufficient collateral and a well-written business plan. See in our website for a list of government loan programs to see if any of them fits your situation.
You can also talk to your banker to see if he / she can offer you a loan. Borrowing from friends and family members is often more realistic for any small business startup.
5. How do I select the best location for my business?
There are three things to consider when you select a location for your business:
| a. | The community: demographic profile of the population, the economic base, and purchasing power. |
| b. | The site: accessibility, rent, zoning ordinances, traffic density, parking facility, a proximity to other businesses, historical sale data from previous businesses, leasing terms, and reputation of the landlords or property management company. |
| c. | The facility: free standing building or in a shopping center of office building. |
Much of the above data are available from your local government economic development agency or through a commercial realtor.
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