Taken from an interview with small business owner Oliver Bigler...

Starting a business is a big decision and that should not be taken lightly. I work with a lot of business professionals and entrepreneurs and they ask me on a regular basis me how to start a business. As a result I’ve developed a list of key items every potential business owner should consider before making the leap, including:

• Get inspired: To start a business you have to have an idea. Plain and simple. If you don’t have an idea, you’ll never succeed.

• Do your research: Once you’ve identified the idea do a reality check. Do your homework and see if your idea has potential by asking yourself some critical questions, such as:

o Is there a need for your anticipated product or service?

o Who needs it?

o Do other companies already offer this product or service?

o What is the competition like

o How will your business fit in the market?

• Devise a plan and strategy: An idea alone won’t do anything. Put a plan in writing and include your business goals, motivation behind the goals and a strategy for achieving these goals.

• Plan your finances: Starting a business doesn’t have to require a lot of money but you need to know going in how much it will take and where the money is going to come from. Ask yourself if you’ve saved enough to get the business off the ground or will you need to find financing through a bank loan or can/will family and friends help? Whatever number you come up with for starting costs plan on spending at least 25 percent more due to unexpected costs that always come up.

• Register a business name: A business name is important and it brands the business and will be how clients and customer come to know you. Consider all implications or the name you want and decide what type of business it will be, ie, an LLC, sole proprietorship, etc.

• Get the proper licenses and permits: Paperwork can be boring and tedious, but it needs to be done in order to avoid future problems.

• Establish a business location: Every business needs an address, whether it’s a home office, shared office space or a private office. A business address lends legitimacy and credibility to your business.

In my experience, if you can answer these questions or are willing to take these steps to get your business going you’re well on your way to owning your own business. It may seem like a lot to consider but by following these steps you’ll put yourself in a position to succeed.

Oliver Bigler, President and CEO

Marketecture

Orem, Utah