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IN FOCUS How to Start a Small BuSineSS omstock sourcE:sBa san DiEgo c s decisive and correct opening moves. And, although should be able to identify and be knowledgeable about yourThen you should identify the niche your business will fill.Conduct the necessary research to answer some questionsabout the practicality of your idea and what need will it fill. Youtarting and managing a business takes motivation,desire and talent. It also takes research and planning.Like a chess game, success in small business starts with initial mistakes are not fatal, it takes skill, discipline and hard competition, as well as know what advantages you may have work to regain the advantage. over your competition. Detail how you will be able to deliver a better quality service and how you plan to stimulate demand To increase your chance for success, take the time up front to for your business. explore and evaluate your business and personal goals. Then use this information to build a comprehensive and wellthoughtout The final step before developing your plan is the pre-business business plan that will help you reach these goals. The process checklist. You should answer these questions: of developing a business plan will help you think through some F What business am I interested in starting? important issues that you may not have considered. Your plan F What services or products will I sell? Where will I be located? will become a valuable tool as you set out to raise money for your F What skills and experience do I bring to the business? business. It should also provide milestones to gauge your success. F What will be my legal structure? F What will I name my business? The SBA offers special online courses on starting a small F What equipment or supplies will I need? business. Visit the Web site athttp://www.sba.gov/sba-learning- F What insurance coverage will be needed? center/search/training/starting-business. F What financing will I need? F What are my resources? Before starting out, list your reasons for wanting to go into F How will I compensate myself? business. Some of the most common reasons for starting a business are - wanting to be your own boss, wanting to attain Your answers will help you create a focused, well researched financial independence, wanting more creative freedom and business plan that should serve as a blueprint. It should detail wanting to be able to fully exploit your talents and skills. how the business will be operated, managed and capitalized. thesbA offers special online courses on starting a small business.Visithttp://www.sba.gov/sba-learning-center/ search/training/starting-business. Next you need to determine what business is “right for you.” For a broad discussion on start-up business topics, visit the SBA You should know some basic things about yourself, like how you Web site athttp://www.sba.gov/starting_business/index.html. like to spend your time and an inventory of your skills. Be aware of what others say are your best skills and talents. You should For a free online start-up guide, visithttp://www.sba.gov/ca/ also think about how much time you will have to run a successful sandiego or find your local SBA office at http://www.sba.gov/ small business. And, never underestimate the marketability of about-offices-list/2. your hobbies or other special interests. 18Opportunity World • March/April 2013 www.OpportunityWorld.com


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