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Starting A Business?

You’ve decided you want to run your own business and start from the ground up. On your way to becoming a small business owner, there are some questions to ask yourself in the planning phase. Seems simple but each needs to be thought out in detail. Ask yourself:

1. What kind of business? What products/services do I provide?
2. Who is my target customer? What do they care about?
3. Who is my competition? How are my products/services/ideas different?
4. Location? Is property owned or leased?
5. Price of product/offering? And how does it compare to competition?
6. How much money do I need to get started? How will I finance? Do I need a loan?
7. What vendors/suppliers do I need?
8. How do I set up business from legal perspective? Which form of ownership is best for me?
9. What business name do I register?
10. What licenses and permits do I need?
11. How will I manage my business? How many employees will I need?
11. How will I market my business? Name? Identity? Advertising?

There are lots of details to work through and it helps to think through all of this upfront. There’s no doubt owning your own business is risky, but with risk can come reward. But you also have to be aware of statistics. Data from U.S. Small Business Administration shows that the majority of start-ups go out of business within 5 years. So before you just jump in, you must think through all details. And know the stakes.