Before starting a small business venture, first, ask yourself a few key questions:
Answering these essential questions first helps your small business get started in the right direction and gives you advantages in today’s competitive marketplace. Additionally, it’s helpful to:
Think through your goals, draft your business plan, and figure out how to execute your plan. Meeting with local experts from the Small Business Development Centers (SBDC) located throughout Utah is also beneficial since SBDC offers valuable business startup assistance free-of-charge.
You’ll want to establish appropriate financial and other record-keeping. You’ll also want to secure proper insurance for your business. The organizations below can help you develop procedures and get connected to professionals who can help.
The following organizations provide valuable assistance to small businesses and entrepreneurs to give them the head start in today’s competitive marketplace. From formulating a business plan, to locating funding resources, to helping develop marketing collateral, the following entities help Utah businesses succeed .
Consider if you need a storefront location, who your customers are, and the ease of access to your business. Asking yourself questions like, is there sufficient parking? How about traffic flow? Will you lease or purchase space? These are all great questions to consider when starting a small business.
Get the basics right by understanding the fundamentals of small business finance. Work on and perfect your “elevator pitch” and become a strong salesperson.
Consider liability, taxation, and record-keeping before choosing a corporation, limited liability corporation, sole proprietorship, partnership, or another business type. Also, research steps to protect your intellectual property.
Research your name and register it with the appropriate state agency; consider a “doing business as – DBA” and research trademarking it.
Check out the Utah Women’s Business Center (WBC) for resources for women business owners, including: