Creating Momentum for Your New Business IdeaWritten by Myrtis Smith
You've got a great business idea. You're excited at possibility of being your own boss and taking control of your own destiny. There's only one small problem: you have no idea where to start. The most important thing you can do, is capitalize on excitement you currently have and get some momentum started. Below are a few simple action steps that will help launch you into realm of "business owner" 1. Research. Hop on internet and type in a keyword for you idea. Read what is available on your topic. Identify gaps in available information; those are gaps you could fill, potential services you could provide. 2. Talk it up. Tell you mother, your best friend, neighbor down street. Tell anyone who will listen to you about your idea. This will do 2 things. First it will create some accountability, you've told so many people about this great business you're not in a position to just drop it. Secondly (and more importantly) someone you talk to is bound to know other places or people where you can get information. Maybe they have a cousin in another city who started same business, or maybe they are aware of a vendor who could get you a great deal on your raw materials. People know people and most people are willing to share their knowledge with you. 3. Create a dummy business plan. This does not have to be your take-to-the-bank-to-get-a-loan business plan. This can just be a rough draft. The point is to create something that will get to you thinking about what you need to do. There are many business plan resources on Internet and most of them ask you some pretty hefty questions. Even if you're not ready to create a serious business plan, this is good way to get you thinking in right direction.
| | A Micro-Entrepreneur's Most Valuable ResourceWritten by Mike Morgan
According to U.S. Small Business Administration, there are approximately 25 million small business in United States. They account for 47% of all sales, 55% of innovations, and 35% of all federal contracts. And rate of small business bankruptcies are at lowest point in 19 years!Taken together, SBA's research points toward one big conclusion: starting your small business today, including small home-based "micro-enterprises", is a great idea! Assuming you are in United States, SBA, and its affiliated organizations SCORE (Service Corps of Retired Executives) and SBDCs (Small Business Development Centers), are perhaps most valuable sources of advice and education available to micro-entrepreneur. After you've decided what your ideal small business will be, how do you find out what resources are available for you at SBA? One of first steps is to call SBA (1-800-827-5722, 9am-7pm East Coast time) and request publication OPC-2, "Your Business and SBA". This publication is a summary of large array of services available to you from SBA. Next, go to you local library, and ask reference librarian for a copy of SBA's "How to Start a Business in [your state]". It contains all state- specific details, such as licensing requirements, for every state.
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