Economic Development

SO YOU WANT TO START A BUSINESS?

Where to look for what to do.

A BLUEPRINT for business success.

Business Resource And Counseling for Entrepreneurs

www.braceonline.org

BLUE PRINT FOR YOUR NEW BUSINESS

For years you've thought about it. For years you put off thinking about it seriously. And now you've decided... it's time. But wait. Before you jump on your horse and ride off in alll directions, there are some very important questions you need to ask yourself. This BRACE website is designed to help you organize your thoughts and help you find the help you need. The in depth inforamation you may have read about in our pamphlet is here at your fingertips. So now ask yourself why do I want to start a business? The first step in starting your new business is to consider the following questions.

1. What is my product or service?

2. Who is my customer?

3. Who is my competition?

4. What differentiates me from my competititors?

5. How will I market my new business?

6. How will I finanace my new business?

7. What do I need to know to manage my new business?

Your answers to these questions will help lay the foundation for developing the buiness plan for your new business.

BLUE PRINT FOR YOUR EXPANSION

You've been in business for a while, you bought the business, or started it from scratch. But things seem stagnant. New competition has arrived on the scene. Your product line is stale. Technology has passed you by. Whatever the reason, you have questions to ask yourself before you can get growing. This BRACE website is designed to help you find the advice you need to grow your business.

1. Do I have a well established and proven product or service?

2. Do I have an established repeat clientele and am I actively engaging new customers?

3. What is my current market share of business compared to my competitors?

4. Will I grow my business by producing more or diversifying?

5. How will I market to existing and new customers to support my expansion?

6. How will I finance my business expansion?

7. What additional skill s and expertise do I need to support my business expansion?

Your answers to these questions will help determine whether you are ready for expansion the next step is to update your Business Plan!

MAKE IT

What’s your Product or Service?

Your product or service is ultimately what your business is about and what your business is defined by. You have decided to start a business because you have a good idea about a product or service, or you have produced a product and service and you are ready to take it to market.

Your product or service will define who you are as a business, so it is important that you can define it. Take a moment to describe your product or service in depth. Consider its unique features, and why customers will purchase it.

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A good resource for assisting you with describing your product or service and helping you to start your Business Plan is SCORE. Check out the SCORE web-site at www.score.org for your local SCORE Chapter and free business counseling services.

MARKET IT

How will you Sell your Product or Service?

Now that you’ve described your product or service the next consideration is how you will sell it. It is important to remember that the business of business is business; the primary reason for most people to start a new business is to make money and be able to support their lifestyle. A critical step to developing a new business is identifying your target market and knowing more about the demographic of your target market. Consider who your target market it, what do they look like from a demographic viewpoint.

Your target market will be defined by your business, so it is important that you know who they are. Take a moment to describe your target market in depth. Consider who they are, where do they live, what is their age range, what are unique characteristics that describe them. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

The more you describe and define your target market the easier it will be to develop a successful marketing campaign that will sell your product or service. A good resource for assisting you with defining your target market is Michigan’s Small Business and Technology Development Center. Check out the MiSBTDC web-site at www.misbtdc.org/region11 for resources to assist you in identifying your target market.

MANAGE IT

Do you know how to Operate your Business?

Now that you’ve described your product or service, and defined your target market, the next step is to develop an understanding of how to operate your new business. Managing you business is the third part of the equation to having a successful business, and there are many considerations at this level. You will need to determine legal, financial and operation aspects of your business. What type of legal organization will be the most desirable for you, will you be a sole proprietorship, partnership, “S” corporation, limited liability company, corporation? Can you state the financial requirements of your business and where the funds will come from, can you project revenues, costs, and profits? Can you explain the systems and processes that will be used to run your new business; what facilities will be used, what supplied will be needed, who will provide the labor, what will your hours of operations be?

Determining how you will operate and pre-planning your new business will add to your overall success. Consider the expertise that you need to bring to the table before you open your door or pound the pavement; your accountant and attorney should be considered partners to your business success!

Jot down below your skills in operating your new business and where any deficits exist identifying vendors (your partners in business) who can help you. ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

The State of Michigan provides a range of resources relating to taxes and regulatory requirement on-line at www.michigan.gov. Remember, as a small business owner it is your responsibility to ensure that you are complaint with all local, state, and federal requirements and laws!

MENTOR IT

Have you heard about these Resources for your Business?

Business Resources and Counseling for Entrepreneurs

www.braceonline.org

Greater South Haven Area Chamber of Commerce

606 Phillips Street, South Haven, MI 49090

www.southhavenmi.com

269-637-5171

Greater Paw Paw Chamber of Commerce

……..etc…..

SO YOU WANT TO GROW YOUR BUSINESS?

BRACE

Business Resources and Counseling for Entrepreneurs