Set Your Small Business Up for Success: Strategies, Best Practices, Insights, and Tips
Share this article:
Mistake-Proof Your Business Idea
State of Small Business in 2023
Cleaning services Delivery services Drive-in movie theaters Grocery stores and liquor and wine stores Meal prep delivery services Canned and jarred goods companies Game makers and sellers Fitness equipment companies Landscaping and yard care companies Tutoring businesses
Small Business: Regrouping and Moving Forward
Portrait of a Small Business Owner
In the same data group, 17.7% of employer firms were minority owned. Within that group, 5.6% were Hispanic-owned, 2.2% were Black owned, 9.7% were Asian-owned, 0.4% were owned by American Indians and Alaska Natives, and 0.1% were owned by Native Hawaiians and other Pacific Islanders. In 2017, about one in six (17%) business owners with employees were immigrants. The industries with the greatest share of immigrant owners were Accommodation and Food Services (37%) and Retail Trade (23%). Veterans owned 6.1% of U.S. employer firms.
Is It an Idea or an Opportunity?
Solves a problem for a customer Exists in a space that isn’t too crowded Can be executed in a strategic space where you will hold an advantage Fills a critical customer need that may not be obvious to them Is not obvious to people who don’t have your background, experience, or insight
Starting a Small Business: The 10 Essential Steps
Conduct Market Research
Write Your Business Plan
Fund Your business
Pick Your Business Location
Choose a Business Structure
Choose Your Business Name
Register Your Business
Get Federal and State Tax IDs
Apply for Licenses and Permits
Open a Business Bank Account
Nailing Your Business Plan
Locations & Facilities: Describe your company’s physical location. Technology: Describe any important software, hardware, or other information technology that you use now or plan to use later to operate your business. Equipment & Tools: List any specialty equipment that you have or plan to acquire to do your work. Milestones and Metrics: List your key milestones and the dates that you hope to accomplish them by.
Management Team: List the members of the management team, including yourself. Describe each person’s skills and experience and what they will be doing for the company. Advisors: Describe any mentors, investors, former professors, industry or subject-matter experts, knowledgeable friends or family members, small-business counselors, or others who can help you as a business owner.
Key Assumptions: Describe how you came up with the values in your financial forecast. Revenue and Expenses by Month. Include a chart that shows your projected revenue and expenses. Use of funds: Explain what you plan to do with that money. Sources of funds: Describe your financing plans, and include if you plan to invest your own money. Projected Profit & Loss statement Projected Balance Sheet Project Cash Flow Statement
About the Author
Share this article: