Understand How To Start A New Small Business

There are sixteen (16) critical steps that you should take in the start-up of a new business. They include:

1. Complete a Self Assessment

2. Prepare a Personal Financial Statement

3. Determine Your Credit-Worthiness

4. Define in detail the Nature of the Business You plan

5. Evaluate Your Three Strongest Competitors

6. Document why Your business will be Unique

7. Define how You will Price your Product/Service

8. Plan how You will Advertise & Promote the Business

9. Plan how You will maintain Accounting Records

10. Identify Licensing, Tax & Regulatory Requirements

11. Prepare a Schedule of Start-Up Costs

12. Determine the Legal Form for Your Business

13. Decide on a Name for Your Business

14. Determine Your Business Insurance Requirements

15. Determine if Your Financial Assets are Adequate

16. If All Above is a “GO,” develop a Business Plan

SCORE can assist you in completing all of these steps, sign up for our “Starting Your Own Business” workshop and seek one of our Management Counselors at Counseling Request.