Many politicians keep on parroting about how important small businesses are for the recovery of the battered U.S. employment.
But how exactly does a person go about starting a small business in the first place?
This is a question posed by one reader to Jacqueline Taylor in a column for the Houston Chronicle. Taylor promptly goes on to give the following advice:
Write a business plan. “Having a plan to guide you through the startup process will help you stay on track, but the real benefit is in researching, analyzing and articulating your ideas so that you have a better feel for whether your business is viable”
Pay attention to market research. “Identify your target market by age, gender, level of education and income, and find out where they are and how you can reach them.”
Develop an online presence. “Even if you’re not ready to start, you can get your website development under way.”
Begin networking. “Go to chamber of commerce and other business organizations’ meetings. This is a good way to get some real-world feedback and to get practical advice from people who have been in your shoes.”
Plan a budget. “Having a good idea of how long it will take you to make a profit is a major key to a confident startup.”
Taylor is an associate regional director for the University of Houston’s Small Business Development Center as well as a C.T. Bauer College of Business Administration. The entire column can be read here.