Five “Must Do’s” For Business Start-up
Posted by Amy Clickner on July 5, 2012
Have you taken a look at the latest numbers on the Lake Superior Community Partnership dashboard? The number of economic development clients we’ve met with so far in 2012 is on pace to finish well ahead of last year’s total, which was a record number in 2011. Much of this can be attributed to the fact that we are seeing more small business start-up clients.
In the new economy, and an era that is technology driven, many entrepreneurs are seeing opportunities to create and control their own destiny, looking for flexibility to live where they want and create a job centered on their passions. Basically, it’s a shift in culture that has adapted to the shift in the economy.
So with the increase in entrepreneurial assistance happening at the LSCP, we thought we would share five of the “Must Do” items when starting your own business:
1: Be clear and honest with yourself on why you want to start your own business, and what you need to get from it. The “gut check.” There is a big difference between having a hobby business and having a business that you are relying on to support yourself and family. Understanding what you need from your business, in conjunction with resources (time, personal resolve, skill, support, etc.), will help you make important decisions while moving forward with the planning process.
2: Get your personal credit in order and fully understand your personal finances. Your personal credit and finances will be irrevocably tied to your business, and unless you plan to entirely fund your endeavor with your personal savings, you must have your financial house in order. If your credit is less than perfect, take advantage of accredited debt management resources to get yourself back on track and in the right financial position to start your business.
3: Narrow your focus. Decide what the focus of your business will be and figure out how to do it well. The more facets you add, the more thinly you will spread yourself. Perfect the basics before adding more.
4: Know your limitations and build a team to compliment your weaknesses. No one is skilled at every facet of business. We all have weaknesses or areas that we simply don’t like. Be honest about what yours are and indentify the people around you (or the type of people you need to find) to compliment your weaknesses. Build a team and use it.
5: Ask for help. There is no reason to go it alone. Every community has resources, many available at little or no cost, to help businesses at any stage. Keep in mind that you are likely only going to do this once in your life. There are people who do it every day so let them help you, it’s what they are there for.
If you are looking to start you own business, the Lake Superior Community Partnership business development team is here to assist you. Visit our Business Startup page at https://marquette.org/business-resources/business-startupentrepreneurial-assistance or call us at 906-226-6591 to schedule an appointment with one of our development specialists.
