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How do I get my small business off to the right start?

Home » Small Business » Being Successful...In a Small Business » How do I get my small business off to the right start?

With proper planning ahead of time, you can make great strides toward ensuring the success of your small business. There are many resources available to you in your local community and through governmental agencies. Consult with the U.S. Small Business Administration, as well as your local Better Business Bureau and Chamber of Commerce for referrals to resources.

According to “Starting a Small Business: The Feasibility Analysis” by Michael D. Reilly and Norman L. Millikin from the College of Business at Montana State University – Bozeman, you should conduct a basic economic feasibility analysis, which they define as “a preliminary evaluation of your business idea to see if it’s worth pursuing.” The analysis, which is laid out in their guide, includes the following:

• Evaluate whether you and your management team possess the characteristics most common to entrepreneurial success
• Assess the market for your new business idea
• Estimate the basic financial feasibility of your business, including potential sales revenues, fixed and variable costs, and break-even figures
• Identify the pitfalls many new small businesses encounter-and study how you can avoid them
• Finally, make an informed choice about whether or not your idea is still attractive and practical
Key to this process is research. While many small businesses start with a dream or vision, the ones that succeed move far beyond that before they ever open their doors for operation. Turn your dream into a business plan with realistic goals and ample financial backing and then stick to your plan to see it succeed.

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