Posts

Showing posts from July, 2017

Starting a New Business Part 4: Choosing A Business Structure

Image

Montanans Given Chance to Secure Their Water Rights

Image

Starting a New Business Part 3: The Business Plan

Image
In Part 3 of our New Business Series, we're looking at the concept of a formal business plan.  A business plan describes the business: how it operates, how it is managed, how it interacts in the marketplace, how it functions financially and what its strengths and weaknesses are.  The following excerpt from the SBDC Small Business Start Up Guide explains the importance of a well thought-out business plan.  The process may seem intimidating, but the benefits of a formal business plan aren't just limited to new businesses; it can also help owners of existing businesses re-evaluate and solidify their goals. So, here are five reasons why you should write a business plan:

1) To test the feasibility of your business idea.
Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it. In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if w…

Starting a New Business Part 2: Market Research

Image
In Part 2 of our series, we're exploring the SBDC Business Start-Up Guide.  Did you know that only 20% of new businesses survive past their first year? And only 50% of those will make it to 5 years!?  (Source USA Today).  If you want to be one of the success stories, then you need to be prepared.  Let's look at the SBDC new business checklist:
If you're starting a new business, you probably have enthusiasm and what you think is a good idea to make you some money, but part of making a successful business is evaluating both your idea and yourself before going off with nothing but blind ambition.

The SBDC guide recommends conducting market research as part of your business development process so that you understand your proposed market and the potential demand for your product or service.  This might mean using your own experience and the connections within your industry or conducting interviews or surveys of potential customers.  Regardless of how you go about it, here are the…