Yesterday's New York Times featured a resource-rich, "how to" article for entrepreneurs starting up a business. According to the Times (and I agree), one of the best places for learning about how to get started is the Small Business Administration.
The Saba's website provides a full spectrum of information including how to write a business plan, apply for grants and find & leverage local resources near you. In particular, their monthly web chats provide real-world perspective on pertinent daily issues such as health care, tax planning, regulatory practices, financing and disaster preparedness.
For entrepreneurs who need in-depth guidance in business planning, Bplans offers 100 free template business plans as well as blog advice. I regularly use the U.S. Census Bureau for key demographic and usage statistics, and see it as a must-have tool for business and marketing planning. The Times also recommends FedStats for deep statistics, data access tools and relevant federal agency data.
Another important step to take is to conduct some primary research with your target customers. Interview potential buyers (phone, in-person or email) to test your business idea, get feedback on your proposed products or services and discover pricing tolerance and elasticity. Get a sense of enthusiasm regarding your business plan, or better understand the customer resistance points. You need to find out if your great idea has resonance in the market as well as in your mind.
An economist with the Office of Advocacy states that if you are a new business you have approximately a 50-50 odds for making it to a five-year anniversary. To help you mark that milestone, take a look at some of these great business builder tools.
Shivonne Byrne, Innuity CMO
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