Woah there! We are just as excited as you are about getting your business up and running, but let’s not get the cart in front of the horse! Before you make the decision to open a business, take some time to ask yourself these questions and consider your options.
Do You Have What it Takes?
There are many advantages to starting a business including being your own boss, making a living doing something you are passionate about, and setting your own schedule. Check out this article from the Small Business Administration on the characteristics and skills required to be a successful entrepreneur.
Ideas are everywhere. Successful entrepreneurs know that not every idea is a good business opportunity. Before you bet the ranch on your idea, take the time to research who will buy your product or service and what competition you will face. The Small Business Administration (SBA) offers resources to help you learn about what it takes to start a business.
Ask yourself these 20 questions before starting a business to help with decision making.
Finally, this Resource Guide from the Iowa Small Business Administration provides a quick reference guide on how to start a business, business planning, business regulations, financing, entrepreneurial development and government contracting.
Start-Up Classes and Events
Basic “starting a business” classes cover finance, legal structure, marketing, planning and other topics that can get you off to a good start. Find classes and workshops near you on our IASourceLink Statewide Calendar.
Find a Counselor or Mentor
As you are starting a business, advice from a mentor or business counselor will be valuable to help you avoid common mistakes. Organizations such as SCORE and Small Business Development Centers can help you clarify your ideas and plans.
Considering a Franchise?
You may consider the pros and cons of buying an existing business. This opportunity may be less risky than starting your own business from scratch but you still need to perform due diligence before making the commitment. Some prospective business owners may consider buying a franchise. Check out the consumer guide on buying a franchise if considering this route.
Have you thought through your business idea, met with a mentor or counselor, and considered your options? Then you are ready to start taking the necessary steps to get your business up and running in Iowa.