The document discusses the key steps and considerations for starting a business, including deciding on the business idea, creating a business plan, and identifying available resources for support. It recommends determining the business's product or service, competition, management team, and financial projections. The business plan should also address strengths, weaknesses, opportunities, and threats. Additional decisions include business structure, location, registration, financing options, and following relevant organizations online for continued guidance.

1. Starting a Business
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Tools and Resources

2. Starting Out
Decide
What is
your
business
going to
do?
Plan
Create a
plan,
follow
the
steps
Resources
Where
can you
access
help?
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3. Which function will you hold?
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4. Three Key Functions
The Entrepreneur
◦ Are you the person with all the ideas?
◦ Are you dreaming up the next big thing?
The Manager
◦ Are you the person who makes sure the bills are paid?
◦ Are you following up on inventory or schedules?
The Technician
◦ Are you diving into the projects to create or fix?
◦ Are you solving someone else’s problems?
If you
cannot do
all three
functions,
hire
someone to
help you!
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5. Create Your Plan
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6. What is your Business going to do?
What is your vision/mission?
What is your –
◦ Product
◦ Service
What is your unique selling proposition?
What is your competition and where do you fit?
Sometimes we
don’t have the
luxury of
figuring these
items out in
advance.
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7. What is your Plan?
Who is on your management team?
How will you market your product or service?
What are your company
◦ Strengths
◦ Weaknesses
◦ Opportunities
◦ Threats
What is your cash flow?
What are your revenue projections?
S.W.O.T
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8. What resources are available?
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9. Resources
Organizations that can help you establish your plan include:
◦ Small Business Development Centers
◦ Small Business Administration
◦ Small Business Advocacy Council
◦ Women’s Business Development Center
◦ Veterans Business Outreach Centers
◦ Senior Corps of Retired Executives
Look for more resources at
http://www2.illinoisworknet.com/startabusiness
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10. Other Decisions
In addition to your business plan, there are logistical considerations
◦ Business location
◦ Home based
◦ Commercial location
◦ Business Registration
◦ Sole Proprietor, LLC, or S-Corp
◦ Tax Identification Number
◦ Financing
◦ Bank Loans
◦ Small Business Loans
◦ Tax Credits
◦ Grants
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