Simple steps to consider before starting a business.

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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