Starting a Business
If you are just starting your business, or thinking about starting a business, the Nevada Small Business Development Center would like you to review the following checklist:
Check your own motivation and readiness
- Do you want to start a business for the right reasons?
- Do you have what it takes as a business leader?
- Do you have a passion for what you want to do?
- Are you willing to work long hours?
- Did you think about paying for your future employees’ health insurance and benefits?
The NSBDC highly recommends that you check out the following publication.
Determine the feasibility of your idea
- Is your business idea unique?
- What makes it different from the existing ones out there?
- Why is it going to be successful?
Begin business plan and market research
- Many businesses do not succeed because they do not understand the true value behind a well designed business plan.
- A good business plan should show you that you have considered all aspects of your prospective business and you are ready to face the challenge.
- Developing a business plan shows your management skills.
- A good business plan will significantly benefit your ability to convince potential investors that you know what you are talking about.
The NSBDC recommends that you check out the following publication.
We also recommend watching the Small Business Administration’s Free Online Course on How to Prepare a Business Plan.
Choose a business entity
The NSBDC strongly recommends that you seek the advice of an accountant and attorney when making this decision. The NSBDC also encourages you to check out the following publication.
Determine a location
- Selecting the right location for your future business is one of the most important decision you will need to make
- The greater the flow of traffic by your location, the greater the cost for rent. Do you need a highly visible location for your type of business?
Complete Business plan and Marketing plan
Have your advisor/counselor review and provide feedback
Get Financing in Place
- What are your total start up/acquisition costs?
- You will need financial projections for at least 2 years that you can back up.
- You will need extensive collateral. The NSBDC recommends that you check out the following publication
Determine and Design Advertising
Follow your marketing plan as laid out in the business plan and go over that with your marketing advisor/counselor so that you know how you are going to promote your business.
Purchase Inventory and Equipment
Sign lease, contact suppliers to make initial purchases. (you already identified your suppliers in the business plan).
- Identify special employee qualifications unique to your business
- Will you need to hire from out-of-state?
- What positions will key personnel hold?
In addition, the Nevada Small Business Development Center also provides the following consulting services to assist you:
- Classes for entrepreneurs
- Business Readiness Assessment
- Market research / trends
- Forecasting sales and expenses
- Financing alternatives / sources of capital
- Evaluating a franchise
- Business loans understanding the process
- Getting an unbiased opinion/ assessment of your business concept
- Bookkeeping the basics
- Patents, copyrights, and trademarks how to protect your intellectual property
- Site and market analysis
- Forming a business (legal structures) advantages and disadvantages of alternatives
- Buying an existing business
- Computer systems the basics
- NxLeveL Training