Starting a Business
Starting a Business can be overwhelming. You may be faced with many questions and challenges, and have limited resources. The SBDC is a no cost resource that can help you through the process of starting a business.
First, you should write a business plan. Business fail due to lack of planning. It is important to take the time and write a business plan. There is not one size fits all business plan. A thoroughly thought out business plan will give you a good indication its ability to sustain in the competitive business environment. For more information about a business plan, see the link below, "Starting a Business in IL" which will provide you a starting point of writing a business plan and more importantly reviewing the feasibility. For more business planning tips read through "Business Planning Guide 3."
Now you have started to write your business plan or you maybe you are stuck. How can the SBDC help you?
The SBDC will provide you with the tools and guidelines to help you with you plan. We can advise you on:
A well constructed business plan comes before identifying your business structure. We encourage you to understand the business structures, and take the time to read about the business structures in our workbook with the link below "Starting a Business in IL". For more information about Illinois's business structures and fees go to http://www.cyberdriveillinois.com/.
- Identifying marketing tools and opportunities
- Identifying professionals that are important to business owners
- Review Financial Projections
- Review the Business Plan
Another great resource of information is your local library for books about business structure.
Never go into business before you reviewing the industry, identifying the competition and gathering financial projections. Financial Projections are top priority for making a business decision. Large companies do their financial projections before entering any project.
The SBDC advisors highly recommend that you visit with a Certified Public Accountant (CPA) & small business attorney. They will assist you in identifying the right structure. Each business structure has both tax and liability ramifications, the professionals can tell you more about the tax and liability ramifications.
Starting a Business in Illinois -which features latest information in 2016 on many topics about starting and owning a business including, business plan, business structures, business loans and banking services. Also look for the feasibility checklist and business plan outline. This is created by the Illinois Department of Commerce First Stop for Business Information Center.
Business Planning Guide 3 a very detailed guide to writing a business plan.
Business Resources a link to additional information which covers topics of management, entrepreneurship, marketing, finance.
IBIS World- As the world’s largest independent publisher of U.S. industry research,
IBISWorld’s team of expert analysts covers 700 different market
segments. Each industry report is presented in an objective, easy to
understand format, providing hard-to-find answers to top market research
questions. Each market report is available online in HTML and PDF
format. Clients of the SBDC can receive one copy of an industry so they integrate the information into their business plan.