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Saturday, October 17, 2009

Are you ready to start your own business?


A few months ago, my wife and I discussed her starting a business in an industry that she has been a part of for years.

Her work at ESTEE LAUDER and training with John Robert Powers Modeling School in Chicago has given her multiple vantage points of exposure to the career field of makeup artistry.

Along with her inherited culinary passions, make up seems to be something that my wife lives and breathes. She dreams it as passionately as I dream architecture and the design of buildings.

With any new business there are always several steps that you have to take to successfully approach start up. Here is a list of resources that you can review in detail to see if being in business for yourself is a viable option.

Resource No. 1:
Secretary of State
www.in.gov/SOS
(317) 232-6531

In 1816 the state of Indiana designated five constitutional officers of which the Secretary of State is the 3rd highest in command. This office helps to guide potential business owners and existing businesses with helpful information on what type of business to start, tax and licensing information, and general answers to business structured questions.

Resource No. 2:
SCORE
www.scoreanderson.org
(765) 642-0264

SCORE is sponsored by the US Small Business Administration. They are a national organization with local offices. Comprised of a mix of retired businessmen, they are a great starting point for questions surrounding what to do next.

Resource No. 3:
Anderson Public Library:
www.and.lib.in.us
(765) 641-2456

The library has countless resources at your disposal for ever type of business. There are also countless internet resources on the topic of starting your own business. One of your primary goals is to develop a business plan.

Many businesses fail because of under capitalization or they never had a successful plan in the first place. Businesses usually need to raise capital through public or private investors to establish a financial base.

Though the pool of investors seems to be declining, there are businesses that I have spoken with that have built an aspect of their business from private funding (through family/ friends etc). The state of Indiana has a great resource for information on Venture Capital Tax Credits for businesses as well (www.in.gov/iedc/204.htm)

Your plan should outline your marketing strategy and demonstrate how you plan to establish yourself against your competition.

There are three ways to effectively grow your business, mergers, acquisitions, and aggressive marketing. You should know your plan before you consider starting.

Begin to establish a plan of action that will take you to your goal. Your business may contribute to economic development in our area.

Don’t be afraid to fail. Failure marks fear and fear is a boundary that will not allow you to establish your own vision for success.

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