Tools & Resources

• Frequently Asked Questions
• Helpful Business Links
• How do I Start?
• Marketing Feasibility & Planning
• Child Care Business Planning Software
• Profit and Loss Statement
• 12-month Cash Flow Template

How Do I Start?

Action Steps For Starting Your Own Business

Determine if you are ready for entrepreneurship

• Understand the risks & rewards
• Be honest about your personal strengths & weaknesses
• Test the viability of your business idea
• Get experience in your future business field

Build a group of competent advisors

• Banker, attorney, accountant, experienced entrepreneur, etc.

Research ~ Research ~ Research

• Develop a written business plan
• Understand the financial needs of the business
• Know who your customers will be & how to attract them
• Understand the legal & tax requirements for your business Learn how to price your products and/or services
• Recognize the importance of your business location
• Be willing to be a continual learner
• Ask for help when needed

Assess & strengthen your business skills:

• Organization & management
• Accounting/recordkeeping
• Sales/marketing/promotion Human resources

Internet & Technology

• Look into developing a web site

Market Feasibility and Planning

QUESTION: Why research your business idea? 
ANSWER: To avoid costly mistakes!

1. Does a market exist for your product or service?
2. Do you know who your customers will be and can you provide a profile of your typical customer?
3. Have you reviewed pricing standards within your industry? Are you competitive with those standards?
   Is your business seasonal?
4. Will the location of your business affect your profitability? Have you evaluated the strengths and weaknesses of particular locations?
5. Have you evaluated your direct and indirect competition?
6. Is it necessary to conduct any trademark and patent searches?

TIPS FOR MARKET RESEARCH

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