First Steps

Some first steps you can take in planning are to consider the following:

1.Talk to potential customers about your product or service.

• Is there a need for your product/service?
• Why would potential customers buy the product/service from you?

2. Analyze your competition

• Who are they and how do they operate?
• Are they successful and why?
• Don’t be afraid to ask your competition for information, they may be willing to become a mentor!

3. Consider possible start-up approaches.

• Will you be able to work from home?
• Will you be working a regular job while starting your business?
• Could you lease or hire equipment, premises etc. rather than buy?

4. Get an idea of your start up costs and anticipated sales.

• Avoid over-estimating likely sales and under-estimating costs or lead times.

5. Prepare a simple action plan.

• A timeline of actions will help you achieve your goal.

6. Look at each part of your business idea from many angles.

• Can you raise enough money to get started? From where/who?
• Where will your business operate out of, a store front, or maybe a basement?
• How will you promote and sell your business?

Who do you know that can support you and your business?

Friends, family and even neighbors can help you in your business planning. Do you have a family friend that has operated a business? People often enjoy sharing their experiences and their wisdom.

The Service Corp of Retired Executives (SCORE) is group of retired business people that offer advice and guidance, free of charge. http://www.score.org/

As you develop your business other businesses in the community will become part of your support team. You will make contacts in the marketing field, insurance, and banking. Get to know these people they might have a lot to offer.

Additional Web Resources

The Alaska Department of Commerce Community and Economic Development has a website that also helps people in the beginning stages of small business development. Their site can be found at:

http://www.commerce.state.ak.us/dca/smallbus/starting.htm

The Idaho Small Business Development Center has developed some tools to help people assess their readiness to begin a small business. This is their recommended first steps to starting a business. Their site can be found at:

http://www.idahosbdc.org/biz_startup.html

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For assistance or additional information contact:

The Center for Human Development by email | 2702 Gambell Street, Suite 103, Anchorage, AK 99503 | Phone: 907-272-8270 | Toll Free: 1-800-243-2199

The Center for Human Development and UAA are an AA/EO employer and educational institution.