Is 2020 the year you finally make your dream of owning a small business come true?
With a new year and a new decade beginning, there’s a sense of optimism that might make you think now is the time to get your small business off the ground. Maybe you’re considering turning your hobby or side hustle into a full-time job, or perhaps you’ve always wanted to be an entrepreneur.
Whatever your motivation, with small business optimism on the rise, this year could be the ideal moment to take action. The U.S. Small Business Administration (SBA) is ready to help you get started.
Here are some key steps to consider as you begin your small business journey:
– **Conduct Market Research:** Make sure your business idea has a chance to succeed in your target market. Check if similar businesses already exist in your area and whether there’s enough demand. A competitive analysis will provide a clearer picture of your business’s potential.
– **Write Your Business Plan:** A solid business plan helps you set and track goals while convincing investors and lenders of your business’s potential. There are various formats and templates to choose from. You can also take the SBA’s online, self-paced “How to Write a Business Plan” course for more guidance.
– **Find Funding:** Once you know your funding needs, decide which type of funding is best based on terms, rates, and risks. Options include self-funding, venture capital, crowdfunding, small business loans, and more. If you need an SBA-backed loan, use the SBA’s Lender Match tool to find approved lenders.
– **Pick Your Business Location:** When choosing a location for your business, consider the costs, benefits, and restrictions of different areas. Factors such as salaries, minimum wage laws, property values, rental rates, business insurance rates, utilities, and government fees can vary by location.
– **Choose a Business Structure:** Your business’s legal structure affects registration requirements, tax rates, and personal liability. Look into common business structures like sole proprietorships, LLCs, and more to decide what’s best for you.
You can find additional resources and a comprehensive 10-step guide to starting your own business. For help with these steps and expert guidance throughout your journey, turn to local SBA Resource Partners like SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers.
If you’ve been dreaming of being your own boss, 2020 could be the right year to start. The SBA is here to guide you on your path to entrepreneurship. Learn more about how we can help at every stage of your business at sba.gov.
