Starting a new business - Part 1

Starting a new business - Part 1
By: Wes Wallace

CAPE GIRARDEAU, Mo - With jobs coming and going across the country and right here in Southeast Missouri. many people take a shot at starting their own business.  So what do you need to know to begin a small business operation?  In three part series on Heartland News at Nine, we'll cover some need to know information from Bill Vickery with the Small Business Development Center at Southeast Missouri State University.
"We have resources such as a lending library, a resource library, training events, and also offer services with a business counselor," explains Vickery, "You really need to do your homework, don't be in such a hurry to get started, look for resources that can help you get through this process, and don't be afraid to ask questions."
Vickery also says to take your time and not rush into opening up shop before you're really ready.
Experts say about half of all startup businesses fail.  Vickery says it's usually due to lack of adequate planning before the doors open for business.  He recommends asking and answering several questions.
  1. Is there a real need for my product or service, or is this just something I want to do?
  2. Who is most likely to buy my product and how will I reach them?
  3. What types of competition is out there?
  4. How do I price my product, so I can make a profit?
  5. Can I meet the obligations of my company and my personal needs?
Vickery adds a lot of business fail, even though a profit is made, simply because the owners can't invest as much time into as needed.

For more information on the Small Business Development Center at Southeast Missouri State University, you can check out this website.

On Thursday, we'll introduce you to the people you need to talk to before starting your own small business.