Get your Personal Finances Together. If your personal finances aren't already in order, do so now. Review your credit history and complete a personal financial statement.
Find your Talents and Passion. Identify what you do well and what you could spend long hours doing without feeling overworked. Evaluate your personal strengths and weaknesses.
Scope out your Market. Know what need you will fill within your target market. Research both the direct and the indirect competition.
Seek out Support. Make sure your family is behind you and discuss with them how starting a business will bring changes. Talk with mentors, family and business counselors regarding your start-up ideas. Obtain free and confidential business counseling from a Small Business Development Center (SBDC) near you.
Calculate your Start-up Costs. Make a list of what you will need to start your business and research the costs of everything on that list.
Determine your Break-even Point. Figure out how much product or service you will have to sell before getting your initial investment back. If you need help with this or any other step, ask your business counselor for help.
Research your Funding Sources. Start with your own savings, then determine possible other sources: family, non-profit lenders, vendor financing, commercial banks, SBA loans, etc. Ask your SBDC for help to
identify the best funding sources for you.
Develop a Business Plan. Gather the information you have researched so far to include in your business plan. Along with your personal financial statement, start-up costs, break-even analysis, you will need 3 years projected cash flow. Ask your SBDC counselor for assistance in tailoring a business plan for your particular needs and industry.