Thinking about starting a business?If you're thinking about taking the first step to
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We have many options for help from professionals who can help you grow your business.
Didn't find an answer?
Want to post some helpful information?
Contact Johnnie Hildreth
at the City of Vancouver.
Know Yourself
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List your strengths and weaknesses; pay special attention to your business experience, business education, and desires.
Construct your resume. Write down your dreams, values and desires:
http://www.sba.gov/content/20-questions-before-starting-business Consider ways you will maximize strengths and minimize weaknesses.
Ask a friend, colleague or past teacher for feedback. Be objective!
http://www.score.org/resources/are-you-ready-be-your-own-bossAssess your familiarity with the product/service and industry and the skills necessary to the specific business.
Write down what you know about the industry or business, all aspects:
http://www.sba.gov/content/conducting-market-researchList personal and professional goals
Based on your values and dreams construct some long term, short term and intermediate goals:
http://www.sba.gov/content/entrepreneurship-youWhat five factors lead me to believe I should be in business for myself?
Take the Quiz then assess the positive factors:
http://www.sba.gov/content/use-our-starting-assessment-tool
http://web.sba.gov/sbtn/sbat/index.cfm?Tool=4Risk Preference
Am I ready to risk my own IRA or Savings on this venture? What sacrifices might be necessary in my personal life to start this business? What other assets am I ready to risk?
http://www.sba.gov/content/do-i-need-my-own-money-start-business
http://www.score.org/node/572185
Know Your Market Niche
What business am I in?
Determine if the product best fits your strengths and desires:
http://www.score.org/resources/how-really-start-your-own-businessWill it serve an existing marker in which demand exceeds supply?
Clearly define your product or service and evaluate it. If you answer "no" to any of these, take time to reconsider you idea and/or ask for advice:
http://www.sba.gov/content/conducting-market-research
http://www.score.org/resources/5-tips-simple-market-researchWill it be competitive based on quality, selection, price, or location?
Clearly define your product or service and evaluate it. If you answer "no" to any of these, take time to reconsider you idea and/or ask for advice:
http://www.sba.gov/leaving-sba-dot-gov?url=http%3A%2F%2Fwww.marketresearch.com%2Fbrowse.asp%3Fcategoryid%3D81
http://www.score.org/resources/5-tips-simple-market-research
Know Your Customer
Who are your customers?
What are their needs and desires? Where do they live? What is their average income? How many are there? What geographic area do they live in? How often will they use the product? Prepare a Customer Profile:
http://gis.clark.wa.gov/applications/gishome/products/?pid=economicWhat are the current characteristics of the industry?
Is it growing? Leveling off? Declining? Do a market analysis:
http://www.workforceexplorer.com/cgi/dataanalysis/
https://fortress.wa.gov/esd/lmea/IndustryDashboard/
Know Your Finances
List your financial strengths and weaknesses
Pay attention to credit history available cash/assets, and current financial obligations, outside resources. Carefully assess your financial health by comparing what you own to what you owe.
www.annualcreditreport.comIf considering the business as an investment, seek the advice of an investment professional.
Meet with a Financial Advisor or CPA:
http://www.cfp.net/search/
Develop a Business Plan
How will it Operate? What Will it Cost? What is your business strategy and goals?
The purpose of a well written business plan can mean the difference between success and failure. Please remember failing to plan is planning to fail. Small business owners say the SCORE templates as a resource are FANTASTIC.
http://www.score.org/resources/business-plans-financial-statements-template-gallery
http://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/writing-business-plan
What are the sales revenues in your geographic area for your product / service?
Will overall total sales increases or is demand at capacity? What percentage of the total do my sales figures represent? Complete a Market Study taking into account both demand current supply and pipeline supply:
http://www.businessplans.org/tabMarkets.html
http://www.dol.gov/dol/topic/labor-relations/index.htm
What is your marketing strategy?
Write a marketing strategy as part of your business plan, then test the marketing to see if it will be successful and cost effective:
www.planware.org/-
Where will your geographical location be? How much space do you need? Lease or buy?
Complete a cost verses benefit analysis of the location you desire. Map the location overlaying the area demographics. Consider zoning carefully. Determine the market and if it would be best to own or purchase?
http://quickfacts.census.gov/qfd/states/53/53011.html
http://www.ccim.com -
Are you prepared to maintain complete records of sales, expenses, payables, and receivables?
Take inventory of your skill set in book keeping and accounting. Be honest with yourself, will you keep on top of this or should you out source it? Many companies have gone under due to large accounts receivables that were able to be collected but were not due to lack of consistent follow up.
http://quickbooksonline.intuit.com/ -
Do you have a Tax and Accounting Advisor?
Every company should have a Tax Advisor either a E.A. or a C.P.A.:
http://www.cpaboard.wa.gov/LicenseeSearchApp/ -
Do you have a Legal Advisor?
Every company should have a legal advisor before trouble starts Find one here:
http://www.lawyers.com/Washington/Vancouver/browse-by-area-of-law.html
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Risk Management, Insurance, Emergency / Succession Planning Strategy?
What risks do my product/service represent? What insurance options are available to minimize risks? At what cost? What measures can I take to reduce risk? Find a trustworthy insurance agency:
http://www.insurance.wa.gov/consumers/other/index.shtml -
Who will you Bank with? Why?
Find a trustworthy bank, or credit union. Consult your banker about establishing checking accounts, a line of credit, and/or borrowing requirements:
http://www.bankrate.com/rates/safe-sound/ssPromo.aspx
Do YOU Have the Money? To Borrow or not to Borrow?
Determine how you will finance your business.
Do you have personal cash: savings, family investment, or equipment that can be converted to a company asset? Complete personal financial statements; Balance Sheet and Inflow/Outflow analysis. List the resources you will commit from your analysis (cash and assets). Determine if that is enough or will you need to seek cash from other sources?
http://www.sba.gov/financialassistance/Consider options: lenders, suppliers (trade or credit), "angel" finance, venture capital, insurance company
Can you meet the 5 "Cs"? (Positive Credit, Collateral, Credibility through Experience, Cash Equity, Capacity to Repay) Have initial meeting with lender or investors to assess ability to raise capital. If you don't have 25-30% of the business's start-up costs and/or you have a poor credit rating, you may find it difficult to secure outside loans.
http://www.sba.gov/financialassistance/
http://dfi.wa.gov/sd/smallbusiness.htmIs your Business plan and loan proposal draft complete?
Review business plan or loan proposal with SCORE or SBDC advisor. Identify lender or investor and make appointment:
www.scorevancouver.org
www.WSBDC.org
Create a Legal Entity
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Determine a business name and legal structure
Identify your needs and develop your legal plan, focusing on which form (sole proprietorship, partnership, or corporation) best fit your needs. Specific licensing questions are best answered by the issuers. If you need general information about legal structure, you can get it at the library or the WSU SBDC.
www.irs.gov
www.poznaklaw.com/articles/planst.htm
www.access.wa.gov/business/checklist/checklist1.aspx Is your business name unique?
Register your business in the state of Washington through the master business license program:
http://bis.dol.wa.gov/
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Does your legal structure (proprietorship, partnership, or corporation) meet your needs?
Contact an attorney and CPA: Do you foresee a future presence on the internet?
Secure a domain name as soon as you define your business name.-
How do I...
Tools and detailed "how-to" instructions to independently address a wide-range of legal issues including business law and financial planning:
http://www.fvrl.org/findinfo/index.cfm#legal
Are there other city or county licenses required?
http://www.cityofvancouver.us/businesslicense
http://www.co.clark.wa.us/index.asp
Camas: http://www.ci.camas.wa.us/
Washougal: www,cityofwashougal.us
Ridgefield: www.ci.ridgefield.wa.us
Battle Ground: www.cityofbg.orgDo you need a Federal ID number?
http://www.irs.gov/businesses/small/article
http://www.sba.gov/content/getting-tax-identification-number
Get a Business License
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Register your business name:
http://www.choosewashington.com/business/start/Pages/default.aspx
bls.dor.wa.gov/ -
Get a Washington business license guide:
http://bls.dor.wa.gov/file.aspx -
Determine your jurisdiction:
http://gis.clark.wa.gov/applications/gishome/property/index.cfm?fuseaction=showproperty&CFID=32118&CFTOKEN=30899952
Vancouver: City of Vancouver, Washington, USA
Battle Ground: http://www.cityofbg.org/index.aspx?NID=154
Clark County: http://www.co.clark.wa.us/Permits-Licenses.html
Camas: http://www.ci.camas.wa.us/index.php/licensing
Ridgefield: http://www.ci.ridgefield.wa.us/resources/formsMapsDocuments.htm
Washougal: http://www.cityofwashougal.us/index.php?option=com_content&view=article&id=251&Itemid=74
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Apply for a City business license
http://access.wa.gov/business/citylicenses.aspx
(NOTE: a business license does not include a building permit to make improvements to a building if necessary.
Go to http://www.vancouverbusinessresource.org/Expanding.html if a permit is needed.)
Permitting for Construction
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Learn what permits you will need:
Clark County: http://www.co.clark.wa.us/index.asp
Vancouver: www.cityofvancouver.us
Camas: http://www.ci.camas.wa.us/
Washougal: www,cityofwashougal.us
Ridgefield: www.ci.ridgefield.wa.us
Battle Ground: www.cityofbg.org
Comprehensive Checklist
Looking for a comprehensive checklist that outlines all Washington Regulations?
http://ora.wa.gov/business.aspLooking for a comprehensive checklist that outlines all Oregon Regulations?
www.filingoregon.com-
A list of chambers and business association in Southwest Washington
http://www.dowegetit.com/about-us/
Got all that?
Alright then, let's keep moving forward!
Click here to get tips and resources for maintaining your business.
