Whether it's just a side hustle or a replacement job for your 9-to-5 job, starting a business takes courage, dedication, and hard work. But you're not alone. Pennsylvania State has your back. We can help you develop the business concept you've been considering finally taking the plunge with the help of our PA Business One Stop Shop, which can connect you to local resources like the Pennsylvania Small Business Development Center (SBDC).We spoke with Amanda Fink of Kutztown University SBDC. Learn more about what aspiring entrepreneurs should do as they begin their journey to becoming business owners. Learn more about the important planning steps you need to take before you take the plunge and officially register and launch your business.
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Identify your business value proposition.
What does your new business offer? What problem does your business help solve for your customers? How is what you offer different from existing businesses and competitors? When considering what to do with your new business, be sure to assess whether you're ready to put in the work required to turn your idea into a profitable business. Starting a new business requires a lot of innovation and effort.Kutztown University SBDC offers his PitchThenPlan™ tool, walks you through the steps of creating a basic proposal before creating a formal business plan. Ready to write your plan? Check out the free templates from the PA Business One-Stop Shop.
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Please research.
Once your value proposition is clear, be sure to conduct market research to explore short- and long-term opportunities for your business. Who are your competitors? What do they do? Who will your suppliers be? Who are your potential customers? By doing your homework before starting your business, you can plan Stay on track, create a strong business plan, and avoid unnecessary surprises. Take the time to consider educational workshops, webinars, and training like those offered by SBDC..
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Establish a support network.
Especially for first-time business owners, it's important to build a team of mentors and advisors who can provide objective guidance and feedback on your business ideas and plans. It's also important to build connections with industry colleagues and other people in your business community.Check out your local chamber of commercescore chapter,SBDC To participate in events and networking groups.
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Write a business plan.
Preparing a business plan is important for defining your business concept and goals, and is an important step in gaining access to funding and additional resources to launch your business. PA Business One Stop Shop offers business planning guidance and access to your local SBDC. Receive one-on-one counseling and support.
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Get your finances in order.
Before securing funding for your business, make sure your personal finances are in good standing. Many financial institutions will look at your personal credit and savings accounts as part of the application process, so it's important to be prepared. Financial management of both personal and business accounts will be an important part of your new business. If you need further financial training or education, consider seeking out workshops or other learning opportunities, and seek additional help from a financial advisor, accountant, or other professional.
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Please make it official.
Once the planning stage is complete, you can move on to important next steps such as registering your business. Then you need to work on managing your operations, marketing your business, and building your customer base. But with a solid plan, an understanding of industry trends, and a clear vision for your business, you'll be ready and poised for growth and success.
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Avoid burnout by taking it one day at a time.
We want to remind new entrepreneurs that starting a new business can be stressful. Success doesn't happen overnight, so adopting a long-term mindset is key to success. This is where your support network comes into play. Your support network is there to provide important guidance and feedback throughout your entrepreneurial growth. Also, be sure to use sound judgment when it comes to growing your business. It's okay to say no to an opportunity if the timing or fit isn't right.
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Learning never stops.
Continue to identify learning opportunities and conduct research as you run your business and start generating usable data. Cultivate your curiosity and stay up to date on the latest best practices and research through groups like the PA Business One-Stop Shop, SBDC Network, and other partners. Make 2024 the year you start a new business.
If you would like to learn more about starting, registering, operating, and growing a business in Pennsylvania, please visit: PA business one-stop shop site. For more #PASmallBiz information, follow our social media accounts. X, Facebookand linkedin.
visit PA Small Business Development Center (SBDC) On our website, you can learn more about our programs and services for aspiring entrepreneurs and established businesses.
