How to start a small business - New York News

How to start a small business

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SOUTHFIELD, Mich. (WJBK) -

As more companies are offering buyouts to retirees and future retirees, there are more questions about what to do with the money. Starting a small business is a great option and the Small Business Administration has all the answers.

According to SBA, there are four steps to starting a small business.

The first step is to get a mentor. SBA can help guide potential business owners by providing mentors or counselors who converse with their resource partners. SBA has two partners and three customized mentoring agencies that provide mentoring.

The two partners of SBA are SCORE: Mentors for the Life of Your Business and the Michigan Small Business & Technology Development Center. The customized mentors are provided by three Women Business Centers in Michigan. Those centers provide custom mentoring for targeted audiences by VetBIZCentral, Office of Veteran's Business Development and the U.S. Export Assistance Center.

The second step to starting a small business is to test the idea. By proving access to market research data, SBA will help to identify what questions to ask. A consultant will help figure out if a potential market to the business exists, what the market looks like, how the business owner will reach the market, and most importantly, if the business can actually make a profit.

The third step to developing a small business is to develop partnerships. Connections that can be made from developing partnerships are crucial to small business owners. SBA can connect entrepreneurs with professional resources such as bankers, accountants, marketing experts, and attorneys, among others.

The last step to creating a small business is to plan for the future. A business plan, strategic plan and financial projections are necessary road maps to potential success. SBA can help potential small business owners stay on course.

Visit the Small Business Administration web site for more information on what they have to offer.

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