Starting A Business
Introduction: What it takes to turn your dream into reality
A business is built on a dream. Your dream. You may dream of economic freedom, financial stability, being your own boss or developing an idea that will change the world.
The reality? Starting a business takes hard work, dedication, money, time, and a viable business plan.
How to Get Started
- Define What You Will Do
Clearly define what you want to do. Write down the vision, expectations and results you hope to achieve.
- Explain Your Idea to Others
Write down how you will explain your idea to outsiders (employees, lenders, and potential clients), and how you expect your idea/business/service to work.
- Identify Your Market Niche
It's important to identify niche you intend to fill.
- Analyze the Market and Your Competition
Your analysis may come from your base of experience or industry contacts. If you are entering a new field in which you have little experience, you may need to conduct formal marketing studies, review trade journals, use friends as a focus group or observe the competition.
- Prepare a Business Plan
You'll find many guides to business planning at your local bookstore or public library. The business plan outlined below is designed to give sufficient detail for outside lenders or investors to judge the feasibility and subsequent risk of your business venture.
- Read The Small Business Technical Assistance Guide
This manual is an excellent guide for establishing and building a
business in Tennessee. It is filled with the information, details and resources available to help you become a success!
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