Macoupin Economic Development Partnership is celebrating its 5th birthday this year. In honor of this occasion MEDP will be presenting several informative articles and a number of celebratory events to attend. Below are Executive Director Shari Albrecht’s five tips to starting a business.
1. PLAN, PLAN, PLAN! A well thought out business plan is a must in today's business climate. A business plan should include goals/objectives, marketing plans and financial strategies.
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2. GET YOUR FINANCIAL HOUSE IN ORDER: Any type of financing will require that personal finances be in the best position possible. Credit card debt at a minimum, all outstanding debt paid on time, good credit score.
3. BE READY TO WORK: Don't think that because you own your own biz that you don't have a boss. Every customer IS your boss. You will be responsible 24/7. Think about how that will fit into your life and how it will impact your family before jumping into business ownership.
4. EXPERIENCE COUNTS: It’s easy to think of a great business idea. It is harder to make that idea work and create a profit. Do you have experience in the field you are considering? Do you have access to mentors? Do you have management experience? Will you be able to hire the experience you lack?
5. DO YOU HAVE CASH? Funding is a necessity when starting a business. Do you have assets that can be pledged? Do you have cash to contribute? Do you know friends/family that will invest? Are you willing to use creative funding sources such as Kickstarter, angel investors, partners, etc? Do you have a relationship with a lending institution?
For more information on how to start a business or Macoupin Economic Development Partnership visit www.macoupinpartners.com or call 217-556-8696.
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