Have you ever had an idea for a business? Almost daily we have individuals come into the Utah Microloan Fund and ask us if we think they have a good business idea. Do you want to know what we tell them?
- It doesn’t really matter if we think you have a good idea — what matters is what the market research tells you!
- Have you studied the industry you are interested in becoming a part of? Who is your target market?
- What will your start up costs be? Do you need to get special permits or licenses beyond the regular business license?
These are just a few questions to consider when thinking about starting a business. We also encourage you to reach out beyond friends and family for feedback on your business. Creating and distributing a google form survey on Facebook, creating a focus group, or connecting with business owners already in your industry will also give you a good idea of whether or not you have a good business idea.
At the end of the day be sure you do your homework when starting a business. Make sure it is worth your time and energy! Although running a small business can be an exciting adventure, it takes a lot of hard work. Are you ready?!
-Emily Ashby, Small Business & Nonprofit Consultant