Business plans, market research, and other details about entrepreneurship...

[tradygirl]

Does anyone have any experience starting their own business? My husband and I have a great idea and I'm planning on entering an entrepreneur competition for $40,000 of start-up money next fall. It would be a relatively high overhead business (not an online thing - think large buildings, insurance policies, equipment, and staff), and I need some advice on how to do some market research to see if it would even be feasible in SLC. Also, any advice on acquiring funding, sponsers, etc would be appreciated too.

I'm just starting my MBA education, but I'd like more specific experience from someone with a marketing/entrepreneur background.

Thanks!

 

[Lilgeorg]

I used to be a small business lender for a large regional bank. Most banks will not talk to you unless you have a full blown business plan that includes your product, costs, competition, potential market, cost of equipment, profit margin, to name a few items. IF you get the loan, you will have to gaurentee the loan personally and most likely have to put your home up as collateral. You could go the venture capital root but then the venture capital folks get their profit before you get yours and they often want a large share of your business.

If this has not scared you, you are ready to start your own business!!

I wish you the very best.

 

[Lori_K]

Look into the SBA in your area. They hold classes and can set you up with a counselor to work through your ideas.

https://www.sba.gov/localresources/district/ut/index.html

 

[tradygirl]

Thanks ladies. This idea is still in its wee infancy and I'm just trying to gather a large network of resources before I do much. Biggest thing is going to be estimating acquisition and operating costs, and figuring out if there's a local market big enough to break even. Very overwhelming, but I guess the key is to take it a step at a time.

 

[Sheena]

https://www.saltlakechamber.org/aboutus/affiliates/wbc/

Here is another site that could provide some assistance with what you want to do.

I worked for a chambe of commerce right out of school, and we would provide info packets and links to resources for people looking to start a small business..

 

[abc]

Find out about the potential market first.

All business is about profit. If there's not much of a market, there wouldn't be much profit.