• Do I have what it takes to own and manage a business?

  An objective appraisal of your strengths and weaknesses is essential. Are you a self-starter? Can you get along with all sorts of people? Can you make decisions? Do you have physical and emotional stamina? Can you run a business and be fair to your family?

• What business should I choose?

  What are you interested in? What are your skills? What is needed? Where is there a niche?

• What is a business plan, and why do I need one?

  A business plan defines your business, identifies your goals and serves as your firm's resume'. Basic components include a current balance sheet, an income statement and a cash flow analysis.

• What legalities do I need to consider?

  You will need to deal with issues like the name of your business, form of organization, business and professional license requirements, and taxes.

• Other than wages, what responsibilities do I have for employees?

  As required, you must deal with federal and state withholding taxes, unemployment taxes, worker's compensation, Social Security taxes and eligibility statements.

• What kind of security measures must I take?

  You should consider physical security as well as computer and records security. Careful employee screening and good policies can be your best security.

• Should I hire family members?

  Whether to include family members is a personal decision. Can your business operate effectively with family members working for it? Can you make decisions best for the business with family members working for you?

• What does marketing involve?

  Marketing includes the Product, the Price, the Place and the Promotion. It is how you get your product or service to the customer, including research and development, advertising, sales and distribution.

• Where can I get help?

  You can get help from the U.S. Small Business Administration, the Small Business Development Centers, your Chamber of Commerce, your local college and other business organizations.

• What do I do when I'm ready?

  Contact your local Small Business Development Center or Chamber of Commerce.

• What about advertising?

  Most businesses find some kind of advertising to be necessary. Contact your local Small Business Development Center or a marketing and advertising professional or agency in your area to discuss options and strategy.

• What is my market potential?

  Determine who your customer is and what area you serve. Usually, statistics are available, and those numbers can give you your total market. Then analyze your competitors and estimate what share you can expect to get. Market share is a good planning objective and guide.

Members Input:

Your input is valuable. Please contact Jutta Bangs, Senior Business Specialist at the Oak Ridge Small Business Development Center at jbangs@mail.tsbdc.org or the Oak Ridge Chamber of Commerce at info@orcc.org.

The Tennessee Small Business Development Center operates in partnership with the U.S. Small Business Administration (Cooperative Agreement No. 2-603001-G-0045-20). The support given by the U.S. Small Business Administration through such funding does not constitute an express or implied endorsement of the co-sponsors or participants' opinions, products or services. Arrangements for the handicapped can be provided where possible with advance notifications. The Oak Ridge Small Business Development Center is jointly sponsored by the Oak Ridge Chamber of Commerce, Roane State Community College and Technology 2020.