Web links:

• Starting a Business (RI.gov): Rhode Island business links
• Choosing Your Business Structure: Comprehensive information from the SBA on the types of business entities, including pros and cons of each.
• Choose Your Business Structure: Solid advice from Entrepreneur on important considerations when choosing a business structure.
• The Complete Guide to Registering Your Business Name
• How to Test Your Business Idea: Six step plan from Business Daily.
• 10 Questions to Ask Yourself When Testing a Business Idea
• SBA Debuts New Market Research Tool For Small Businesses
• Free Data for Market Research: Five official sources from the SBA.
• URI Library Guide: Articles related to small business marketing and market research.
• How to Price Your Products
• Calculator: What Are My New Business Start-Up Costs?
• Business Start-Ups: Questions and exercises from the RISBDC to help assess your business idea.

Books:

• Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble — Bernard B. Kamoroff, CPA.
• The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It — Michael E. Gerber
• Pricing with Confidence: 10 Ways to Stop Leaving Money on the Table — Reed Holden and Mark Burton.

Web links:

• SBA Business Plan Template: Learn about each element of a solid business plan and use the SBA’s tool to create a business plan at your own pace.
• Business Plan vs Business Model: Brief description of each document and how they are related.
• Validate Your Business Model Start With a Business Model, Not a Business Plan: Wall Street Journal article on why testing your assumptions with customers is valuable.
• 7 Common Business Plan Mistakes: RISBDC business counselors share their experience

Videos:

• Business Model Canvas Explained: Lays out the very basics of the business model canvas; 2 minutes
• Top 10 Business Model Pitfalls: Goes into further depth on how a business model canvas will help you avoid common entrepreneurial mistakes; 12 minutes

Books:

• Business Plans That Work: An easy to follow template for preparing a business, from conceptualization through completion and revision.

Web links:

• SBA Loan Resources: Information and links to a wide variety of guidance on SBA loan programs, preparing to apply for a small business loan, and alternative financial resources
• Eight Steps to Landing a Small Business Loan: How to show lenders you’re “bankable” and maximize your chances of securing the right small business loan
• The Five Cs: What lenders look for when considering a loan
• Financial Calculators: Interactive calculators to help you determine a number of key financial metrics personalized to your business

Videos:

• SBA Loans Explained: 2-minute video summaries on the SBA loan program and other business resources

Web links:

• Hiring and Retaining Employees (SBA): Information and advice on hiring your first employee, benefits, contractors vs. employees, writing effective job descriptions, and more.
• Human Resources (SBA): Comprehensive Human Resources topics including termination, unions, employees with disabilities, and more.
• Small Business Health Care (SBA)
• The Complete Guide to Human Resources for Small Business
• 10 Tips to Help Small Businesses Avoid Costly HR Errors
• Hiring Employees (IRS): Forms and records to collect upon hire.
• Free Small Business HR Forms

Books:

• The One-Minute Manager: Kenneth H. Blanchard, Spencer Johnson

Web links:

• Running a Business: SBA resource and information page for day-to-day operations
• Which Business Operations Should a Small Business Automate?
• Cybersecurity (SBA)
• Why You Need Inventory Management Software for Your Small Business
• 13 Best Practices for Building Solid Small Business Operations
• Pros and Cons of Leasing vs. Buying Equipment
• Calculator: Should I Lease or Buy Equipment?

Marketing: 

• Marketing (SBA): Topics and concepts for effectively promoting your business with an integrated marketing plan
  
• Social Media Marketing for Small Business: 59-minute introductory overview of platforms, tools, and concepts from LinkedIn’s partner site, Lynda.com.

PR:

• Getting Press: 14 Public Relations Tips for Brands and Small Businesses
• 16 PR Strategies Every Small Business Should Stop Using Right Now

Website & Design: 

• SEO: The Beginners Guide to Search Engine Optimization
  
• Branding for Small Business: Does it Really Matter?
  
• Website Design: Inc.com channel on website design for small businesses that is loaded with information and resources
  
• 50 Must-Have Features for Small Business Websites
  
• SEO for Small Business Owners: A Beginners Guide: Search Engine Optimization basics, Chris Hughes

• RI Secretary of State Business Portal: Search forms, file online, research fees, and more
• RI Form Finder for Specific Business: Find and manage forms needed for your particular business (see “Step 4” on linked page)
• Business Licenses and Permits (SBA)
• Small Business Forms (SBA)

• Learn About Business Laws (SBA)
• Nolo.com Legal Encyclopeia Small Business: Collection of legal information and articles on a variety of small business issues
• RI State Laws Governing Businesses and Professions
• 5 Legal Tips for Small Businesses and Startups
• 10 Small Business Legal Advice Articles for Entrepreneurs

Web links:

• Business Insurance (SBA): Information and resources on choosing and finding appropriate insurance for your small business
• 13 Types of Insurance a Small Business Owner Should Have
• Small Business Insurance Basics

Books:

• Business Ownership Bulletproofed: Daryl La’Brooy

Web links:

• Small Business and Self-Employed Tax Center (IRS)
• Rhode Island Business Tax Portal (RI.gov)
• Rhode Island Business Entity Filing Requirements (Secretary of State)
• Filing and Paying Taxes (SBA)
• 12 Small Business Tax Deductions
• Small Business Accounting Checklist and Infographic: 21 Things to Do and When to Do Them
• Five Accounting Mistakes that Put Your Business at Risk
• 12 Billing Mistakes that Make it Harder for Your Business to Get Paid
• Internal Revenue Services (IRS)

Videos:

• Small Business Taxes: The Virtual Workshop (IRS)

Books:

• Accounting for the Numberphobic: A Survival Guide for Small Business Owners: Dawn Fotopulos
• The Basics of Understanding Financial Statements: Mariusz Skonieczny

Web links:

• Explore Exporting (SBA)
• Export.gov: Market intelligence, advice, and business tools for expansion into global markets
• Export.gov Resources for Small Businesses
• SBA Export Express Loans
• Export Business Planner (SBA)
• World Trade Centers Association: A trade organization devoted to fostering global business connections and stimulating trade and investment opportunities for commercial property developers, economic development agencies.

Videos:

• Export Express Loans from SBA

• The Art of Innovation: Lessons in Creativity from IDEO, America’s Leading Design Firm

• Six Steps to Small Business Success: How to Start, Manage, and Sell Your Business

• The Power of Habit: Why We Do What We Do in Life and Business

• SBA
• University of Rhode Island
• Commerce RI
• SCORE
• Center for Women & Enterprise
• RI Secretary of State Business Information Center

Following are several exercises and questions designed to assess your business idea. Included is a process to document the primary building blocks of a business. A meeting with a business counselor at different intervals could help you to plan and build your business.

The Big Idea – Self-Assessment

What is your primary aim in life and will your business help you fulfil that vision?

What core competencies will you bring to the business?

Are you missing any unique skills or resources that are vital to success?

What product/service are you proposing to offer?

What is the problem – what is the burning need that needs to be relieved?

Definition: Customer Segments are the group or groups of people and/or organizations that a business owner aims to reach and create value for with a defined value proposition.

Who are your customers?

Can you qualify the pain that your customers feel?

How will you make your customers’ lives better?

How is your product/service different than your competitors?

Exercise: Value Proposition Canvas: You need to tactfully match your value proposition with your customers’ needs in order to attract their attention. Watch this four minute video and work out the defined concepts.  

Who’s on your team and what technology do you have or need to sustain your business? The “team” can be defined broadly but it’s those people who will help you. They could include business partners, employees, suppliers, family members and others. At this point, getting feedback from some of these folks could be helpful.

You’ve done a lot of work up to this point. You may want to seek out one-on-one counseling to sort through the findings. OR, you could move on to the Business Model Canvas below. The Canvas addresses several important elements needed to plan your business.

Exercise: Business Model Canvas

Watch a You Tube video explaining the Business Model Canvas. While watching the video keep in mind the following notes:

• Customer Segment: You’ve already worked on this element above
• Value Proposition: You’ve already worked on this element above
• Key Partners: Partners must be reliable, but always have a backup plan.
• Channels: Customers will tell you which distribution methods are most convenient
• Customer Relationships: Talk with the customers to ascertain their expectations.
• Revenue Streams: Be proactive to determine what customers’ value.
• Key Resources: What assets in the business are indispensable for creating value
• Key Activities: Unique activities distinguish you from the competition.
• Cost Structure: Be judicious with relationships while shopping for value.

The results of this Start-Up Process will lead to one of two conclusions. Either you will recognize the need to further develop the idea or it will strengthen your confidence about starting the business.  If you want to move ahead contact a business counselor to schedule an appointment. A business counselor will work with you on market research, competition and developing financial projections.