You have a great idea – now what? You’ve come to the right place! In Medina County, business has a great deal of support so there is always someone who can help!
Even before you start your business plan and think about space, it is important to consider are you building an opportunity for you to get paid to do work, or build a business. This can be a tough question for entrepreneurs, but it goes to the heart of what you want to accomplish. There is nothing wrong with an opportunity to share your talents with the world, but if that is the basis for the business, it is important to understand up front those limitations. For instance, a business based on your talents should focus on keeping costs low and productivity high. It will also not require as much funding upfront and won’t have a succession plan from the beginning. These kinds of businesses generally do not need as much support and you can find what you need in articles and information online. By contrast, building a business may require involving incorporation, obtaining funding, and creating a structure that allows the owner to focus on growth.
Once you’ve thought through your business model, it is time to consider how you will evaluate if your idea is a good one or a bad one. One option is to prototype your idea. This works with products but also services. Offering target prospects a chance to evaluate your product or service will give you good feedback on what is possible and how successful you can be. Be sure to select the right people to experience the prototype. They need to be people who will give honest feedback.
Once you have your business model and your idea has been tested, it is time to start working ON your business. It is vital at this stage to spend the time getting the right pieces in place before you start working IN your business. Now is the time to form relationships with service professionals who can help your business and steer you in the right direction. After that, there are other professionals and websites available to help with all stages of company formation.
Choosing Your Business Entity
Classes on being in business from the Southern Rural Development Center
Free “Understanding Your Cash Flow” Tool
Tools to benchmark your business
Retail opportunities in the City of Medina
Tools from The Ohio State University Small Business Toolbox
Business Risk Assessment
1st Stop Business Connection
Fatal Business Planning Assumptions
Wat can you do to become more entrepreneurial?
Sometimes coming up with the name of your business is half the battle! To help spur your thinking, check out these tools to generate business names.
Business Name Generator by BizNameWiz