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RURAL BUSINESS INNOVATIONS



Plan Your Business

Live Your Dream!


If you take the time to evaluate your business or future business up front, you will reap the rewards for years to come.

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Solvang Economic Development Collaborative contracted with the EDC to help startups and small businesses, so although we list the normal items to be researched to ascertain your market, we know that with new tools your can reach the entire world, even from a remote location, and we are going to help you do just that.

The Key Elements to Consider for a Successful Start-Up

Conduct Market Research

Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.

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Financing

All businesses take money to start up and grow. You can finance the business with your own funds, or seek help from friends or associates. If you have good credit you can borrow the money from a bank or Savings & Loan, but you will find that if you don't have assets to guarantee the loan, your chances are small that you will get that loan you desperately need. There is one more source that you should know about, and that is the numerous grants and loans from the Feds, generally granted by the SBA, the Small Business Administration. We can guide you there too.

Demand

Is there a desire for your product or service?

Market Size

Market size is critical to your success. You may have the greatest product in the world, but if there is no market for it, you either have to find it or create it. Fortunately, we can assist you in identifying your market, or expanding your marketplace.

Economic Indicators

Evaluate the economy for your product. If your area is growing, it's perfect timing to jump in. If your local economy is suffering, you may want to wait to launch, or it might mean that you should aim your marketing and sales efforts to where the economy is good or growing.

Location

Where do your customers live and where can your business reach? If you operate a local sales venture, a food truck, a tourist stand or retail store in town, you are limited. However, with that said, the internet is wide open for people all over the country, and we can help you join the unlimited marketplace.

Pricing

What do potential customers pay for these alternatives? Study your competition and their pricing. If you are a small operation with little or no overhead, you may be able to compete on price alone. You have to take a realistic look at this for your products or services. If your service or product is far and away better than the competition, then you have to figure a way to compete by letting them know how much better you are than your competitors.

Market Saturation

How many similar options are already available to consumers? If you have a lot of competition already established your market may already be saturated. Something to consider.

Business Plans Help You

Launch & Run Your Business

The first step in starting a business is to prepare a Business Plan. A lucky few will stumble into a successful business that takes off without any planning involved, but that is rare. For most businesses you must take the time to think through what you are selling and how you will accomplish your goals. We will help you focus on this along with the other elements of a successful business.


Most small businesses don't need a complex plan, but at the very least consider each of the elements in turn. If you are getting a loan or grant, you are more than likely going to be asked to submit your plan so that they know that you have a chance of success.

CALL SOLVANG ECONOMIC COLLABORATION FOR HELP IN PLANNING YOUR BUSINESS AND PROVIDING BUSINESS SOLUTIONS

805-688-0701

There Is No Singular Solution to Every Situation.


That is why our staff digs into your own unique business and points you in the right direction so that you might begin to get a handle on your plans for start-up or growth.


  •  Legal Entity

o  Are you going to be a sole proprietor, a corporation, or perhaps an LLC? Learn the differences.

o  Have you obtained a Federal Tax Number (EIN), local or state as well?

o  Do you need a Business License? What type?

  • Time Management

o  We will aid you in looking at your life. We will ask you to review the time you spend in business, your personal life, recreation and spiritual life as well, to see if you are balanced and your goals are attainable.

  •  Financial Management

o  Do you have the required assets to attain your business goals? Are you going to self-finance? Will you need capital, which can come from friends and family, traditional bank loans, grants revolving credit (credit cards), or grants. We will show you sources of funding to help you succeed. We will help you create a realistic cash flow management planl.

  •  Accounting

o  What kind of bookkeeping are you employing? What is right for your business? Do you plan to keep your own books using off-the-shelf software (such as QuickBooks), or are you going to hire a bookkeeper or accountant?

  •  Tax Management

o  Tax management is critical. Depending on how you organize your business, you will be required to make quarterly or annual tax payments whether they be Employer Taxes or Self Employment Taxes. 

o  If you have employees, you will be paying Withholding Taxes. Are your employees part-time or full time?

o  If you hire a freelance talent, do the consultants meet the definition set by the government?


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