Published: Starting a New Business - Blush Magazine, October 2010

Money Matters - Starting a New Business
Cindy Lusk, CPA, RPA

Have you ever dreamed of owning your own business? Your first step toward achieving your dream should be to outline your business and personal goals. Also, think through some of the advantages and disadvantages of owning a business.  Starting a new business can involve significant amounts of effort that will impact the time you are able to spend with your family.

Once you have defined your goals, you will be able to develop a business plan aimed at achieving those goals. The purpose of the business plan is to determine whether your idea is profitable, to obtain financing for your business through investors or loans and to identify your strategies for planning and managing the business-and a good plan will lay the groundwork for your success.

The business plan should include: an executive summary, a marketing analysis, a company description, the organization and management of the company, marketing and sales strategies, the service or product line, a funding request, prospective financial information and an appendix of additional supporting documentation that will help you establish the viability of your business idea. There are several resources available to help you create your business plan. The U.S. Small Business Administration offers online assistance on their website at sba.gov.

For further help on starting your own business, visit the Chattanooga Area Chamber of Commerce at chattanoogachamber.com. The website contains helpful information, such as a business start-up checklist, a list of organizations that provide consulting and mentoring, a list of organizations that provide financing for small businesses, information on the Chattanooga/Hamilton County Business Development Center managed by the Chamber. Here you'll find information about the start-up businesses office or manufacturing space at below-market rental rates, and a variety of links to other resources, information and services.

The keys to your success are careful evaluation, planning, hard work, determination and patience. Starting a new business can be time-consuming, challenging and full of the risk of failure, but there is a potential for great rewards. Reach for the stars.

Click here to read the article at Blush Magazine's website.