Photo courtesy of Bill Jahnke

Business Checklist

The EDC office maintains a library of resources and information for our business community, and can send you a business packet designed for where you are at the current time, whether it's just thinking about an idea, expanding, relocating or assisting in purchase of or sale of a  business.

One of the most important steps in any business is planning. No matter where you are in your business - start-up to financing - planning will ensure that every aspect will be addressed.  With the statistics from the SBA of 95% business failure rate, planning is just a wise idea.

We recommend "Is Entrepreneurship For You?" for anyone interested in starting a business for the first time.

For existing businesses, please contact staff for direct assistance with your specific need.

On This Page:

Mythical Small Business Grants
Is Entrepreneurship for You?
Getting Started

Links (click on Business Resources in left column for more):
State Licensing, Regulations & Permits
Creating a Business Plan
Business Tax Information - State
Business Tax Information - Federal

Mythological Government Grants
for Small Business Start-Ups

Seldom does a week go by that someone doesn't call asking for information about the grants the government has for people to start up a business. While infomercials and rumors continue to put forth this misinformation, the reality is simply not there. In fact, as many of you know, loans for start-up businesses are hard to come by! Government grants may be available for businesses but on an extremely limited basis, and mostly for those in the social services arena. If you would like to check, please link to:

www.grants.gov

In the meantime, the infomercial producers sell their books and get rich by doing so, not from government grants.   One of our state Business Resource Centers bought one of the books, upon client request two years ago.  Lots of clients checked it out ~ no one has ever called to update us on their "free money" to date ...

So a word to the wise -- INVEST YOUR TIME AND MONEY IN YOUR BUSINESS -- NOT in people trying to sell you information that is just too good to be true!

Is Entrepreneurship For You?

There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business. Carefully consider each of the following questions.

Are you a self-starter? It will be up to you - not someone else telling you - to develop projects, organize your time and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or cranky staff person in the best interest of your business?

How good are you at making decisions? Small business owners are required to make decisions constantly, often quickly, under pressure, and independently.

Do you have the physical and emotional stamina to run a business? Business ownership can be challenging, fun and exciting. But it's also a lot of work. Can you face 12-hour work days six or seven days a week?

How well do you plan and organize? Research indicates that many business failures could have been avoided through better planning. Good organization – of financials, inventory, schedules, production – can help avoid many pitfalls.

Is your drive strong enough to maintain your motivation? Running a business can wear you down. Some business owners feel burned out by having to carry all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.

How will the business affect your family? The first few years of business start-up can be hard on family life. The strain of an unsupportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.

ON THE UPSIDE

It's true, there are a lot of reasons not to start your own business. But for the right person, the advantages of business ownership far outweigh the risks.

* You get to be your own boss.
* Hard work & long hours directly benefit you, rather than increasing profits for someone else.
* Earning and growth potential are far less limited.
* A new venture is exciting.
* Running a business will provide endless variety, challenge and opportunities to learn.

Getting Started

Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. And, although initial mistakes are not fatal, it takes skill, discipline and hard work to regain the advantage.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well-thought-out business plan that will help you reach these goals.

The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you set out to raise money for your business. It should also provide milestones to gauge your success.

First Steps

Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:

~ You want to be your own boss.
~ You want financial independence.
~ You want creative freedom.
~ You want to fully use your skills and knowledge.

Next you need to determine what business is right for you. Ask yourself these questions:

~ What do I like to do with my time?
~ What technical skills have I learned or developed?
~ What do others say I am good at?
~ How much time do I have to run a successful business?
~ Do I have any hobbies or interests that are marketable?

Then you should identify the niche your business will fill. Conduct the necessary research to answer these questions:

~ Is my idea practical and will it fill a need?
~ What is my competition?
~ What is my business advantage over existing firms?
~ Can I deliver a better quality service?
~ Can I create a demand for your business?

The final step before developing your plan is the pre-business checklist. Answer these questions:

~ What business am I interested in starting?
~ What services or products will I sell? Where will I be located?
~ What skills and experience do I bring to the business?
~ What will be my legal structure?
~ What will I name my business?
~ What equipment or supplies will I need?
~ What insurance coverage will be needed?
~ What financing will I need?
~ What are my resources?
~ How will I compensate myself?

Your answers will help you create a focused, well-researched business plan that should serve as a blueprint. It should detail
how the business will be operated, managed and capitalized.

"How To" License Your Business

Washington State:
The State of Washington created a "one-stop" registration process. Call to order a customized licensing packet at (360) 664-1400 or download information on-line at:

www.dol.wa.gov/business

Island County:
A city business license is required in Oak Harbor and Langley. Contact the individual city for more information. Unincorporated Island County has no additional licensing requirement.

HOWEVER , you also need to check to ensure your business is permitted in the area zoning AND that no other permits or registrations are required by the County or City for that business.

To Contact Us:

(360) 678-6889
or toll free
(888) 506-7999

PO Box 279
Coupeville, WA 98239