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Fusion of Life & Money Startup Hookup Part II
Fusion of Life & Money Startup Hookup Part II | Startup Hookup Part II |
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If starting a biz were dominoes, studying long would be studying wrong—but its not. If you are going to start a business, you have to hit the books. We’ve already covered the Dream Phase where you let your mind run free, creativity and outside the box thinking were the topics of choice –don’t lose those, just put them in your back pocket. To win the game, you have to know all the rules and opponents and have a strategy in place to come out on top.
Research the Industry
There are a number of resources you can utilize to analyze the specific industry you are considering entering. The North American Industry Classification System or NAICS classifies and compiles statistics for every industry in North America. This Census Bureau related organization should be the starting point for your research. http://www.census.gov/epcd/www/naics.html Other business research organizations include Dun & Bradstreet http://www.dnb.com/us/ and Hoovers http://www.hoovers.com
Many businesses now have national trade organizations that help disseminate information to its members and provide resources for the members to grow. For example if you were interested in starting a deli you could contact the National Restaurant Association (http://www.restaurant.org/), if you had dreams of starting an electrical company you would contact the National Electrical Contractors Association(http://www.necanet.org/). You can pretty much put “National” in front of any industry, Google it and you will be taken to the home page of that organization.
Competitors -
What better way to get on the ground info on potential competitors, then to get on the ground? Visit their websites, talk to people who use their products, look up their records with the Better Business Bureau. If they are a retail organization, go to their store. If they manufacture products, then buy those products. This will help you see how they do business and more importantly how you can do it better!
Potential Partnerships
Get to know those potential partners that are upstream and downstream from you. In Laymen’s terms, know who is supplying and distributing your goods/services. If you are a potential clothing designer, know who produces the best fabrics and know where you want to have your clothes sold. The better you know their industries the more leverage you have in negotiating prices. Ya dig?
Talk to an Expert
Someone that has been or is currently in biz
This is a great way to get info straight from the horse’s mouth. If you do not have any contacts in the area of your choice, speak to someone at your local Chamber of Commerce. There is usually mentor programs set up with old sages that can give you the rundown on every industry.
Your banker
Chances are the business lender at your bank has seen it all when it comes to possible business ideas. The Good, the Bad and Definitely the Ugly(Just ask Diontre). It is key to develop a relationship with your banker. They can give you tips/advice and more importantly, they hold the keys to unlocking the doors to finances. A good portion of business loan underwriting is objective but there are subjective issues that come into play. It can’t hurt your chances of getting a loan if your banker sees you as completely informed of the industry and demonstrating a zeal to be the best at it.
Compiling a Business Plan is next….
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