Start Your Own Business

Almost any job is a good starting point for a business. Some career-to-business pathways are more well-known, such as a chef starting a food pop-up or a carpenter starting a small carpentry business, but there are plenty of other paths to get you there. 

Consider Neil Huber, who started his career as an MRI technician and realized how difficult it was for techs to gain new skills. He started a business to make the process of advancing from an MRI tech easier. There are many similar stories on SkillPointe, which focuses on careers that don’t necessarily require a four-year degree. 

Remember: The best ideas for new businesses are the ones that fill an unmet need, so look around your community and network for opportunities.

Step one is to do your research. You may have a great idea for a business, but you’ll need to validate the need for it in your community with thorough market research. You also need to understand how your skills align with the business concept. Is the business based on a skill or system you’ve already mastered or one you need to learn? Our checklist for starting your own business article offers a good overview of these steps and many others, including writing a business plan, choosing the best legal structure and building your brand. And watch this NACCE Video additional information.

There are loads of resources available to anyone who dreams of starting a business, and many of them are free. The Small Business Association (SBA) covers all the fundamentals, including a thorough Business Guide with all the nuts and bolts of starting a small business; funding programs, including loans and grants; a learning platform; federal contracting opportunities; and a guide on how to find resources closer to home. 

The Bureau of Labor Statistics (BLS) provides data on business and job creation. Other resources include Verizon Small Business Digital Ready, which offers personalized tools, coaching, networking opportunities and grants. 

Many states have small business development centers that assist residents in all aspects of starting a business and provide support systems for specialty groups, such as veterans and women. For example, the state of Georgia offers a package of small business resources, while the Georgia Center of Innovation clears the path for innovation and growth.

Yes, and your local or regional community college is a good place to start. For example, Patrick & Henry Community College in Virginia, in partnership with the local chamber of commerce, offers four- and eight-week entrepreneurial boot camps for business owners in different stages of development. 

Patrick & Henry is one of hundreds of institutions affiliated with the National Association of Community College Entrepreneurship (NACCE). In addition to offering certificates and programs, these colleges weave the fundamentals of entrepreneurship into many of their programs because they believe entrepreneurial thinking matters for every career. 

Your market research will create the starting point of your business plan, which will cover all aspects of your business. Your business plan should include an executive summary, a description of your business, market analysis, your business structure, details about your product or service, your marketing and sales strategy, your funding needs, how money will be used and your financial projections. The SBA spells out how to write a business plan, and there a hundreds of other free guides available online.

Look at your personal financial situation first, including any assets or savings. Even if you don’t have much in the way of savings, you’ll need that information if  you decide to apply for a business loan. You can seek help from investors, look for government or private grants or even consider crowdfunding platforms for community support. 

Navigating this array of options can be confusing, so look for local resources to help you choose the best option for your situation. Entrepreneurs in southeast Minnesota, for example, can turn to SCORE, a small business support program that provides financial mentoring and a startup roadmap.

A lack of planning is the most common pitfall. Others include underestimating costs, neglecting the marketing side of the business and expanding too quickly. A solid business plan will make these missteps less likely and help you to weather difficult times.