Nine building blocks to help you start and/or grow your business.  By Joe Molineaux

1.   It all starts with an idea.  Every business start-up or growth strategy begins with a basic concept, product or service. Some of the simplest ideas can create a new market for a product or service.  

2.   Understand what it takes.  Without a grasp of what’s necessary to move forward, even great ideas have a tendency to stall. Now’s the time to lay out your business mission, goals and objectives, define your market, and assess your capital requirements.

3.   Seek advice.  Then seek good advice. Be careful with an idea that’s totally fresh and new, and share it only with trusted people. A team of professionals including attorneys, accountants, funding sources, insurance people and business consultants will help shape your plan of action and get you moving through the process from a position of strength. Knowledge is power!

4.   Identify all available resources.  Do this before you craft your business plan, and before you seek funding or commit money to your project. Don’t be afraid to ask for help, especially at this stage. There’s no shortage of quality programs and resources from federal, state, regional, county and municipal entities. In some cases, even the private and non-profit sectors can be of assistance.    

5.   Access options and risks.  Be realistic. Identify the paths of least resistance and the easiest ways to accomplish your goals. Analyze the risks. Are you truly capable of running your business? How much of your own money can you commit? Where will you get the rest? Do you have the capacity to repay borrowed money? Who will buy your product or service and how can you reach them? It’s been said that there’s no true reward without risk. So weigh your options, and measure the risk.

6.   Write a plan (or two).  If you fail to plan, you plan to fail. It’s quite simple. If the idea doesn’t work on paper, how can it work in the real world? That’s not to say a solid business plan guarantees success, but it increases the odds that you’ll be successful. It’s important to write your own plan, or have an active role in its development, because you’ll be the one seeking support and funding, promoting the business, and operating it. Again, be realistic when developing projections for sales and expenses. Think about what could go wrong and develop your plan accordingly; don’t over-promise. An action plan to complement your business plan is always a good idea.  

7.   Work the plan, and don’t be afraid to rework it.  Congratulations! You’ve completed your plan. Now it’s time to work it. If you’re prepared, take a leap of faith. The time has come to commit your resources, register your business, seek and accept capital from funding sources, enter agreements, kick off your marketing campaign and move your business into the real world.  Utilize everything you’ve learned, focus, and stay focused on reaching your goal. Find inspiration in every victory, no matter how small. You’ll run into many things that will derail your plan or challenge you in ways that seem insurmountable—the kinds of things that would cause many people to give up. And many do. However, people who truly plan for the unforeseen can work through these issues. A business plan should be considered a living, breathing document—just like your business. Don’t ever be afraid to rework, enhance, or tweak your business plan and business model.   

8.   Play by the rules, but don't be afraid to create some new ones.  Adhere at all times to the regulations that apply to your business, including requirements at the municipal, county, state and federal levels. Whether you agree with them or not, these rules are there for a reason, so enlist the professionals on your team to make sure you’re in compliance. Playing by the rules doesn’t mean you should not be creative and stay a few steps ahead of the competition.

9.   Repeat steps 1-8 as needed.  While these building blocks can help you to create a solid foundation for your small business, you truly make the difference between success and failure. It’s not easy to operate a small business, but if done right it can be one of the most rewarding of all occupations and careers. Keep on growing and developing. Here’s to continued success in your entrepreneurial endeavors.

From the cover feature "Taking Care of Business" March 2009

Joe Molineaux is director of the Small Business Development Center at the Richard Stockton College of New Jersey, helping residents in Atlantic, Cape May and Cumberland Counties develop business plans for startup and growing entities. For more information, call 609-347-2174. Hear Joe Molineaux Tuesdays on Small Biz Radio at 4 p.m. on WLFR 91.7 FM.