Tips on starting a new business

Find your passion, identify a need, then pursue it. A lot of time and effort goes into starting a business, so you better love what you’re creating. I had a passion for music and enjoyed playing music that made people want to get up and move. So, I started a local DJ business, Aiko Aiko Sound. As you develop your idea, know that it takes time. You should also research the competition and the market (Is there a demand?), and identify strengths, weaknesses, opportunities and threats (SWOT analysis).Develop a business plan. One of the first questions I ask those who want to start a business is, do you have a business plan? A business plan is a working document that’s flexible with the market. It’s a road map that gives you focus to explore every angle of your business and can identify areas where you may need additional help. It also provides valuable information for your banker and other possible investors. A good business plan answers the tough questions and will be your go-to document as you get closer to making your dream a reality.Funding is essential. Undercapitalized business ventures can equate to future problems. There are many resources for financing, including small-business loans, funding from angel investors, incubators or other investor groups. In addition to traditional lenders, Region 9 Economic Development District can provide “bridge gap financing.” Your own finances combined with a traditional loan may not meet the amount needed, and Region 9 can potentially help. I suggest engaging with it early in the process because it can provide valuable insights and help with your business planning.Market your business. You’ll need to promote your new company, and there are many ways to do this. The Chamber offers networking, collaboration and marketing at very low costs. In addition, digital marketing is another effective option to target your audience. Develop a plan that includes defining goals, target markets and strategic positioning to promote your business. If you don’t inherently know how to do this, identify resources that can assist.Use available resources. The Small Business Development Center, SBDCFortLewis.org, offers consulting and provides quarterly “Starting Your Business” workshops. The Southwest Colorado Accelerator Program for Entrepreneurs – SCAPE – also offers assistance and access to funding for startups; GoSCAPE.org. And of course, the Durango Chamber can offer resources and opportunities to help your business succeed; DurangoBusiness.org.