Thinking of starting your own business? Anne York, Tom Chapman and Ken Moreano, all Omaha experts who work with aspiring entrepreneurs, offer the following tips:
Think creatively and start small.
Understand your customer.
Know how your business will generate revenue and what your costs will be, and be able to articulate that to investors.
Have a road map for future innovation that will differentiate your business from competitors.
Write a two-page executive summary for the business that includes details such as the management team, sources of capital and the core idea or product.
Form a board of advisers early on to help guide you through issues.
Go to networking events and solicit feedback.
Be prepared to put your own resources — capital, a second mortgage, blood, sweat and tears — into the business.
Understand the different sources of capital available — private equity, bank loan, angel, venture — and expectations for financial returns.
Educate yourself about grants, such as the Small Business Innovation Research program, and other free resources available through universities, the Nebraska Business Development Center and other agencies.
Don’t acquire “the trappings of business,” such as a lease and a lawyer, before you have a clear understanding of the business and your market.
— Stefanie Monge
Copyright ©2012 Omaha World-Herald®. All rights reserved. This material may not be published, broadcast, rewritten, displayed or redistributed for any purpose without permission from the Omaha World-Herald.
