4 Tips For Taking the Plunge and Starting a New Business

small business, Illinois small business administration, SBA, small business tipsIt’s not a cliché to say that small businesses are the backbone of this great country. Currently there are more than 28 million small businesses in operation in the U.S. and more than 50 percent of the U.S.’s working population is employed by small businesses.

An operation for profit is considered a small business if it has less than 500 employees. Small business creation has become an important policy objective for both the federal government and the state of Illinois. As a result, a variety of tools and other forms of assistance are available for those who are aware of the existence of such aid. Our small business attorneys have compiled this list of four helpful tips for entrepreneurs looking to start a small business in Illinois.

 Create a Business Plan

A business plan, if properly written, will provide a business roadmap for how you will commence and continue to operate your small business. Creating a business plan will allow you to conceptualize your professional business goals into a tangible form that can serve as a blueprint guiding all of your future business decisions. Typical business plans provide a three to five year plan for the operation of your business that allows you to maximize the potential for revenue and other comparable goals.

 Don’t Be Afraid To Ask For Help

 Don’t be stubborn when trying to get your small business up and running. Instead, try to learn from the mistakes of others. Join a local small business incubator in order to have access to business support resources and assistance from similarly minded small business owners and entrepreneurs. Or simply brush up on those networking skills and get coffee or lunch with a small business owner that you admire.

Seek Out Funding and Assistance From the State of Illinois

 The state of Illinois has made it its mission to foster small business growth as a means of tackling unemployment. As a result, a variety of small business tools are made available by the state of Illinois. In fact, Illinois has small business development centers located throughout the state that exist for the sole purpose of providing support and assistance to Illinois small business owners and entrepreneurs. Find your local Illinois Small Business Development Center here.

Access Services Offered by the Federal SBA

 The U.S. Small Business Association (“SBA”) provides services and assistance for those seeking to start a small business. Their website places a special emphasis on the legal requirements and resources available to new small business owners. They are also a premier source of information regarding low-interest business loans, grants, and other forms of funding for small businesses.

Creating a small business can be tough. However, there are a variety of free resources available for those who are willing to do their homework. Contact the small business law attorneys here at the Gierach Law Firm in Naperville, Illinois for all of your small business law questions or issues.