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Establishing a business requires effective advanced planning

In North Carolina and other states, a retail date that we sometimes fail to keep in our minds is the day right after Black Friday. It's known nationally as Small Business Saturday, and it may be a good tool if you're thinking about starting a retail business. For those who may be establishing a business in 2015, there are also some cardinal rules that should be followed.

Importantly, the new business proprietor must be well-prepared before opening the doors. First, look carefully at a potential location. Try to determine more precisely where the foot traffic in that location is coming from. Finding the best location goes hand in hand with identifying your target audience – doing this will go a long way in getting started right.

Thus, you don't want to choose a location that attracts customers you are not targeting. Next, a good business plan is needed. A three-year plan will help you and possible future lenders to know where you're going and how you're going to do it. It helps to see how your projected costs are lining up with day-to-day operations.

The government provides expert assistance in writing your plan. Go to the U.S. Small Business Administration website for further guidance. Your plan should include identifying available capital and setting a budget. The budget should include the basic costs of operating a business, such as rent, purchasing inventory, employee salaries and benefits, advertising, marketing and the like.

Additionally, get your investment and capital needs prepared in advance. Banks may be reluctant to lend money to an untested startup. These days, however, there are dynamic sources such as crowdfunding and other entrepreneurial financing projects to help those who are establishing a business.

Also, if expensive professional marketing is too steep at first, turn to the social media, which is growing in importance each day. The synergistic connections that you can build through the social media can form the basis for a successful retailing foundation. A small business in North Carolina will be beating the odds by following the foregoing considerations. 

Source: CNBC, "Want to start a business? Here's what you need to know", Sharon Epperson, Nov. 29, 2014

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Establishing a business requires effective advanced planning | Britton Law, P.A.