Now is the Time to Start Your Business and Select Where to Operate
Melvin Feller Business Group asks “If you are new to business and wanting to start your own business. Do you know what you want to do?” Therefore, if you’re thinking of starting a business in a location and a field of business that’s new to you. Melvin Feller believes that you will always be successful in a business that you have a passion for.
Melvin Feller, CEO and Founder of Melvin Feller Business Group, states that during stressful times and times of distress and economic hardships, more businesses are created and more people are actually successful in rendering products and services that are vital to our economy.
In order to have a successful enterprise, you should address a number of topics. Many of these items will be incorporated into your business plan, so consider the use of this list as a preparation for business and market planning. In each of these topic areas, determine which apply to your enterprise and then address those issues.
However, there basic steps in starting a business that can make a positive impact. It is best to start by asking and answering critical questions pertaining to you, the business owner and your business concept. Melvin Feller goes on to state that these are the must have and hard questions to really ask yourself:
Have you determined what products and services you are going to offer?
Have you determined that a market exists for your offerings and is accessible to your selected location?
Have you determined if there are any names, logos, or other intellectual property that must be covered through patent or trademark registration?
What is the legal form of the business? (proprietorship, partnership, corporation, limited liability company)?
Have you registered your business name?
Have you determined a formation for your business (i.e. sole proprietorship, partnership, S-Corporation, C-Corporation, Limited Liability Company, etc.)?
If you have chosen your business to be a corporation, have you filed a Certificate of Incorporation?
Have you addressed, if necessary, a Partnership Agreement or Limited Liability Company Article of Organization?
Have you researched local, county, and state license and permit requirements?
Have you selected a physical site for your business?
Have you addressed local zoning regulations to see if your business conforms or if you will need to seek a variance?
Have you researched Federal, state and local regulatory agencies to determine what you need to address?
Have you determined your insurance requirements?
Once you have these questions answered and have a solid plan then it is time to think about your business location. There are many things that must be considered during this period. In fact, according to Melvin Feller, most of these things are never considered and could actually hinder a budding entrepreneur’s success.
Melvin Feller Business Group compiled this list of the key issues to keep in mind when you’re deciding whether a new city is right for you.
Workforce. In today’s labor-tight, knowledge-based economy, this is far and away the single most important factor to examine, according to relocation experts and several executives who have recently moved their companies. If the location doesn’t support your ability to recruit and retain a world-class workforce, everything else is secondary.
Will your company be able to offer employees’ salaries and benefits that are competitive in the region? If not, you may not be able to recruit the best talent. Remember that people often have families. Is the local economy deep enough and diverse enough to support careers for employees’ spouses? How is the quality of life in the area? How are the schools?
Sources of funding. “Venture capital is a contact sport,” according to Melvin Feller. “Be near sources of financing.” Is there a venture-capital or angel-investor community in the region? Is there a network of lawyers, accountants, or other professionals that can help you develop a business plan and market it to potential investors? Are there formal and informal networking opportunities in town? Are low-cost loans available from banks and other lending institutions?
Economic-development incentives. Does the city or state you’re looking at have aggressive policies — including tax incentives and low-cost loans — to recruit and retain businesses in your industry or start-ups in general? Be on the lookout for places that have developed economic strategies for attracting the kind of business you’re in.
Transportation. Air service is particularly important in today’s economy. How many flights go into and out of the nearest airport? Is there a hub airport nearby, making it easy for customers and clients to get to you?
Manufacturers should check out trucking routes and other transportation needs that support their companies’ logistics. What will it cost to get the supplies you need to your new location and to ship your product to your customers? Will you be able to deliver your product at a competitive price?
Technology. How wired is the area you’re considering? Are broadband services available for Internet access? Such offerings are important both for web-based companies and for those that use the Web just to enhance their brick-and-mortar business.
Cost of living. This issue has major implications for both your employees and your company. Can your staff find affordable housing in the area? In terms of commercial real estate, Melvin Feller suggests that you look at both cost and flexibility. He recommends negotiating a short-term lease that gives you options to acquire more space as needed.
Universities. “All the hot zones have great universities,” says Feller, founder of Melvin Feller Business Group. Universities provide cheap but knowledgeable part-time labor (students), as well as readily available consultants (professors). When the students graduate, they help form a skilled talent pool from which to draw employees. Many universities also host small-business development centers and programs.
Character of the local economy. What sectors are strongest in the region? If you’re a manufacturer, for example, you probably don’t want to go to a tourist or service-oriented economy, since it might not have an appropriate workforce, essential suppliers, and other resources.
Personal preferences. Do you have friends, family, or professional contacts that keep you in one area or draw you to another? You want to be happy in the place where you do business. As your company grows, the personal aspects of running a business may have to give way to more practical considerations, so think about such factors now, while you are still in control.
Melvin Feller Business Group knows that opening up your own small business can bring a host of benefits — more freedom, flexible working hours, more career opportunities and many of your dreams realized.
Statistics show small businesses started by women have a greater chance of success — experts think it’s because women plan more, and take things step by step. A recent study on factors influencing career success conducted by Accenture, a global management consulting company, found that women feel juggling family support, planning and ambition is important for them to advance in their careers.
Melvin Feller Business Group also knows that planning important? Because They know and have proven that a great business starts with a great idea. But there’s so much more. Often, would be entrepreneurs get so excited about their idea that they forget to find out whether it’s viable or not.
Finally, Feller states, “Researching your idea or talking to a neutral business advisor keeps your goals on track”. However, Feller also says that when he first started, nothing happened so I got impatient. But Richard Branson’s book “Losing My Virginity” was inspiring, as he stuck it out and found opportunities where others said there were none.
It was through trial and error and lots of education, that he reached the pinnacle of success and was able to create Melvin Feller Business Group which has gone onto help thousands of people to start the business of their dreams and fulfill their legacy.