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Getting StartedGetting Started

To help you begin the process of compiling your documentations we have provided below, a guide to developing an effective business plan.

Business Plan Outline (Adobe Acrobat)PDF File

Download Adobe Acrobat Reader

IS STARTING A BUSINESS FOR YOU?

It is the lifelong dream for many individuals to own and operate their own successful business. Indeed.SUCCESSFUL PROPRIETORSHIP IS THE AMERICAN DREAM! In fact, if not for dreamers such as Henry Ford, Robert Johnson and Bill Gates, companies such as Ford Motor Company, black Entertainment Television and last but not least, Microsoft Corporation would not be the prominent organizations that have woven themselves into the fabric of American life.

But with great reward, there is a commensurate amount of risk. Entrepreneurs routinely risk their personal assets that may include their homes, personal property and life savings to start their businesses. Additionally, opening and operating a new business will require time and dedication.

What are some of the advantages and disadvantages in starting your own business? A brief listing of some of the advantages and disadvantages are listed below:

Advantages

  • You are your own boss. No one can give you orders or terminate you.
  • You have the opportunity to reap significant financial gain if your idea and business are successful.
  • You control your own destiny. The final decisions made in your company are your own.
  • You are able to utilize your vision to move the company that you own and operate.
  • You may have the opportunity to positively impact the lives of other especially employees.

Disadvantages

  • You are not your own boss. The customer is always right.
  • You are responsible for your firm’s performance or lack thereof.
  • You may lose all your personal assets.
  • You can expect to work at least 70-90 hours a week. Owning your own business is not a 9 a.m. to 5 p.m. endeavor.
  • You may become unpopular by upsetting friends or relatives by either not hiring individuals or having to terminate those individuals.

So is business ownership for you? If it is, there are a number of fine organizations that can assist you in addition to HEDCo that can help you decide if owning a small business is for you. A sample Business Plan format is available under the Forms and Publications section of this website. This document provides an overview of the research and planning required to initiate a new business expansion or an existing business. The Connecticut Small business Development Center, the Small Business Administration and the State of Connecticut Department of Economic and Community Development are some of the agencies that may help you. Contact us now if you have decided that starting a business is for you.

There are a number of fine organizations in addition to HEDCO that can help you decide if it owning a small business is for you. The Connecticut Small Business Development Center, the Small Business Administration and the State of Connecticut Department of Economic and Community Development are some of the agencies that may help you.
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