Business Checklist
  • Have you tried to find out whether businesses like the one you want to open are doing well in Norwalk?
  • Do you have experience in the type of business you wish to start?
  • Does the area need a store/service/business like yours?
  • How much money will you need to get your business started?
  • How much of your money can you put into the business?
  • Do you know if your suppliers will extend you credit - the people you buy from?
  • Do you know where you can raise the rest of the money you need to start your business?
  • Have you figured out what net income per year you expect to get from the business?
  • Have you developed a formal business plan?
  • Have you presented your plans to a banker?
  • Have you found a good location for your business?
  • Can people get to it easily from parking spaces, bus stops or their homes?
  • Have you checked with the City Planning Division about the zoning required for your business?
  • Do you know what licenses & permits you need?
  • Do you know what business laws you have to obey?
  • Do you know a lawyer to go to for advice and help?
  • Have you planned a system of records that will keep track of your income and expenses?
  • Have you figured out how to keep your payroll records and take care of tax reports and payments?
  • Do you want to own a business badly enough to keep working long hours without knowing how much money you will actually make?
  • Have you worked in a business like the one you want to start?
  • Have you ever had any business training in school?
  • Does your family support your plan to start a business of your own?

If you answered all these questions YES, you've done some hard work and serious thinking. But, opening the front door and shouting, "come buy my product or service" isn't enough. Approximately 80% of all new business ventures fail in the first two years. The successful enterprise is one which is started because of deep interest or experience of its organizers. The single most important element in success is education or experience in the area of management. Nine out of ten failures could be prevented if the owners have a better understanding of the management skills and practices necessary to run a business successfully. For more business resources: www.business.gov

 

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