Business Resource Center

Frequently Asked Questions (FAQ)

What do I need to start a business?

A  solid, formal business plan.  A business plan helps you and your stakeholders 

  1. formally evaluate the feasibility of your business idea and proposal,
  2. create a budget and operating document to be used to monitor and manage your business when it begins, and
  3. sell the business idea to potential lenders and investors. 

A complete business plan should include the following:

  • Executive Summary
  • Product/Service Plan
  • Management and Organization Plan
  • Marketing Plan
  • Financial Plan

To start a business requires not only a business plan, you also need to consider:

  • Sources of Financing
  • Legal Entity
  • State and Local Business Registration
  • Business Insurance
  • And more…

There are a variety of excellent resources available to assist you in the business planning process.  Contact us to know more.

In what form should I do business?

The legal form you choose for operating your business should be based upon each of the following factors:

  • Control of the company
  • Taxes
  • Liability concerns
  • Transferability of ownership
  • Longevity of business
  • Raising capital

There are a variety of excellent resources available to assist you in choosing a legal form of doing business.  Contact us to know more.

How can I get the money I need?

Once you have determined why cash will be needed, how much of it will be needed and when it will be needed (this is done in your business plan), you need to then evaluate and pursue the sources of capital best suited to you and your business.  Raising needed capital is a different issue for each business. Common sources of cash for your business include:

  • Personal savings & home equity loans
  • Family and friends
  • Credit cards
  • Supplier/seller financing
  • Customer financing
  • Factoring/Lines of Credit
  • Leasing companies
  • Microloan programs
  • Traditional lending sources (banks, credit unions, etc.)
  • Government –backed programs (SBA & other loan programs)
  • Equity investors (angel investors, venture capitalists and others)
  • Private placements of securities
  • Initial Public Offering (IPO)
  • Joint Ventures/Strategic Alliances

We can help you select a funding strategy that is best for you, as well as help position you to put your best foot forward with various funding sources.  Contact us to know more.

Are there grants available for my business?

Urban legend would have you believe that there are all kinds of programs that provide grants (i.e. “free money”) for business needs.  Such is not the case.  Be cautious of programs offering to find you grant money for your business.  They will take your money and not do anything for you in return.  Unless your business happens to be serving a recognized community need (e.g. promoting the arts, serving a disadvantaged group, preserving nature, historical sites, etc.), it is unlikely that grant money is available to serve your business purposes.

What are effective marketing techniques?

Marketing is a very broad and complex area of business.  It is also critical to your company’s success.  It needs to be tailored to your specific industry, competitive environment and product/service.  Among the strategies you should consider are:

Advertising

  • Direct Mail
  • Print media
  • Radio
  • Television
  • Flyers
  • Yellow pages
  • Catalogs
  • Web banners/sites

Publicity

  • Feature story
  • Contests
  • Community recognition

Promotions

  • Premiums
  • Coupons
  • Demonstrations
  • Telemarketing
  • Trade shows
  • Networking
  • E-newsletters
  • Electronic media

We can help you select a marketing  strategy that is best for you, and help  you consider all of the marketing issues your company faces.  Contact us to know more.

Are your services free?

Yes. Our services are underwritten by the SBA, the Governor’s Office of Economic Development, and Southern Utah University (School of Business and Regional Services).  Because of that, we can offer our services and advice at no cost to you.  Some of our training and specialty products are provided with a fee, but these will be clearly explained to you and understood before you participate in them.

Do you assist existing businesses?

Yes. We are here to help any business “grow and go.” If yours is a more mature business, we are here to help you do a full business assessment, and provide direction and assistance in whatever aspect of your business needs the attention. These services are free of charge.