PDF How to Start a Small Business in Scranton

[Pages:9]HOW TO START A SMALL BUSINESS IN SCRANTON

A STEP-BY-STEP GUIDE

BY: THE SMALL BUSINESS GROUP

SO, YOU HAVE AN IDEA FOR A SMALL BUSINESS. ...

YOU MAY HAVE A LOT OF QUESTIONS....

THIS BROCHURE WILL SHOW YOU HOW TO START YOUR BUSINESS !

SCRANTON IS A GREAT PLACE TO START A BUSINESS. DOWNTOWN IS BUSTLING WITH LOCAL SHOPS, MAKING IT THE PERFECT ATMOSPHERE FOR SMALL BUSINESSES TO FLOURISH.

Step 1: Write your business plan.

Writing a business plan is an essential part of the of the start-up

process. The business plan will be your guide and will help to start your business successfully. A business plan should included the following: 1. Executive Summary Mission Statement: It summarize what the business is all about. Your Product/ Service: Should explain what the company is providing to the public, or the item that you're selling. 2. Company Description Explain why a person would need your product or service. Talk about your target customers. Explain why your product or service will help satisfy your target customer. 3. Setting Goals for your business Short term goals, where do you want to see your company six months from when you start, one year. Long term goals, where do you want to see your company five,ten, t wenty years from when you start your business. 4. Funding your business Where do you plan on getting a loan? How much of your own money are you going to put it the business? Are you going to have any partners? And if so how much money are they putting in. 5. Financial Projections How much are planning on making in the first year?

Step 2: Choose a location.

Location is key! It is important to choose a location where your business will flourish for years to come. This can be based on surrounding businesses and customer base within that location. To have a key location you need to check your demographics. You want to make sure the location you pick will benefit your business. You want to make sure the neighborhood that your business is located in gets a good traffic generator, so people get pulled into your business. You need to look your competitors in the eye. Greg Kahn founder and CEO of Kahn Research Group said that the best place to open your business is right next to your competitor. What this really mean is that your competitors chose their location based on their demographics. This will benefit your business. Lastly, you can always ask a professional where your business would flourish. They would know what's best.

In Scranton a good location to open a business would be downtown if you can find a spot. Many people visit the downtown area daily for food, shopping, repairs, anything really. If you can find a spot there you would be golden.

Step 3: Finance your small business.

You need help with funding your business. This involves deciding on a bank that is able and willing to give you government grants and loans. In Scranton, the Metro Action Loan Program can help prospective owners get money for start-up. Metro Action Loan Program Step 1: Apply for the Pre- Qualification application. Step 2: A loan will be selected by the Metro Action Loan Program that suits your needs. Step 3: Research what the repayment terms are for the loan that you earned.. Step 4: Find out what the fees and interest rates are for the loan.

Sffgtfdep 4: Get a tax identification number, licenses, and permits.

This is a mandatory step for any new business owner. You can apply for your tax identification number online at . A tax identification number is intended for tax administration only. It's a free ser vice provided by the IRS to apply for a number. To obtain a business license you need to contact your city's business license department and talk to them about how to do so.

You may also need to talk to your fire department about certain permits your business may need, as well as air and water pollution control, county permits, state licenses, federal licenses, sales tax licenses and so on. All information pertaining to these can be found at your city's business license department.

Step 5: Marketing Plan

This is the "fun" stage of starting a business. This involves customizing your business through advertisements, logos, business cards, media strategizing, and personalizing your shop. This is the area where you get to show your creativity through your business.

Advertisements: In the Scranton area alone, there are many mediums to publish an advertisement. The Scranton are has Rock 107, The Times-Tribune and The Weekender. When writing your advertisement, you want to make sure to include the name of your business, the location of your business and one or t wo unique offers your business has that others businesses may not. This will draw your customers in. If you make your business sound unique, customers will think it is too and that will create more traffic in your business Advertisement prices: ? Rock 107 ? The Times-Tribune ? The Weekender

A logo is very important when starting a business. Your logo defines you and your business. It is up to you to come up with an idea that would draw in customers. In the Wilkes-Barre/Scranton area there are many places that can make a logo for you if you are unable to create one yourself. For instance, Zen Design Firm is a reputable design company in the area. They can be reached, at . Once you visit their site, an employee starts a chat with you and addresses any questions or concerns you may have.

However, if you have Photoshop or InDesign available, it can be very simple to create a logo and portray the mood of your business. For example, I have created this logo using Photoshop. Our group is small business, so I wanted to portray a small business feel. The logo looks like an old fashion logo with an older style town to give it that homey feel.

The next order of business would be to create business cards. Once again, they can be made using Photoshop or InDesign but, if you're not capable of doing so, there are options. In Downtown Scranton, The Workshop , , is a letterpress business that can create letterpress business cards for an older feel or you can get more modern ones made.

Media strategizing is an important step. This involves advertisements, like we discussed earlier but also you must market yourself on social media. This entails creating a Facebook, a Twitter, an Instagram and hopefully your very own website which you can do through . Inviting friends and family to like your page is the first step, from there you must constantly update your page with the newest and greatest things your small business has to offer.

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