First of Four “fys” - Identify

The Process of the Four “fys” is important if you are looking to start a business, or expand one.  This progression needs to take place in order to be successful in your plan.  Most business ventures start out as an idea for a service or product.  But to reach the goal of profitability you need to IDENTIFY if there is a need for your idea.  Passion is required to run a small business since it will take a lot of personal resource to make it go, and sometimes that passion can blur your vision for the success of your product.  In order to identify whether your product is needed takes product research.  Research can be simple or complex, but it is necessary in order to get a more objective opinion on the available market for your product.

You cannot rely on your personal feelings alone to believe that there is a need for the idea you want to bring to the marketplace. 

The BCEDC exists in your community to serve as a resource in helping people with their business ideas.  Whether you are a local manufacturer looking to expand or an entrepreneur with a great product idea, we can help you down the road to success.  However, success is a relative term in the development of a business.  Success can be identified obviously as a profitable venture, or it can be seen as successfully realizing that your plan has issues, needs revision or the idea should be abandoned.  If you have a business development idea or plan please use the BCEDC as a resource in helping to make your idea’s real. Next post: Qualify.

Small Businesses Need to Exist

Our government leaders have identified that in this post-recession economy that innovations in small business will be key to improving the wealth of our communities.  Generally when people think of small business you may think of restaurants, retail shops and lawn mowing businesses.  The small businesses that are typically not identified are those in the commercial and industrial sector like manufacturing and software development.  Together, especially in our rural area, small businesses need to exist for our communities to be able to flourish. Over the next few weeks I will identify The Process of the Four “fys” that not only a new entrepreneur should follow when looking at starting a business, but these are also factors existing business owners should look at when examining the success of their current operation for the future. Next week: Identify.