Moving forward with a business idea is very exciting. As you get started with the preparations, it is important to take time to develop a plan. To help you, we have compiled questions and answers to the most common questions entrepreneurs face when setting up a new home-based business in Ohio.
Q. Do I have what it takes to be successful?
- Studies have shown that successful entrepreneurs possess the following characteristics:
- A strong desire to be his or her own boss
- Proven aptitude for decision-making
- A big-picture vision for the business
- Relevant expertise
Q. What do I need to do to start a home-based business in Ohio?
- The exact requirements will depend on the type of business. The Small Business Development Center of Ohio has published a guide called Starting Your Business in Ohio that provides all the information you will need to get started.
Q. Where can I find more information about my industry?
- To increase your knowledge about industry trends, now and in the future, read industry business journals, trade magazines, and other relevant publications. If you don’t know where to start, the reference librarian at your local library should be able to assist you.
Q. Do I need a business plan?
- Yes. Crafting a business plan is an important step in establishing any type of business even if it is based at home. During this process, you will lay out what you plan to do and how you will do it with financial and marketing details and a timeline. Here is one example of why you need it: If you are selling cakes, you will need to know how many cakes you need to sell each day, week, and month to cover your expenses. The answer will be in your business plan. You should not begin without it.
Q. Where can I find capital to start my business?
- The more money you can come up with on your own, the less pressure you will have to generate a profit as soon as possible. Here are some sources for capital:
- your own savings or assets
- loans from friends and family
- bank loans
- federal loans
- credit cards
- venture capital investors
- angel investors
Q. What challenges do new businesses face most often?
- The following issues have been reported by small business owners.
- Not enough money for capital and cash-flow needs
- Insufficient planning
- Lack of understanding of the needs of the market
- Ineffective marketing
- Coping with extensive time requirements
- Juggling multiple responsibilities
- Dealing with rejection
- Finding and retaining good employees
- Disregard for legal regulations and contract terms
Q. Where can I go for assistance?
- The following resources exist to help entrepreneurs like you:
- Mercer Savings Bank
- The Small Business Development Center
- U.S. Small Business Administration (SBA)
- IRS Small Business and Self-Employed Tax Center
Mercer Savings Bank
The staff at Mercer Savings Bank congratulates you on your decision to open a business in Ohio. For more than 125 years, Mercer Savings has been working with businesses like yours. We welcome any discussions about your financial needs and are here to help. Stop by or contact one of our convenient locations today. We would like to know more about your new business.