Congratulations on your decision to explore starting your own business or bringing your business to Lincoln County. Owning your own business can be a very rewarding experience. However, people sometimes underestimate the work they need to do to start their own company. We have prepared this guide to help you realistically examine the many aspects of starting a new enterprise.

Be realistic when you review the following factors. It is much better to realize that you may need more experience or more financial backing today, rather than 3 months after you have started your business and invested your money.

1. Experience, Motivation & Perseverance
Do you have direct experience in the type of business that you plan to start? If the answer is "no,"

• How will you learn the business and gain the experience that you will need?
• Are you a highly motivated person willing to spend sixty or more hours per week to get your business going?
• Can you handle the difficulties that come with starting a business?
• Are you the kind of person that stays with a project and doesn't easily get discouraged?

2. The Product or Service
What is unique about the product or service that you plan to offer?

• How is it really different from the competition? List the unique aspects of your product.
• How does your pricing compare to that of the competition?
• What research convinces you of the demand for your product or service?
• Is the demand growing?
• Are you willing to guarantee your product or service?
• How will you handle customers who request exchanges or want their money back?

3. The Customer
Exactly who will buy your product or service?

• Describe the type of customers your business will appeal to, in detail.
• Now, how many of those individuals are in the market area of your business? You need to develop enough research to understand how many of those potential customers exist in this area – using specific numbers.
• Next, how will you make these people aware of your business?
• How will you get them to do business with you?
• How will you get them to return to your business again and again?
• What will make them come back?

4. The Competition
You must understand your competitor's advantage to be able to understand if there is a niche for your business, so it can be successful.

• How will you identify your competition?
• As you look at your competition, what are the advantages of doing business with them?
• Are there disadvantages that need to be noted?
• How many businesses similar to the one you want to start have failed in the last three years?
• How many have succeeded?
• Have you talked with any of those that failed to understand what happened to cause their failure?

5. Financial Projections
These questions should be answered before seeking any financial assistance.

• Have you conducted a financial analysis?
• Do you know the percentage of your profit margin and how many units you need to sell each month?
• Have you calculated your start-up costs and monthly fixed costs?
• Have you compared your retail costs to the cost of goods or services sold?
• Do you know when your cash flow will be strong or weak?
• How much salary do you need to take home each month and how long will it take before your business reaches the break-even point?

6. Assistance
The Small Business Development Center of Oregon Coast Community College maintains a library of resources to assist you. You can even get some advice from them. Visit them online at http://www.occc.cc.or.us/sbdc/ to find out more.

The Oregon Economic and Community Development Department has a new website with complete information on starting or expanding your business in Oregon. Get the information you need by going to the State webpage, http://econ.oregon.gov/ and choosing one of the links under Business Development.

The Corporation Division of the State of Oregon has an "Oregon Business Guide" online at http://www.filinginoregon.com/business/starting_a_business.htm and provides general information on government regulations, requirements and registrations.

The Libraries in Lincoln County are part of Coastal resource Sharing Network, and have excellent books, articles, software, and other reference materials that can help you as you go through the process of creating your business. Each library offers free Internet access with key links to business resources. You can search the titles available through the libraries in Lincoln and Tillamook Counties online by visiting http://crsn.beachbooks.org/.

Many new topics will come up as you work on your business, and the help available through the libraries will help your business have the best chance of succeeding. Click on the Resources & Contacts for library locations and phone numbers.