Starting and managing a small business takes motivation, desire and talent. It also requires a significant amount of research and planning. One of the best places to turn for help is the Small Business Administration.

Expert information and services are available through several avenues: SCORE–Counselors
to America’s Small Business, the Business Resource Center (BRC) and five Small Business Development Centers (SBDCs) throughout the Kansas City region.

Although every entrepreneur is different, and each new business has unique aspects, there is a basic three-step process to follow in getting your business under way: Create a picture of your business, prepare
a business plan and find the money you need. At each step, the SBA has resources and expertise to offer.

Step 1: Picture Your Business

The first step on the road to a business startup is the groundwork. Before you can prepare a business plan or look for funding, you need to create a “picture” of a business and see yourself as a small business owner. The following process will help:

• List the reasons why you want to go into business.
• Determine what business is right for you.
• Identify the niche your business will fill.
• Choose your business structure.

Step 2: Preparing a Business Plan

The SBA website offers a comprehensive outline and model of a business plan that will help you cover all the bases: www.sba.gov/content/online-courses-starting-your-business. Not only will this site help you construct the plan itself, but it also includes instructions for related activities, such as creating product/service analyses, income projections, balance sheets, monthly cash flow projections, marketing strategies and much more.

Once you have completed your business plan, review it with a SCORE counselor or SBDC representative.

Step 3: Finding the Money You Need

Raising money for your business will be much easier if you are informed and have planned well.

There are several sources to consider when looking for financing. Explore all of your options before making a decision. Financial resources include:

RMI // Provides business services for high-growth, technology-related companies, as well microloan business assistance.

Community Development Corporation of Kansas City (CDC) // Provides microloan business assistance to small businesses located within the five-county area.

Economic Development Corporation (EDC) of Kansas City, Mo. // Offers low-cost, long-term financing through loan programs and financial assistance information.

SBA Microloan Program // Provides small loans ranging from under $500 to $50,000 for startup and existing small businesses.