Be your own boss: Tips for starting a successful business
INDIANAPOLIS (WISH) — It is a new year and a chance for many people to dream about the future. You can write your own story by owning a business, but there is a lot that comes with getting started.
Jamar Cobb-Dennard is an attorney and business broker at Indiana Business Advisors in Indianapolis.
Cobb-Dennard spent much of his career creating successful businesses, but some completely failed. He knows firsthand that owning a business will allow people a better opportunity to take care of their family and create generational wealth long term.
“If you are starting a biz, the best thing to do is, take a small pot of money you’ve saved yourself and, if you need additional cash, talk to friends and family. Let’s say you need $50,000. Start with five yourself and find nine other people with $5,000 and now you’ve got some investor partner friends to go in with,” Cobb-Dennard explained.
Once you come up with an idea, it is helpful to be knowledgeable about the subject or even work in the field.
“Read, study, join some incubators. There are a number of them throughout the community centers throughout our region that can really help; the SBA and some counselors that can help with some business planning so it’s not so daunting for someone new to the process,” said Cobb-Dennard.
“It’s a lot, but it’s made a lot easier when there is good counsel around. Find a good CPA, find a good attorney, and find a good business coach that can help.”
You can also consider buying a business, Cobb-Dennard says, and there are online business-for-sale boards where anyone can look at business to buy.
Click here to learn more about the Indiana Small Business Development Center, which offers no-cost business advising, training, referrals, and a library of tools and resources for Hoosiers.