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Frequently Asked Questions |
1. How do I know if I can use the business name of my choice?
A search should be done with the Ohio Secretary of State's Office. If the name is available for use, then it should be registered using either a trade name registration form or a fictitious name registration form.
2. What do I have to do become a legitimate business?
We can assist you with understanding what licenses, permits, organizational structures, etc., are required for particular businesses.
3. Am I eligible for any grants?
Eligibility for grants depends on the criteria of the grant program. If you meet the requirements, you may be able to apply. Grants are not as plentiful as it appears through the media, and most clients are not likely to get "free money" unless they fit the criteria. See Small Business Administration
4. Why do I need a business plan?
It is the roadmap to success for your business. It will contain a description of the history and development of your business, an explanation of the products and services you offer, an analysis of your market and marketing strategy, your management and your financial projections.
If you live in the Central Ohio area, you are encouraged to enroll in the Developing the Business Plan for in-depth, hands-on exercises.
5. Should I consider incorporating or forming a LLC?
That is a legal issue and should be addressed with an attorney and perhaps an accountant. We can share information about each of your options for legal structure and give you material and forms to review. The best form of organizational structure depends on your business and how it will be operated.
6. How do I finance the start-up of a small business?
To determine your finance needs, you should first prepare a business plan with financial projections including a balance sheet, income statement, and cash flow statement. The proper business plan will help you identify your funding needs. Many small business start-ups are funded through personal resources which include savings, equity or loans from friends and family, home equity loans, cash value of life insurance, and other personal resources.
7. What business should I choose?
The best business for you is the one in which you are most skilled and interested. As you review your options, you may wish to consult local experts and business persons about the growth potential of various businesses in your area. Matching your background with the local market will increase your chance of success.
8. Can I operate my business from home?
Yes, you can operate your business from home. In fact, many new small business enterprises are operated out of homes.
9. How do I recognize a legitimate "business opportunity"?
You should ask questions before moving ahead with any business opportunity. Some basic questions like:
- Is this offer to good to be true?
- Can I get any information about the company or the individual?
- Does the Better Business Bureau have any reports on the company?
- Am I being pressured in any way?
- Is there a chance of me losing all my investments?
The Federal Trade Commission has developed guidelines to help protect people from such scams.
10. What do I have to do to get a business loan?
The first step to getting a business loan is a business plan. A lender will not consider lending an individual any money unless he or she can prove in writing that they have done their research, developed a plan of action and can demonstrate that they have the knowledge and experience to operate the business.
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“I made a resolve then that I was going to amount to something if I could. And no hours, nor amount of labor, nor amount of money would deter me from giving the best that there was in me. And I have done that ever since, and I win by it. I know.”
Colonel Sanders,
founder of KFC
“I had to make my own living and my own opportunity! But I made it! Don't sit down and wait for the opportunities to come. Get up and make them!"
Madam C.J. Walker,
creator of beauty products and the first female self-made millionaire
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