5 Tips For Starting Your Own Business

By Jack Tobias

Small Business Saturday, founded by American Express in 2010, is a day shoppers are encouraged to patronize local, hometown businesses that are generally smaller—much smaller—than the big box stores and retail chains that attract the Black Friday crowds.

Does Small Business Saturday—this year on Nov. 30, a day after Black Friday—have you thinking about starting your own business in the Lehigh Valley?

Here are five tips to get started, courtesy of the U.S. Small Business Administration:

—Location, location, location. This might be the most important decision you make.  Are you close to customers? Does the location provide the image you want? Is there a need for your product or services in a certain area?

–Make a Plan. Look ahead three to five years. What route will you take to grow revenue? Don't assume you can run a business by the seat of your pants. Put your plan in writing.

—Financing. Money talks. There are local banks, but don't forget other sources of revenue to get going, such as government-backed loans, venture capital and research grants.

—Register the business' name. You're about to make history. Make sure your business' name is registered and legal.

—Get a tax identification number and proper licenses and permits. Like registering the name, these are your tickets to getting started and making things legal.

Don't think you have to do everything by yourself. There is plenty of help available, and a good place to start is at one of three small business development centers in Patch's eastern Pennsylvania region.

The centers are affiliated with area universities —Lehigh in Bethlehem, Kutztown in Berks County, and Temple in Philadelphia.

The Lehigh center, in additon to serving Lehigh and Northampton counties, also serves the Upper Bucks region and northern Montgomery County.

The Kutztown center serves Berks as well as Chester, Dauphin, Lancaster and Lebanon counties.

The Temple center serves lower Bucks and lower Montgomery counties, and shares Philadelphia with the Wharton center at the University of Pennsylvania.

Small business centers provide consulting and educational programs to budding entrepreneurs, including help with a business plan and funding options. 

Now that you have an idea of what needs to be done, you can get going—and good luck.