Will County business experts: 4 things you need to do when starting a business

A successful business begins with a solid idea – but ideas alone won’t build a sturdy foundation and steady growth.

Four Will County business experts shared their best advice for launching and developing a successful business.

The theme we’re preaching these days is ‘people and relationships are the new currency.’”

—  Christopher Parker, chairman of the African American Business Association

Have a business plan.

Jen Howard, president of the Joliet Region Chamber of Commerce & Industry, said the first step in opening a business is creating a business plan.

“[Opening a business is] much more than just setting up a storefront,” she said.

Business plans help owners start their companies “with eyes wide open,” Howard said. A business plan keeps owners from floundering and changing courses, she said.

Plans guide owners to a location that’s affordable and relevant to their product. The cost of rental space may vary from $2,000 a month to $6,000, she said.

“$2,000 might be cheaper,” Howard said. “But is it the right location?”

A business plan shows owners the costs associated with operating their businesses, which will “increase dramatically” for people currently running those businesses from home, she said.

“I think it will help them, most importantly, look at finances – what they can and cannot afford,” Howard said.

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It offers potential business owners a chance to take a good look at overhead, such as insurance, maintenance equipment and staff. A business plan factors in growth, too.

For instance, certain businesses may require more staff as they grow, Howard said.

“And some people don’t want to get that busy,” she said. “They just want steady sales and steady income.”

Use free, local resources.

Tasha Marsaglia, executive director of the Plainfield Shorewood Area Chamber of Commerce, said many prospective business owners are unaware of the free, local resources that are readily accessible to them.

Marsaglia suggested two: the Joliet Junior College Entrepreneur & Business Center and SCORE (Small Business Success Starts Here).

JJC’s center is a free advising center to small businesses and provides professional services at no charge, and that includes one-on-one support, according to the Joliet Junior College website.

Through the EBC, prospective business owners can work on their business plans and learn more about business financials, marketing and “how to do great networking,” Marsaglia said.

EBC support is not limited to new businesses owners. People who are growing their existing business or purchasing an existing business also can use JJC’s EBC, according to the website.

SCORE is a national organization that strives to foster “vibrant small-business communities through mentoring and education,” according to its website. The SCORE Fox Valley chapter serves DuPage, DeKalb, Kane, Will, Kendall, McHenry, Boone, Ogle and Winnebago counties.

Because SCORE is “actually a small-business mentorship program,” the organization will match business owners with the right mentors, Marsaglia said.

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“So they can help you start, grow or successfully exit a business,” Marsaglia said. “The people who do the mentoring, a lot of them are retirees from small businesses. [SCORE does] workshops and [has] different templates and resources.”

Meet with your city representatives.

Annette Parker, executive director of the Lockport Chamber of Commerce, said in an email that business owners should meet with their respective city representatives “to discuss permit requirements or necessary regulations and available grants.”

“Sometimes there are limitations, such as signage or lighting, or 50/50 grants that you may not be aware of,” she said in the email.

Parker also recommended reaching out to the Small Business Administration.

“The SBA can help guide entrepreneurs to low-interest loans or programs for minority-owned small businesses,” she wrote.

Use relationships to build resources.

Christopher Parker, chairman of the African American Business Association of Will County, said relationships are the best local resources for business owners.

Business owners and prospective business owners can connect and partner with others in the same industries, which helps owners understand and expand their businesses, he said.

Higher learning organizations with small-business development centers – especially those that assist with entrepreneurship and access to capital – is another good resource, Parker said.

And so is developing relationships with financial institutions, he said.

Any resource is a good resource if it connects business owners to people who can help them connect the dots “to help pave your way and make it easier for you,” Parker said. “The theme we’re preaching these days is ‘people and relationships are the new currency.’”