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Evaluate the potential for success: Be clear about what problem or pain your UNIQUE product or service solves, who will buy it, how you will market to them and if you can make money at it. Watch SCORE’s video series on building a business model canvas and then write your own using our downloadable template.
Download our Business Model Canvas
Participate in WBC’s FREE Jump Start: Intro to Entrepreneurship training to get an overview of planning, marketing, establishing, and managing a business.
Brainstorm business names that represent you, your UNIQUE product, and speak to your target audience. Then, check availability and reserve it ($22) with the State of Utah.
Yes, it is your plan of attack. A business plan will assist you in organizing business details and provide a road map to follow as you get started. (NOTE: lenders require a business plan with realistic cash flow projections)

The first step to writing your business plan is understanding the business climate and potential by researching your market, industry and competition. Succinctly write 8-10 pages in 3rd person, clearly describing the aspects of business that show potential for success. Meet with our business consultant for help starting, reviewing, and editing your business plan.

Download Business Plan Template
Biggest challenges are adequate funding, work / family time constraints, impact of living without benefits and compensation, support from family, and simply courage to do it. Overcome these challenges by finding unique ways to reduce startup expenses and find funding, coordinating with work / family commitments, and looking at the worst case scenario. If the worse case scenario is something you can handle, then go for it!
Not learning about and accessing FREE helpful resources, taking on too many products, being unclear about your uniqueness, and ineffective marketing. Additionally, wasting money on unnecessary expenses or making costly mistakes without a mentor.
Determine your unique way to support a worthy cause, register as a Utah nonprofit corporation, then file with the IRS for tax exempt status. Build a great board of directors who can help fundraise. (NOTE: Run it just like a well-funded business, but successfully do good with all revenue.)
UtahNonProfits.org
Research what you need to purchase to get started, include state registration ($22-$70) and city business licensing fees. Additionally, calculate what it will cost to operate until you start making a profit, including cost of goods, and fixed expenses.
“Bootstrap” by paying for it yourself. If not possible, look at other sources close to you such as family or friends. Finally, look at loans, investment or other options. (Note: Get to know your banker/credit union and consider microlending)
Grants are typically for nonprofits; therefore, there are extremely few for women starting businesses. However, we suggest you search for grants and competitions in specific industries or your immediate community.
Zion’s Bank – Smart Women Grants
Business Owners’ Idea Cafe Grants
Discover what the perceived value of the product or service is or should be to the target audience. Ensure there is a margin to make a profit. (Note: If customers comment on your wonderfully low prices, raise them until they are content with value vs. price)
Estimate future sales and expenses, adjust for impact of marketing plan. Look ahead and avoid cash shortages and maximize opportunities to earn more, spend less or both.
Increase prices as well as additional value/offering that does not add to your cost. Consistently raise prices in intervals and inform customers ahead of time.
If business savings are not available, consider friends and family, build trusting relationships, and utilize your banker, vendors, government programs and/or crowdfunding.
Whether it’s through a website or social media, it’s important to have some sort of online presence where clients and potential clients can learn about your business.

If you do plan to sell online, you absolutely need a user-friendly website. Make sure you have an online location that is accessible and helpful to your target audience to maximize sales. Website can be an easy way to gain exposure and accessibility 24/7. Remember that a website needs Search Engine Optimization and that social media is driving website traffic.

Social media marketing is a very effective way to interact with and engage your target audience, and drive sales. However, a successful marketing strategy includes a diverse range of ways to market and promote your company. Consider best ways to interact with and remind your target audience that you exist.
Determine the group of people or organizations with the problem or need your product or service solves. Find out as much about this group as possible. This information will help you determine pricing, and how to market to them most effectively.

Demographics: Gender, age, marital status, location, education etc.
Psychographics: Lifestyle, habits, passions, preferences etc.

Market research is the process of gathering and analyzing information in order to assess the viability of your business. You can access published research data and perform focus groups, surveys and product testing. Great places to get started:

  1. Sizeup
  2. Google Trends
  3. Your local library
Recruit the right people and delegate day-to-day operations. Step away and strategize how to grow your business!
Find talented people who match your company culture and pay them well. Create an employee-first philosophy and implement flexibility to accommodate their personal lives.
Schedule and prioritize, use tools to be efficient and build in white space.
Establish a roster based on need, then recruit for diversity of expertise and perspective. Vet and invite members sharing expectations, purpose and deliverables.
2015 WCF Insurance Logo cool GreyUtah law requires all businesses that hire employees to obtain a workers’ compensation policy. For workers’ compensation purposes, an “employee” is anyone, including a contractor, subcontractor or contractor laborer, who works for an employer in providing the goods or services of a business.

To obtain a quote, go to wcf.com. If you have questions, please call WCF Insurance at 877-319-2348.

Find those with specialties that match your needs, especially other women business owners. Determine your need(s) and make friends with and ask other owners who have had success in that area.
Ask acquaintances for introductions and take advantage of opportunities to meet and talk to new people, especially at place or groups that business ownership gravitate to.
Determine which strategic partnership might accelerate your business. Arrange for an introduction or interact with and get to know them. Build a good rapport then share your clear idea and the mutual benefits for both organizations working for a win-win.
Equal balance is not possible, but take care of yourself first, ensure support in your business and in your family, use technology to save time, prioritize, set boundaries, and make it work.
Either through trade secrets or patent.

Trade Secrets: You internally safeguard your unique design or process from being shared outside of the company.

Patent: You publically share with and receive authorization from the U.S. Patent and Trademark Office to exclusive make, use, or sell an invention.

Resource Library

State / National Resources