Giving birth to a baby and surviving the first year of parenthood can easily be compared to the birth of a business and its first year of survival. Most people give serious thought before starting a family. They consider if it is a good idea and when is the right time? They wonder if they will be good parents and have the time that should be devoted to a child? Will they have enough money to raise the child? Will they have the patience? Those are the same types of considerations that should go into the birth of a new business as well.
With 20% of new businesses failing within the first year and an even higher number not making it to year five, the more a person knows, the more successful they can be. There is so much an entrepreneur must know besides their own product. First time business owners must consider what’s the name of their new company and is anybody else using that name. They must apply for an occupational license, a sales tax number, and a federal tax identification number. If you incorporate your business, you must apply for the charter from the Secretary of State and file with Sunbiz. This list just begins to touch the surface of what needs to be done on a regulatory basis.
Before even any of these things happen, an entrepreneur should develop a business plan which demonstrates a solid financial plan; one that will sustain it until there is a steady flow of income. Whether the income is for the owner or for employees, revenue is key.
Seeking good employees is also another major consideration, especially in this “employee’s market.” The good news is that there is so much help available to get a business set up and to give it better odds of surviving year one and continuing for many years thereafter.
The WOCC is proud to partner with the Small Business Development Center of UCF. They have all the resources to help people take the glimmer of an idea for a business and help it grow into a business. Luckily, on the fourth Tuesday of every month, our SBDC representative, Chuck Wheeler, sets up appointments right here at the Chamber. We also have a great partnership with CareerSource Central Florida, now conveniently located at West Oaks Mall. This partner assists employers in finding talent and helping existing and new talent to learn skills each employer needs specific to their business. Visit wochamber.com for more information.
Logically, once a business is set up and ready to go, the next step is to join our Chamber! The opportunities for networking, continued learning to grow the business and excel in leadership are what we are known for and offer!