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FREQUENTLY ASKED QUESTIONS
Are you just starting your business? Are you trying to grow your business? What is the process for acquiring financing? How much insurance coverage do you need? The Greater Tampa Chamber of Commerce is your best source for new and existing business information. Select an option below for technical assistance topics based on your stage of business:
Scroll down to browse all the information available, or click on an indexed topic.
Start-up Information
For individuals beginning a new business venture.
- Do You Have What It Takes To Be An Entrepreneur?
- Identifying Opportunities and Ideas
- Legal Structure
- Pros and Cons of Franchising
- Licenses and Permits
- Market Research
- Pricing Your Product
- Selling
- Budgeting
- Money Sources
- Technical Assistance
- Existing Business Information
- For current business owners looking to grow their business
Characteristics of Successful Entrepreneurs
Obtaining Specialized Services
- Why Do I Need A Plan?
- Business Plan Outline
- Licenses and Permits
- Market Research
- Selling
- Budgeting
- Money Sources
- Technical Assistance
Start-up Information: Do You Have What it Takes To Be An Entrepreneur?
Most people believe that entrepreneurs are daring risk takers who "put it all on the line" in the hope of being successful. The reality, however, is that while it may appear that an entrepreneur is doing something risky, it is more likely that the risk is well calculated, with a great deal of thought and research behind it.
A good working definition of an entrepreneur: "a person who organizes and manages an enterprise with considerable initiative and reasonable risk."
Studies of entrepreneurship suggest that there is no single outstanding personality or style that all successful entrepreneurs share. Entrepreneurs come in all shapes and sizes!
Start-up Information: Identifying Opportunities and Ideas
For every great business idea there are scores of others that just won't work. You will save yourself a great deal of time, trouble and money if you put your ideas to the test before you try to implement them. Half an hour of careful thought, an afternoon of research or a phone conversation with a knowledgeable friend might steer you away from a flawed idea -- and months of wasted effort and thousands of dollars of losses.
Begin with these simple steps:
- Ask your friends and associates to help you evaluate the concept.
- Ask potential customers how much they would pay for your product or service.
- Consider whether you are excited about the idea.
Start-up Information: Legal Structure
Do I incorporate?
When you start a business, you'll have to decide whether you want to structure it as a sole proprietorship, general partnership, limited partnership, limited liability company (LLC) or corporation. There's no right or wrong choice. Your job is to understand how each legal structure works and then pick the one that best meets your needs, and the best choice isn't always obvious.
For many small businesses, the best initial choice is either a sole proprietorship or -- if more than one owner is involved -- a partnership. Either of these structures makes good sense in a business where personal liability isn't a big worry.
Forming and operating a corporation is more complicated and costly, but it's worth it for some small businesses. One factor that may tempt you to incorporate is the advantage of a corporation's ability to limit your personal liability for business debts and court judgments.
Start-up Information: Pros and Cons of Franchising
For many people, franchising is a great choice because the company you are working with provides many of the things you will need to operate successfully. That includes procedures and operating manuals and training. Franchising has gained in popularity in recent years, but beware- there are many franchise companies that give you very little for what you pay. Always ask what you will receive and what follow- up support will be available to you from the parent company. Check the company's references. Be a wary consumer!
Start-up Information: Licenses and Permits
Start your business on the right foot and get the proper licenses and permits. Licenses you may need include an occupational license (county) and/or professional licenses (state).
A zoning permit allows a specific kind of business in a certain location. It must be obtained BEFORE you apply for an occupational license.
Start-up Information: Market Research
Who is your customer going to be? In what part of town do most of your customers live? How much are they willing to pay for your product or service?
Smart start-ups get the answers to these questions before opening their doors. The more you know about your customers and what their preferences are, the more likely it is that you will be successful. Getting the answers requires market research. Some information already exists in things like census information, Chamber publications, and newspaper archives. Some information can only be gathered by your efforts. Surveys and questionnaires are good examples. Most businesses that do good market research find a combination of these sources work best.
Start-up Information: Pricing Your Product
Do you really know what to charge for your product or service? Are you taking all of your costs into account? Surprisingly, many owners simply take their cost and add a 30% mark-up to the price. They then HOPE that it will cover their costs!
It is better to look at all of the costs you are incurring in getting your product or service to the consumer. This would include items like rent, electricity, and whatever materials you put into your product. Careful consideration in pricing is a well-known key to small business success.
Start-up Information: Selling
Once you know whom your customer is and what to charge, it's time to sell. An important aspect of selling is realizing that people are paying you to solve a problem they have. The better your solution sounds or looks, the more likely it is that they will buy from you. They may need shoes, or printed business cards. It doesn't really matter.
People are also motivated to buy because they like something about you. It may be your attitude, the way you dress, or sense of humor, but keep in mind that you are an integral part of the selling process.
Start-up Information: Budgeting
Those of us who provide technical assistance to small business see many owners fail due to a lack of record keeping.
Tracking your projected and actual costs provide you with a valuable decision making tool and help you control your business. If you have little or no experience in this area, seek professional help such as hiring a book keeping service or taking continuing education classes in this area. Smart companies keep good records!
Start-up Information: Money Sources
You just thought about banks, didn't you? Banks are the most popular small business source for financing. But banks shy away from new businesses. They have no track record and most can't even show the bank a plan!
Most new business owners borrow money from friends and relatives, mortgage their homes, or max out their credit cards to get started. This is a risky proposition unless you have done your homework and are well prepared to do business. The best way to be ready is to have a plan.
Start-up Information: Business Plans
By writing a business plan, you create a guiding document for your business. It includes sections on management, marketing, budgets, and financial projections. A business plan also shows others that you have a system in place for your business and that you know what you are doing. It helps convey to readers what is unique about your new business and how it will handle competition. A new business owner should do a feasibility plan before deciding to proceed. It is the same as a business plan, but has a new section on past performance. It is a great way to prove your new business idea has merit.
Start-up Information: Technical Assistance
There are many excellent organizations and professionals who can help you start your business successfully. All of them are accessible through the Chamber. For information on how to access these services, call Charise Strandberg at 813-276-9402.
Existing Business Information
For current business owners looking to grow their business.
Existing Business Information: Characteristics of Successful Entrepreneurs
This may be a good time to re-assess your motivation for being in business. Perhaps the things that motivated you in the beginning have changed now that you are established. You may need to take a fresh look at your business as well as yourself. Do you have the same passion for the business you used to have?
It may be valuable to look again at the characteristics that most successful entrepreneurs share. While not all existing entrepreneurs have these traits, studies show they all share at least some of them:
- Ability to Plan
- Desire to Continually Innovate
- Awareness of the Market Around Them
- Willingness to Partner and Form Strategic Alliances
- High Regard for Internal Controls
Successful entrepreneurs take advantage of educational programs and technical assistance available to them and learn from their peers as well.
Existing Business Information: Knowing When to Hire or Subcontract for Specialized Services
Knowing what you do or don't do well is an important aspect of running a business. It helps you choose who will be part of your infrastructure, people who provide services to your business such as lawyers, CPA's, H.R. consultants, bookkeepers etc.
If you have great financial skills, you may do the books yourself, but hate selling the product. Selling is vital component of any business, so if you hate selling you might be well advised to either hire a sales representative or contract selling to a specialist.
Think about your business right now. Where are you weak? Are you trying to fill too many roles in your business by yourself?
Who you hire to assist your business is an important decision. Contracting with the wrong person can cost you valuable time and money, or worse. Ask other businesspeople for referrals or check them out with the Better Business Bureau.
Have a contract written up that spells out all of your expectations and timelines for completion. Make objectives and compensation terms clear.
Keep in mind that these people will be working for you, not the opposite as some may try to make you believe! Don't be afraid to ask the hard questions, and also look for chemistry between yourselves.
A key aspect that is frequently overlooked is involvement. The "fire and forget" approach doesn't work here. You need to know what your infrastructure partners are doing and why. Surprises can be costly to correct.
When working properly, your infrastructure will smooth over the rough spots in your business, allowing you to concentrate on what you do best. Knowing your strengths and weaknesses (and getting proper help) is a key to small business success.
Existing Business Information: Why Do I Need A Plan?
If you are seeking funding for expanding your present business, your investors or banker will expect you to have a business plan available for their review. All businesses need a plan to define where they are going and how they are going to get there. A good business plan saves you money and time by focusing your activities and provides more control over your finances, marketing strategies, and business objectives. It's hard to take a business seriously when there is little or nothing in writing about its history, its current organization and management, its future direction, or position in the marketplace. This is why a business plan may be the most important document you will ever prepare.
Existing Business Information: Business Plans
By writing a business plan, you create a guiding document for your business. It includes sections on management, marketing, budgets, and financial projections. A business plan also shows others that you have a system in place for your business and that you know what you are doing. It helps convey to readers what is unique about your new business and how it will handle competition.
Existing Business Information: Licenses and Permits
Make sure you have the right licenses and permits for your business. Your company may have changed how and where you do business. Maybe you are expanding to another area. Licenses you may need include an occupational license (county) and/or professional licenses (state).
A zoning permit allows a specific kind of business in a certain location. It must be obtained BEFORE you apply for an occupational license.
See the Who to Call listings.
Existing Business Information: Market Research
Who is your customer going to be? In what part of town do most of your customers live? How much are they willing to pay for your product or service?
Smart start-ups get the answer to these questions before opening their doors. The more you know about your customers and what their preferences are, the more likely it is that you will be successful. Getting the answers requires market research. Some information already exists in things like census information, Chamber publications, and newspaper archives. Some information can only be gathered by your efforts. Surveys and questionnaires are good examples. Most businesses that do good market research find a combination of these sources work best.
Existing Business Information: Selling
Once you know who your customer is and what to charge, it's time to sell. An important aspect of selling is realizing that people are paying you to solve a problem they have. The better your solution sounds or looks, the more likely it is that they will buy from you. They may need shoes or printed business cards. It doesn't really matter.
People are also motivated to buy because they like something about you. It may be your attitude, the way you dress, or sense of humor, but keep in mind that you are an integral part of the selling process.
Existing Business Information: Budgeting
Those of us who provide technical assistance to small business see many owners fail due to a lack of record keeping.
Tracking your projected and actual costs provides you with a valuable decision making tool and helps you control your business. If you have little or no experience in this area, seek professional help such as hiring a bookkeeping service or taking continuing education classes in this area. Smart companies keep good records!
Existing Business Information: Money Sources
You just thought about banks, didn't you? Banks are the most popular small business source for financing. A well-written business plan is important when presenting your financial needs to a lending institution. It is evidence of your track record as a solid, profitable business. When presenting your plan to any investor, it is important that you know what is in your plan and how your business works. Remember, you are meeting with a bank representative who, if you are convincing, must take your information and present it to a committee for approval. The better you can communicate your ideas, the more likely your chances for a loan.
Existing Business Information: Technical Assistance
There are many excellent organizations and professionals who can help you start your business successfully. All of them are accessible through the Chamber. For more information call Charise Strandberg at 813-276-9402.
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