Action Steps for Starting a New Business

If you are considering starting a new business, the ASBTDC recommends the following Action Steps. These steps are designed to help you learn about the critical issues related to starting a new business and guide you through the planning process.

Step 1: Attend the Starting a Business in Arkansas seminar.

This seminar is offered by ASBTDC on a regular basis at locations throughout the state. It is highly recommended to those who are new to small business ownership. This seminar covers topics such as issues to consider when going into business; business feasibility and planning; license, permits, and tax requirements; and financing considerations.

• Calendar of upcoming Starting a Business in Arkansas instructor-led seminars

• For those who are unable to attend an instructor-led seminar, the ASBTDC offers an Starting a Business online learning program.

Step 2: Develop a business plan.

Developing a business plan is one of the most critical steps in starting a new business. Not only will developing a plan improve chances for business success, it can also serve as a communication tool for potential lenders in obtaining financing for the business.

Step 3: If financing is needed, submit business plan to a potential lender.

When trying to obtain a small business loan, submit your plan to your lender to determine if the lender is interested in financing your project.

Click below for additional information about obtaining a business loan and the financing process.

• Obtaining a Small Business Financing

Step 4: Finalize start up requirements.

Once you have secured financing for the business, you can take care of issues such as obtaining licenses and permits, signing leases, making purchases and opening.

The Arkansas Small Business and Technology Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions, or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. UALR is committed to the policy of providing equal opportunity for all persons and does not discriminate in employment, admissions, programs, or any other educational functions and services on the basis of sex, age, disability, race, and national origin, color or religion.