What to Consider When Starting a Business

Nevada loves small businesses! And WGU Nevada loves being able to contribute to the small-business atmosphere as students earn degrees in business from the College of Business. If you are considering branching out in that direction, what are some things to consider? Here are some critical topics to think about before pursuing your own business:

1. What is your idea? You wouldn’t be starting a business, or at least thinking about it, unless you had an idea. The best first step is to write it all down—and not just the idea itself, but all the moving parts. This the business plan and it is OK if you don’t have the answers. In this stage, having the right questions is a great launch point. Write down the questions that need answering and find the people who can answer them.

2. What are your strengths and weaknesses? This could potentially be a rough step, but it is an important one. We urge you to be honest with yourself in this business planning process. If you are not great at time management, write it down. This is a personal attribute that could become a hurdle for your business management aspirations. This step shouldn’t damage your self-esteem by any means but acknowledging the areas where you may need help is the first step to finding the tools or even supporters who can help you in those areas.

3. What are the costs? This step is never really that fun, but it is so important. If you are offering a product or service, there will be costs associated with it. Do you need a storefront, warehouse, or office space? If you are selling a product, what resources will you need to fulfill orders? Lastly, and perhaps most importantly, how much do you need to earn to consider yourself OK and, later on, successful? 

4. Who is your network? Bring in help! Businesses, no matter how small, are not grown in an incubator. Who are your supporters? Apart from emotional support or even wisdom, there are some vendors you should consider: accountant, designer, and marketing team to name a few. Do your research and look into small-business or entrepreneur groups in your area. Many towns have them, and not only are these groups a great opportunity to mingle with other entrepreneurs, but you could learn about some recommended vendors you need to hire too!

A business degree is not mandatory to start a business, but it could teach you valuable lessons and give you crucial insight. Recently, WGU Nevada has opened applications for the Master Your Future Scholarship, worth up to $2,500 to help you reach your goals. Check out the scholarship details and consider a flexible education that you can earn on your schedule with WGU Nevada.