Opening a Small Business in Boston: Five Tips That Will Help
Posted: Dec 27, 2013
Looking to open a small business in Boston? Check out this article for some useful advice.
Boston is a great place to open a small business. The city is dedicated to building its reputation around innovation and offers numerous possibilities for networking. Because there are many good schools in the area, you can find well-educated employees.
Boston is one of the most economically powerful cities in the world. A lot of big companies reside here. The city was also ranked as one of the happiest cities in the U.S. for your professionals. Locals are dedicated to supporting small businesses and start-ups - MassChallenge and TechStars are two examples of programs designed to give entrepreneurs access to mentors and resources. If you plan to open a small business in Boston, we have some tips that will help, below.
Starting a business is a demanding process. The more you know about the field, the better. Take advantage of free training and counseling services available online. The US Small Business Administration website is a useful platform for entrepreneurs. Boston even has a guide for small business owners. Also, check out this Massachusetts step-by-step guide to opening a small business.You can also contact other small business owners in Boston and politely ask them for a meeting. They can offer insight on the process of starting a business and the challenges they faced along the way.
Research the market
Market research is extremely important: it will tell you if Bostonians need your product or service. Find out what your ideal customer looks like and if there is space for your service or product in the market. This research will also determine where the ideal place to open your business would be. Before taking action to make your dream come true, make sure it’s a viable one.
Create a strong business plan
Write a strong business plan, which includes anything that might go wrong. Set long term goals for your business and figure out what you will need to accomplish them. If you are having trouble with writing your business plan, get some help. SCORE Boston offers free counseling to entrepreneurs and small business owners.
Your business plan should include your current funding requirement, as well as any future funding requirements you will need over the next years. If you have to borrow money to fund your small business, there are many banks in Massachusetts you can approach for a loan. Schedule a meeting with a financial advisor from the bank to guide you through the process.
Get the necessary permits
Every business needs certain permits and licenses. You can find a lot of useful information about what you will need to open a small business in Boston here. The website offers guides which describe licensing and registration step by step, in clear language.
Boston is a city that supports entrepreneurs, innovation and continuing education. We hope these tips help you feel more prepared for your big adventure. After all, opening a small business is a rewarding process, despite any challenges that might come up along the way.
Theresa is a guitar player from Michigan. She started her own band a couple of years ago and regularly plays clubs from all across the state. Writing is her second biggest passion after music.