Virginia Gazette:
When greater Williamsburg began to feel pangs of an economic downturn last year, volunteers with Williamsburg SCORE provided 900 services to small business, much of it counseling. That was up 44% over 2006. The local chapter won the ‘Chapter of the Year’ statewide award.
Here, chapter chairman Alan Wonsowski answers questions from his office at Greater Williamsburg Chamber & Tourism Alliance, the chief sponsor.
Is this a bad time to start a business?
No. There are opportunities to start new businesses all the time. Our area continues to grow, and the demand for products and services will grow with it. Sometimes the best time to plan for a new business is during periods of economic slowdown so the business will be ready to go when the market turns more favorably.
If I have an idea for a business, how should I proceed?
Conduct demographic and competitive research to help determine (a) if there is a potential to start a business, (b) if it can make a profit and (c) if the business idea is viable. Think about why you want to start a business and be prepared to work hard to achieve success. Also, give some thought as to how you will fund your business and keep it going until it achieves profitability. Finally, seek out good advice using a variety of business resources.
What do you do? Continue reading…
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