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How to Plan Your Business

Before you start your business, you need to have a clear goal of what you want to do. Read on to learn how to do market research and create a business plan for your small business so that you are prepared before you dive in.

Market Research

You will first need to conduct market research to make sure that your community actually has a market for your product or service. The Durham County Library has free resources that you can use to conduct market research.

Researching the demographics of Durham, such as average income and age, will give you a better sense of the kinds of customers you can expect to attract. The U.S. Census website gives comprehensive statistics.

Business Planning

After conducting research, you should focus on writing a business plan. This can be used for yourself and also to show potential investors that you have clear next steps.

The SBA has a page that outlines some essential elements of a business plan.
SCORE also has a free business plan template that you can download.

You should also choose a business legal structure to operate under.

North Carolina Assistance

The Economic Development Partnership of North Carolina also has some great resources to help you plan your business.

Planning a Veteran-Owned Business

If you are a veteran, you have some unique skills and advantages that you should consider when opening a business. MoneyGeek has an in-depth guide to starting a business as a veteran or service member!

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