08.09.24
Five Steps for Starting a Business in Northeast Indiana
Starting a business is an exciting — and challenging — endeavor! Northeast Indiana offers a vibrant environment for entrepreneurs, who are supported by a range of resources, training, and networking opportunities. Here are five essential steps to help you launch your business, and how NIIC can help make it a success.
- Identify the Problem Your Business Will Solve. The first step in starting a business is to clearly define the problem your business will solve. A well-defined problem statement is crucial for understanding your market and developing a solution that meets customer needs. For example:
Yard Work for Retirees: “It is hard for retired people to do yard work, and they aren’t used to using online tools to find reliable, affordable help. I’m going to go door-to-door, offering yard work services.”
Quality Clothing, Made Locally: “Clothes made in large factories lack quality and durability. I am going to sew clothes for Indiana designers who value high quality.”
Sustainable Phone Cases: “Typical phone cases are made from unsustainable materials, but many consumers want to protect both their phones and the environment. My business will design and manufacture durable phone cases made from sustainable materials.”
Careful focus on problem solving will empower you to better tailor your product or service to meet genuine needs. This is the first step toward developing a successful business plan.
Sometimes it helps to talk through your ideas with other business-builders. Consider the group coaching programs available at the Northeast Indiana Innovation Center. Peer-driven group programs, designed to equip you with essential skills, are available in both English and Spanish. They cover concepts such as “Foundations of Finance” and “Foundations of Marketing.”
- Define Your Business Model. The business model is how your company will make money and be profitable.
Revenue Streams: Identify the different ways your business will create income, through product sales, subscriptions, or service fees.
Cost Structure: Assess the costs involved in running your business, including production, marketing, and operational expenses.
Financial Projections: Think through the when and how money will move in and out of your business. This step involves estimating your future revenue and expenses. Detailed financial projections will help you plan for growth and challenges.
Creating a business plan can be intimidating, but you don’t have to do it alone. The NIIC offers coaches and tools to help. Start by filling out a “Let’s Talk” form on the NIIC’s website to connect with the team. NIIC provides business coaching, training workshops, and networking opportunities to help you at every stage of your business journey.
NIIC’s orientation is free and people who complete NIIC’s free group coaching classes are eligible for one-on-one business coaching at the discounted rate of just $20 per hour. (Or, coaches are available immediately for just $80 per hour.) Your NIIC business coach provides personalized guidance tailored to your specific business needs.
- Test Your Ideas. First, talk with potential customers. You can conduct face-to-face interviews, create online surveys, or leverage social media through friends and family. This feedback will help you refine your business plans to respond to your customers’ needs.
Community networking is another good way to test your business ideas. NIIC’s Venture Hub hosts a variety of regional events, workshops, and support resources, all available 24/7, and all free of charge. Venture Hub gives you access to a wide range of networking opportunities and business-building tools to help you navigate the complexities of starting your new venture.
In your idea testing, be sure to investigate what local and state regulations might apply to your new business. Venture Hub partners and NIIC’s business coaches can help you assess the regulatory environment.
- Find Workspace. Will your new business benefit from moving off the dining room table and into a professional workspace? Maybe you need a place to hold a workshop, event, or meeting, or virtual options.
The Northeast Indiana Innovation Center is a place of inspiration. Our 55-acre campus and 74,400 square feet of facilities serve as an entrepreneurial hub and a home to innovators, emerging businesses, and high-performing companies alike.
NIIC is a Certified Technology Park and a designated “Opportunity Zone,” with the associated federal and state benefits available to business-builders. Homegrown startups, emerging businesses, and well-established companies are all at home in our entrepreneurial community
- Launch and Grow Your Business. With the groundwork laid, it’s time to launch and grow your business! Stay connected with NIIC to benefit from its networking opportunities, resources, and support. Making connections with other entrepreneurs can provide support and ideas that will help your business thrive.
NIIC networking can also help you discover financing sources for your business. Capital investment is the lifeblood of every growing business. The NIIC team can help you find conventional business loans, potential investor communities, or government contracting opportunities. NIIC also offers KIVA microloans up to $15,000.
These five steps can help you turn your entrepreneurial vision into reality, and NIIC is here to help your develop your great idea into a successful, thriving business!
