Energy Delivery Services
I had never developed a strategic business plan, an employee handbook, a hiring process, a minority certification process or an operations manual.
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Starting a business, but have unanswered questions? Just "Ask Jim!" Submit your question about starting a small business and Denver Metro SBDC Business Consultant Jim Olp will answer them for you!
Dear Jim:
I am considering opening a business that will ultimately include the following services: Massage Therapy Acupuncture Chiropractic Other Holistic Healing specialties Is it better to start small, say with Massage Therapy and then add the other specialties as the business grows? Or, don't start untill all specialties are able to be included?
This is the kind of tough question that business plans and spreadsheets are designed to solve. My suggestion is that you research the costs and income potential of both routes you describe here. Do your research; talk to other service providers; analyze your target market; research your costs both with and without the additional services. Then quantify your information and put it on one of the standard cash flow projection templates. With that done you can play with the numbers and determine which scenario works the best for you.
The SBDC consultants and resources can help you with this project. Our services are free, unlimited and confidential and all of the SBDC consultants are current or prior business owners. So they will understand the decision process you are going through.
Dear Jim:
I had a question about starting a new business. I started blowing glass two years ago and its now turned into a full time, profit making business that started from a hobby. I happen to be quite skilled and my skill has landed me a few reliable accounts. How do I go about becoming legitimate now? Will lenders consider a business loan for me if I can prove I'm already making a profit. Im just a little confused on where to start
The answer to your question about “becoming legitimate” is really that you need to sign up for the SBDC class on Start-Up Basics. This is a three-hour class taught every month which covers all of the requirements, paperwork, and so forth for starting a business in Colorado. This includes licenses, registrations, permits, banking, insurance and taxes. The answer is much too long to write here. So the class is the best way to do this. You will find the class registration on our web site at www.denversbdc.org. The next class is scheduled for January 9th.
Normally, bankers will not loan to a business with less than two years of operations. However, microlenders will. The two Colorado microlenders are ACCION and the Colorado Enterprise Fund. You should check them out at www.accionco.org and www.coloradoenterprisefund.org.
Finally, if you need help with this new enterprise, you can also schedule individual consulting sessions on our web site. You might want to think about this.
Jim Olp is a retired business consultant of the Denver Metro SBDC. He assisted clients with financial analysis and funding options. He has a depth of experience derived not just from his many years working with SBDCs, but also from his ownership of more than a dozen small businesses. He has taught virtually every aspect of small business management and operations at the college level for more than two decades. Olp has exceptional expertise in business financing options and can assist clients in structuring their business plans and pro forma projections toward the goal of securing financing. He earned his bachelor’s degree from King’s College with a double major in history and political science with a minor in English. Olp received his master’s degree from the University of Pittsburgh with a major in political science and a minor in computer science.
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