New year means big possibilities for entrepreneurs

Every new year offers the opportunity to reflect on the past 12 months and to also look forward to all the promise the future holds.

For some, this time of year means setting a goal to lose weight or quit smoking. For others, the goal may be to learn a new language or skill.

For many entrepreneurs, though, this time of year is when thoughts turn to making their dreams of owning a business a reality.

It takes more than just a good idea, passion and drive to start a successful business. Entrepreneurs by their nature are risk-takers and have the vision to see what is possible.

Successful entrepreneurs are able to channel their enthusiasm in a productive manner and develop solid business plans before leaping into new business ventures.

According to Harriet Parker, Small Business Development Center coordinator at Waubonsee Community College, failing to have a business plan in place and being short of capital to finance the new endeavor are the No. 1 and 2 pitfalls that can quickly sidetrack an entrepreneur from starting a successful new business.

If you are thinking about launching a business in the new year, there are important basics to consider. Without a formal business plan, you can't develop a strong basis in strategy or measurability for success.

If the concept for the business is all in your head, the plan will be constantly changing and lead to poor decision-making.

Through workshops and one-on-one counseling, Parker recommends that entrepreneurs create a business plan by defining the opportunity on which they plan to capitalize. What problem will be solved for customers? How big is the market? How long will it take to turn a profit? What will the profit margin be?

Next, she advises entrepreneurs to look deeper to evaluate the overall industry and how their business idea fits in. What would the business offer that is unique? What business skills and management experience are necessary? What finances are available to launch the business?

These are hard questions, and there are many more to consider, but answering them will help lead to a business plan that forms the basis for success.

According to Parker, once a well-developed business plan is in place, that document will drive the next steps necessary to launch a new business: Evaluating business structure options, exploring financing options, developing small business loan proposals, creating a marketing plan, determining market trends and locating professional resources.

It is a challenge to outline the background, experience and knowledge needed to start a successful business in one article. However, there are a number of resources available to current and future entrepreneurs.

If you're looking for a more personalized approach, Waubonsee Community College is home to an Illinois Small Business Development Center. The SBDC offers services and programs to help current small business owners manage and grow their business, as well as offering expert guidance to those who are looking to start their own businesses.

You can call (630) 906-4143 to schedule a counseling appointment or look for Waubonsee's SBDC online at www.waubonsee.edu/workforcedev/sbdc.php.

With the new year under way, it is a prime time to consider starting a business, but remember that any successful venture is built on a solid foundation. Look to the experts to help you realize your dreams and fulfill your entrepreneurial vision.

• Christine J. Sobek is president of Waubonsee Community College