Released October 28, 2009

STILLWATER, Okla. – If you are thinking about starting a business, it is time to do some homework.

Glenn Muske, Oklahoma State University Cooperative Extension interim associate dean, assistant director, family and consumer sciences, said before you go and invest your life savings in rent, redecorating, advertising and purchasing needed items it is a good idea to do research.

“Save yourself some money by doing the essential homework before you spend money on your potential business,” Muske said. “If the area in which you want to open a business isn’t well suited for your product, it would be important to know this. This doesn’t mean you can’t open your business, but you may want to find a better location.”

By doing research, one can figure out customers, market, competition and the industry and understanding these key concepts can mean not wasting money on products that may fail.

Muske said figuring out better products, locations and services can help you be successful.

“Even if you already own a business, a little studying can help you find new markets; adjust your own products, services or prices; and identify less-expensive vendors,” he said. “This way you’ll know what’s going on with your competitors and what’s going on in the industry.”

The Web site http://www.factfinder.census.gov is a government source available to anyone. It provides, based on a variety of options such as zip code or county, the income levels, education, race, age groups and the ages of those in the area.

Muske said other sites, such as Google, will allow you to find the similar businesses already open in your zip code area. These two tools are a great way to begin your research.

“There are many resources out there for potential entrepreneurs to take advantage of,” Muske said. “Using trustworthy resources and getting advice from professionals with experience in this area may be the key for starting a successful business.”

Good sources of information include your local Extension office. They have educational materials to help you get started and may be offering workshops on starting a business. Also, the Oklahoma Cooperative Extension Service has a helpful Web site with tools, taped Webinars, educational materials, etc. Go online to http://www.eXtension.org/entrepreneurship for additional information.

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http://www.dasnr.okstate.edu/Members/katie.reim-40okstate.edu/starting-a-business-do-your-homework

Writer: Katie Reim, 405-744-6792, katie.reim@okstate.edu