What are some tips for starting a business in Arizona?

Starting and growing a small business isn't easy. According to the Small Business Administration, about half of these companies fail within the first five years. However, with proper preparation and hard work, many entrepreneurs will find that Arizona is a good environment for their efforts to succeed.

The Sierra Vista Herald recently featured a Q&A column, "Ask M&M," about starting a business that included a number of useful tips that any local entrepreneur could benefit from. 

First, the column suggests that owners conduct a competitive analysis of their competitors. This should include a ranking of each competitor, from strongest to weakest, as well as a detailed analysis of each of their major products. In addition, new business owners should also study the market outlook for their products to determine the size of the customer base that they will be competing over.

Then, the column recommends that new business owners develop a checklist before opening their doors to ensure that they have done everything they need to do, such as conducting market research, preparing a written plan and establishing an adequate source of financing. Also important to consider are zoning laws and other local ordinances, labor regulations and insurance coverage. Finally, business owners should carefully choose an attorney to have on hand for all legal matter.

This last point is important, since it is easy for a new business to find itself in legal trouble that threatens the entire operation. Local merchants should consider consulting with a Phoenix small business attorney to develop the best legal strategies.

Categorised in: Starting a Business in Arizona

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