By Virginia Auciello

So, you've got a great idea. People will love it. It can make you rich. Is it talk, or are you really going to start a business?

Starting a business is not for everyone. There is a certain amount of the ability "to live on the edge" required. Most of the living on the edge relates to money or the absence of cash! Most business ideas take start-up case, so don't quit your day job! But, don't get discouraged either. The entire key to success is PLANNING.

Planning what? Start by asking a few simple questions.

Is there a need for my product or idea? Can I prove the need?

What is the competition?

Do I have or can I obtain the resources to get the business launched?

Was there an affirmative response to these three foundation questions?

If we probe #1 more deeply, there are more questions to be asked. Before you sink Grandma's inheritance or all your savings into your idea, do some research. Who will use your product or service? How many are there? What kind of income do those you've identified have to spend? Where do they live? Are there enough of them with enough income to move on to other questions? If you want someone else to tell you these answers, you are probably not a candidate for entrepreneurship!! Starting and running a business takes work and in the beginning, at least, you are the worker.

The next question is competition. There are so many ways we can choose to spend money. What choices will your target market have regarding your product or service vs. the competition? Many? Few? Why would I want your product or service and why would I give YOU my money? How much of that money would I be willing to give? Does this consumer research tell you to go on? Can you make a profit? There are many good business ideas; not all of them will yield a profit.

Next is the issue of your resources. These boil down to money and time. What is your personal credit history? Do you have the ability to fund the start-up costs yourself? Do you own something that will serve as collateral for a loan? Will your family provide financial resources? How much money do you need? Will a funding source look at you as a good risk? Time! If you must support yourself by working during the start-up, when will you do the planning? Are you the type of person with tons of energy? Can you get by with less sleep? Can you put time in over weekends? What responsibilities do you have to others? If doing the business planning seems like lot of work, you may think again because it's only the beginning of a lot more work. Of all the exciting, empowering, wonderful life events, owning your own business can be exhilarating and fulfilling, and it can be exhausting.

Many times I hear people say things like: "I cold have done that" or "I should have done that" or "I will do that in the future". Action is better than inaction and sound-decision making is better than indecisiveness. Risk and calculated risk are not the same. With some thoughtful time and effort, you can get the facts to verify the feasibility of your idea. You can clearly calculate the risks involved. You will see the financial risks, emotional risks and relationship risks. Owning your own business not only effects your finances; business ownership impacts your lifestyle and relationships as well.

There are many places to go for help. Among them are the SBDC at Clark University, SCORE, Martin Luther King BEC, Center for Women and Enterprise, and bookstores and libraries. Read, talk to business owners, check into the web for information on "How to Start a Business". The more resources you identify, the more information you will have to make good business decisions.

Most of us have heard the quote, "If you fail to plan, you plan to fail." That is not ALWAYS true when it comes to business start-ups, but it is MOST OFTEN true. Explore the feasibility of your idea, look at the component pieces of a business plan, get your personal finances in order and then take the plunge into the planning pool. At the very least, you'll be smarter, wiser AND, if your idea is feasible after your planning pool plunge, GET STARTED! There's a business in your future.