Page 5 - CEEM Shopping Mag February 2020

The Best Business to Start

By Vincent McCoy

The best business to start is one that can be done in the existing legal/regulatory licensing
environment that can also be launched and run with nancial success. Paul Nolta, Assistant
Director, developed this version of analysis. It means that if you have a business idea that is
not forbidden by law, can be operated in the location desired and you hold the licenses, permits
and rights needed to do so that is one –half the initial evaluation. The second half is whether or
not the business math works. This evaluation method may be of comfort for some and distress
for others because it removes emotion, cause, higher calling or other subjective from the equation.

The exercise recommends that one examine the idea or opportunity along both prongs and if it
passes on both, invest your time and energy developing the business plan, in-depth nancial
projections, marketing strategy, etc. This initial bene t helps the planning and projections because
you know that it, in the end, should/could/will work. Your position will be much stronger than one
that is based on some of what we hear a lot:
• There isn’t a business like it
• I always wanted to do this
• It’s important for my community
• I got a great deal on the lease.

So, as you get new ideas and you are inspired to start your own business, remember to rst test it
for legal/regulatory/licensing tness as well as for whether or not you can a ord to launch it and
run it pro tably.

Vincent McCoy, Director
Inland Empire Small Business Development Center
951-781-2345 and online at www.iesmallbusiness.com