Jackson Free Press

In 2009, CNN Money ranked Jackson the 11th best mid-size metro area to open a small business. Mike Davis, business development manager for the city of Jackson, explains that this is because Jackson has three major industries: medical, educational and government.

"Those sectors are not as hard hit when you have a recession, so you still have a large group of folks that are able to patronize business in the Jackson area," Davis says.

Jackson also has smaller surrounding communities, such as Madison, Ridgeland and Flowood with people who come into the city and spend money. So if you've always dreamed of owning your own bookstore or hair salon, Jackson may be the place for you. Here are some basic steps to help you in your planning process of starting your own small business.

1. Pursue Your Passion
It may seem like an obvious thing to say, but you need to be passionate about your new business venture. Get ready to dedicate yourself physically, emotionally and financially. "If you love to cut hair, don't open a childcare center," Davis says. Doing what you love will make the workload easier and the end result even more rewarding.

2. Define Your Business
Your business name is your calling card, so coming up with a name you're proud of and that defines who you are as a business should be one of the first steps in your planning process. Also, the more specific your angle is, the more unique your business will be and the easier it will be to connect with your target audience.

3. Create a Business Plan
Davis stresses the importance of a business plan. "Your business plan is your guide to help you understand every aspect of your business, from marketing to knowing who your competitors are, to knowing your strengths, your weakness, your opportunities and the threats that are out there," he says. Your plan should include information such as: market analysis, company description, management team and financial analysis.

4. Secure Your Funding
A small business loan may be a viable option to fund your business venture. However, if you cannot qualify for a loan, you may have to get creative on how you find your financial resources. You may be surprised who will be willing to invest in you and your budding business, if you know how to present your business plan the right way. Be organized and optimistic, and you may get people to not only open their ears but also their wallets.

5. Location, Location, Location
Once you've got your funding, you need to think about a location. Paid site location agencies can help you select the best site for your specific business type. The Business Development Division can also help you find the right spot, as well as the Jackson Chamber of Commerce at 601-948-7575.

6. Certification
Different businesses require various types of certification to function legally and effectively. To explore the certification requirements for your specific type of business, contact the Business Development Division at 601-960-1055.

6. Get Started!
After you complete the steps above, it's time to "get your ship sailing," as Davis puts it. The final stages before opening your doors will be different for each type of business. But no matter what your business interest is, being as prepared as possible is vital to your success as an owner.

Use Your Community Resources
Jackson offers various classes and workshops to help you through the process of opening your business, and the city has a variety of networking opportunities to meet other business owners who have been where you are right now. Many are free.

Work Play: Ongoing at Last Call (3716 Interstate 55 North). The networking event is held every Monday, 6-10 p.m., and includes cocktails, music, board games and video games. Free admission; call 601-421-7516 or 601-713-2700

Mississippi Small Business Development Center offers workshops at several different locations on topics ranging from business start-up financing to marketing. Visit the website for more information: http://www.mssbdc.org

MINCAP: Business seminar July 13, 8 a.m. and Aug. 10, 7 a.m. The Minority Capital Fund of Mississippi's two-hour sessions will be in the Community Meeting Room at the Jackson Medical Mall. Call 601-713-3322.

JFP Lounge: The Jackson Free Press hosts a gathering of professionals and creatives every second Tuesday at Pi(e) Lounge (565 Taylor St.) Free. Call 601-362-6121 ext. 11.

NACA Homeownership Seminar: July 10, July 24 and Aug. 7, 9 a.m. The class will be held in the Community Meeting Room at the Jackson Medical Mall. Free; call 601-922-4008.

More at http://www.jfpevents.com