By JENNIFER ENGLISH

Great! You can do it!

You might be asking yourself, “But where do I start?” Not all businesses are the same, so there is no cookie-cutter way to go about it, and the internet can be an overwhelming place.

Not everyone’s questions will get answered here, the following tips are for the everyday people who want to start a business in our community. I hope this gives you insight into what you should be working towards and where you can find support.

The topics that I hear the most questions about are “Do I need a business plan?” and “How do I fund my startup?” The short answers are: “Yes,” and “Potentially thorough loans.”

After you’ve decided on the product or service that you’ll be providing, you need to test it out on friends, family, or markets. This is your market research. Starting small and collecting feedback will help you refine what you’re offering, like when it comes to quality and pricing.

You’ll need to figure out how much it costs you to “do the thing.” and how much people are willing to spend. This is a great time to attend workshops and classes to get some guidance on those business foundations and to start building a community of support and collaboration. Evergreen Biz Link is a searchable one-stop-shop resource for small businesses in Washington State looking for support organizations.

Once you’ve tested your product and have feedback, start working on a business plan. Yes, even microenterprises, (that is, businesses with five or fewer employees, although some sources say ten or fewer) need a business plan. You’ll just be using it differently than an organization with 500+ employees, Your business plan will be your guidebook or roadmap to understanding your business. The information contained within it will determine how you market your business, how you set sales and financial goals, who you hire, when you hire, when you’ll want to grow or take out that loan, et cetera.

Your business plan will force you to think about every aspect of your business, and that’s important for success. This is also my reasoning for not relying on AI to write your entire business plan. AI isn’t going to be the one running your business! You need to have a deep understanding and connection to your business, and your plan should reflect that. By all means, use AI to spiff up your plan, but don’t rely on it solely.

One of the most important sections of your business plan is the financial section. It’s also the one most folks don’t want to do. As a startup, you need to run realistic numbers to see if your business is even viable, let alone profitable.

Financial projections can be scary, I went to art school so that I wouldn’t have to take math, so I understand the reluctance, but it is so important to do.

Take special care here, too, if you have trauma around money in your personal life. This trauma doesn’t magically go away when you start a business—it duplicates. Feel the fear and reach out for help! Business Impact Northwest is one of the best resources for small business owners who need to wrap their heads around their financial situation. This organization also offers great workshops every month. I would recommend getting on their mailing list to keep up-to-date on their offerings for small businesses. For the personal finance help, Sound Outreach is a long-trusted resource.

What do you do if you need money to start your business? You take baby steps and grow your business step by step. Maybe you don’t sign that commercial lease right away and instead work on building clientele and capital by doing markets for a while, or you collaborate with other brick-and-mortar shops first. Maybe you educate yourself, taking advantage of the many organizations in our area that offer free support, and do the work. Remember, you’ll get out of your business what you put in. It’s not an easy task, but it is definitely rewarding.

You still may need some startup funds, and there are financial resources in our area that aren’t a traditional bank and have more accessible options. (You’ll still beed a business plan for some—they want to know you can pay it back.)

• The City of Tacoma is unique in that they have a revolving loan fund, and it’s startup friendly. This means you don’t need to be in business between two and three years to apply, which is typically a requirement for a bank. Depending on the size of the loan, there is either no or low collateral, and the interest rate is always lower than a bank’s.

• Another great option for funding is KIVA. KIVA is a zero-interest, low-barrier loan for amounts between $1,000 and $15,000.

• I would also consider a Community Development Financial Institution loan, like Business Impact NW. CDFI loans are able to issue riskier loans, such as a startup loan, and typically carry a higher interest rate.

There are also nontraditional ways of funding your business if you need them, in addition to an entire entrepreneurial ecosystem of support organizations to help you figure out your best path forward. You are not alone!

Here is a short list of local support organizations:

1. Business Impact NW

2. William Factor Incubator

3. Spaceworks Tacoma

4. Accelerating Creating Enterprise

5. Urban Business Support

6. Evergreen Biz Link

7. Pierce County Community Navigators

8. Ventures

9. Make it Tacoma

Basically, if you have a product or service that people want or need, as well as a complete business plan that includes realistic financial projections and goals, you’ve got a good recipe to manage a successful business.

Jennifer English is the Program Director of Spaceworks Tacoma, and co-owner of Spun Clay Arts Studio that is celebrating their 10th year this month.