Community Business Needs

How do I choose what kind of business to start?

Choose wisely from the beginning. Don't act on a single idea – the best foundation for business success is to have several possibilities for creating profits. Review you own work experience, hobbies and interests. Research market conditions and trends. Determine what needs exist in the marketplace that haven't been filled. Many small businesses are founded on the idea of creating a solution to a problem that didn't have an existing solution.

In 2000, the Vicksburg Downtown Development Authority (VDDA) contracted to have a HyettPalma of Alexandria, Virginia conduct a business needs analysis and prepare a retail market profile for the village of Vicksburg. Sampling the local population and studying local and state business trends at the time, the report made certain recommendations to the VDDA. Among these recommendations was a list of businesses that, under the right conditions, could succeed in the area as start-ups or expansions of existing businesses in the area. Although several years have passed since the study and the business environment has changed in Vicksburg, we feel some of those recommendations remain valid:

Antiques
Bistro/high end restaurant
Bakery
Casual Apparel and accessories
Day Care
Elder care
Ethnic Restaurants (Greek, Chinese, Italian, etc.)
Family Dining
Fast Food (lunches for industrial park employees)
Gifts/Cards
Handyman Service
Home decorating supplies and services
Jewelry (traditional and costume)
Lawn/Snow removal equipment service
Office/School Supplies
Pub/Tavern with entertainment
Radio/TV/Electronics Retail
Recreation (Go-carts, Mini-golf, batting cage, bowling, etc.)
Sporting Goods
Tailor Shop
Sewing Supplies
Video/Game Rental

Once you have a direction, then it is time to develop a business plan. A business plan is a formal document that explains in great detail your plans to develop a financially successful business. It forces you to think through every aspect of your business. Furthermore, if you require outside capital, a potential investor or lender will use the plan to assess the viability of your business and whether or not to invest in it. The business plan also serves as an assessment tool for the owners. As your business grows, the plan will help you stay on track with your goals or the plan can be altered as your business changes. The business plan should include a detailed description of the business and its goals, ownership and legal structure. It also must address management, marketing, operations, and financial requirements.

For more information on starting a business in the Vicksburg area, see "How to Start a Business" page on this site.