youtube.JPGfacebook.JPGtwitter.JPGgoogleplus.jpg

800-348-5194 (Toll Free in WY)
email:WSBDC@uwyo.edu

Business Success Cycle 

 

The REINVENT Stage


Adjusting your business plan to survive and thriveBusiness Success Cycle 2 REINVENT.png


If you've done business in Wyoming you know about change.  To maintain a successful business, you need to be ready to shift direction to meet changing markets, economic conditions, and consumers.  At any time during your journey, contact us for assistance!
 

Summary

How do you develop your idea into something that may turn into a business?  Consider the following as a business idea draft:

 

1. The idea:

  • What’s your idea?
  • What will your product or service that you’ll offer be?
  • Will your business be built from scratch, or do you plan on buying an existing business?

2. Is it feasible?

  • Do you have the skills or experience to be successful at this business?
  • Do you know how much money it will take to start?
  • What are your plans for financing the business?
  • What are your own strengths and weaknesses?  Be honest with yourself.

3. Who’s your market?

  • Who will be your market?
  • Who will your competition be and what are their strengths and weaknesses?
  • If you don’t think you have competition, are you sure?  If that’s true, is the product or service really wanted?
  • What’s unique about your business that will make people want to buy from you instead of this competition?

 

Tools for the REINVENT stage

 Adjusting to a changing business climate

 

Financial Health Checkup – Is your business healthy?  Find out with our no-cost Small Business Health Check-up

Sell your business – Tools to help you determine what a fair price is for your business and negotiate accordingly

Succession planning – Of the nearly 19 million U.S. family-owned businesses, only 30% of those family-run companies today succeed into the second generation.  And only 15% survive into the third generation.  A succession plan will help you beat these odds!

Emergency Business Plan – Download our resources to help your business survive a disaster

Sell to the government – Our procurement specialists will assist Wyoming firms with identifying and securing federal, state, and local government contracting opportunities. 

Economic Gardening – Our sophisticated resources bring the research tools of Fortune 500 companies to Wyoming small businesses

International Trade – A portal to various resources available to small businesses seeking to expand into the global marketplace

Trainings, Events, Webinars – Access to our library of education resources for entrepreneurs