Melvin Feller Discusses That This is the Time to Start Your Own Business

Melvin Feller asks “If you are new to

business and wanting to start your own
business. Do you know what you want to
do?” Therefore, if you’re thinking of
starting a business in a location and a field
of business that’s new to you. Melvin Feller
believes that you will always be successful
in a business that you have a passion for.
Melvin Feller Gives Business Tips. Melvin Feller, Educator, and CEO, states
that during stressful times and times of
distress and economic hardships, more businesses are created and more people are actually
successful in rendering products and services that are vital to our economy.

In order to have a successful

enterprise, you should address a
number of topics. Many of these
items will be incorporated into
your business plan, so consider
the use of this list as a
preparation for business and
Melvin Feller Wants You to Start Your Own Business. market planning. In each of these
topic areas, determine which
apply to your enterprise and then address those issues.

However, there are basic steps in starting a business that can make a positive impact. It is best to
start by asking and answering critical questions pertaining to you, the business owner and your
business concept. Melvin Feller goes on to state that these are the must have and hard questions
to really ask yourself:

Have you determined what products and services you are going to offer?

Have you determined that a market exists for your offerings and is accessible to your selected
location?

Have you determined if there are any names, logos, or other intellectual property that must be
covered through patent or trademark registration?
 What is the legal form of the business?
(proprietorship, partnership, corporation,
limited liability company)?

Have you registered your business name?

Have you determined a formation for your

business (i.e. sole proprietorship, partnership,
S-Corporation, C-Corporation, Limited
Liability Company, etc.)?
Melvin Feller Shows You How to Start A Business.

If you have chosen your business to be a

corporation, have you filed a Certificate of Incorporation?

Have you addressed, if necessary, a Partnership Agreement or Limited Liability Company

Article of Organization?

Have you researched local, county, and state license and permit requirements?

Have you selected a physical site for your business?

Have you addressed local zoning regulations to see if your business conforms or if you will need
to seek a variance?

Have you researched Federal, state and local regulatory agencies to determine what you need to
address?

Have you determined your insurance requirements?

Once you have these questions answered and have a solid plan then it is time to think about your
business location. There are many things that must be considered during this period. In fact,
according to Melvin Feller, most of these things are never considered and could actually hinder a
budding entrepreneur’s success.

Melvin Feller compiled this list of the key issues to

keep in mind when you’re deciding whether a new
city is right for you.

Workforce. In today’s labor-tight, knowledge-

based economy, this is far and away the single
most important factor to examine, according to
relocation experts and several executives who have
Business the Melvin Feller Way.
recently moved their companies. If the location
doesn’t support your ability to recruit and retain a world-class workforce, everything else is
secondary.

Will your company be able to offer employees’ salaries and benefits that are competitive in the
region? If not, you may not be able to recruit the best talent. Remember that people often have
families. Is the local economy deep enough and diverse enough to support careers for
employees’ spouses? How is the quality of life in the area? How are the schools?

Sources of funding. “Venture capital is a contact sport,” according to Melvin Feller. “Be near
sources of financing.” Is there a venture-capital or angel-investor community in the region? Is
there a network of lawyers, accountants, or other professionals that can help you develop a
business plan and market it to potential investors? Are there formal and informal networking
opportunities in town? Are low-cost loans available from banks and other lending institutions?

Economic-development incentives. Does the city

or state you’re looking at have aggressive policies
— including tax incentives and low-cost loans — to
recruit and retain businesses in your industry or
start-ups in general? Be on the lookout for places
that have developed economic strategies for
attracting the kind of business you’re in.

Transportation. Air service is particularly

important in today’s economy. How many flights go
Melvin Feller Helps You. into and out of the nearest airport? Is there a hub
airport nearby, making it easy for customers and
clients to get to you?

Manufacturers should check out trucking routes and other transportation needs that support their
companies’ logistics. What will it cost to get the supplies you need to your new location and to
ship your product to your customers? Will you be able to deliver your product at a competitive
price?

Technology. How wired is the area you’re considering? Are broadband services available for
Internet access? Such offerings are important both for web-based companies and for those that
use the Web just to enhance their brick-and-mortar business.

Cost of living. This issue has major implications for both your employees and your company.
Can your staff find affordable housing in the area? In terms of commercial real estate, Melvin
Feller suggests that you look at both cost and flexibility. He recommends negotiating a short-
term lease that gives you options to acquire more space as needed.
 Universities. “All the hot zones have great
universities,” says Feller, founder of Melvin
Feller Business Group. Universities provide
cheap but knowledgeable part-time labor
(students), as well as readily available
consultants (professors). When the students
graduate, they help form a skilled talent pool
from which to draw employees. Many
universities also host small-business
development centers and programs.
Melvin Feller Wants You to Start Your Build your Business.

Character of the local economy. What sectors

are strongest in the region? If you’re a manufacturer, for example, you probably don’t want to go
to a tourist or service-oriented economy, since it might not have an appropriate workforce,
essential suppliers, and other resources.

Personal preferences. Do you have friends, family, or professional contacts that keep you in
one area or draw you to another? You want to be happy in the place where you do business. As
your company grows, the personal aspects of running a business may have to give way to more
practical considerations, so think about such factors now, while you are still in control.

Melvin Feller knows that opening up your own small business can bring a host of benefits —
more freedom, flexible working hours, more career opportunities and many of your dreams
realized.

Statistics show small businesses started by women

have a greater chance of success — experts think
it’s because women plan more, and take things step
by step. A recent study on factors influencing career
success conducted by Accenture, a global
management consulting company, found that
women feel juggling family support, planning and
ambition is important for them to advance in their
careers.
Start Your Business the Melvin Feller Way.

Melvin Feller also knows that planning is

important? Because he knows and has proven that a great business starts with a great idea. But
there’s so much more. Often, would be entrepreneurs get so excited about their idea that they
forget to find out whether it’s viable or not.

Finally, Feller states, “Researching your idea or talking to a neutral business advisor keeps your
goals on track”. However, Feller also says that when he first started, nothing happened so I got
impatient. But Richard Branson’s book “Losing My Virginity” was inspiring, as he stuck it out
and found opportunities where others said there were none.
It was through trial and error and lots of education, that he reached the pinnacle of success and
was able to create a business which has gone on to help thousands of people to start the business
of their dreams and fulfill their legacy.