Small Business Week: Moving beyond an idea

It's small business week in Colorado. There are over 560 thousand small businesses in our state. That's half our workforce according to the US Small Business Administration. Executive Director of Colorado Lending Source, Mike O'Donnell, is here.

KUSA - It's Small Business Week in Colorado.

Half of the workforce in Colorado is made up of small businesses, according to the U.S. Small Business Administration. That's more than 560,000 small businesses.

And if you want to open one yourself, you may be wondering, ‘Where do I start?’

Mike O'Donnell, executive director of the nonprofit Colorado Lending Source, sat down with 9NEWS to talk about that. Colorado Lending Source works with local small businesses to get them loans.

First, it takes more than just a good idea.

“A small business really needs to plan for itself,” he said. “Behind the idea needs to be a plan. You really need to think through the process. You can’t just jump and then hope that the customers will come.”

Also, test your idea and do research into it. O'Donnell gave the example that if you want to sell T-shirts on a street corner, you need to know how many cars go by and what T-shirts people might want.

Then there’s money. You may get cash from friends, family and others who believe in your idea. You may consider bank financing or a lender like Colorado Lending Source, O'Donnell said.

© 2017 KUSA-TV


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