Thinking about starting your own company?

The area and location where you set up shop determines much of your success. Population, local economy, competition, and labor pool are just a few factors that deserve close attention before thoughts of global expansion and Wall Street flood your mind. Without customers, there is no business, and with no business profits are unattainable. The following presents some of the more important aspects to consider prior to becoming an entrepreneur. It also includes facts and figures for those interested in beginning a company in the greater Raleigh, Durham, and Chapel Hill areas.

- A large and diverse clientele is critical for creating the demand for your good or service. One website that provides the population figures for any city is www.citypopulation.de/.  Combined, Raleigh, Durham, and Chapel Hill companies draw from a population of just under 1.2 million.

- A stable economic base is needed in the city of those wishing to start their own company. Most state governments make economic information available online for each city through state research and analysis systems. North Carolina uses Websaras at the website address http://eslmi12.esc.state.nc.us/websaras/index.asp.  In 1998, the Triangle combined for a personal per capita of $30,394, $3000 above the national average and first in the state for metro areas. The median household in 1990 was, again, about $3000 above the national average and averaged to $33,290.

- An awareness of similar companies in the area is also crucial. If the intended market is already saturated, then the likeliness of another new competitor doing well drops considerably. To find out how many businesses there are in an area, search the Census Bureau at the address www.census.gov/epcd/cbp/view/cbpview.html.  About 1/7th of all Wake county businesses were classified as professional, scientific, or technical in 1999.

- Knowing the spending patterns of a city or region is an advantage to those just going into business for themselves, just as it is to any current business owner. The Bureau of Labor Statistics compiles information on how people spend their money and this information is provided in the Consumer Expenditure Survey at the address www.bls.gov/scxhome.htm.  The site gives statistical data on family incomes, average number of family members, and the amount spent per family on specific goods or services.

Within every city, look for major attractions for year round revenue such as sports teams, both professional and semi-pro. The Carolina Hurricanes, Durham Bulls, Carolina Cobras, Carolina Mudcats, and recently formed Carolina Courage offer the triangle a variety of different stadiums and venues for family and corporate outings alike. Surrounding Universities not only offer immediate access to a fresh labor force, but they also bring plenty of partnerships and corporations right to your doorstep. Tourist points also bring new faces to the area. Mountain ranges, beaches, golf courses, state and national parks, and resorts can act as a magnet to draw people in.

Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. Make the investment in target market research