Mark Balboni, founder of Mark Balboni, LLC, had dreamt of starting his own business for many years. Realizing he needed the experience and industry contacts that would be instrumental in the successful launch and growth of his business, he joined a well-known and respected consulting firm where he remained for 14 years. Not only did this provide the opportunities to perform the technical work he specialized in, but he also managed projects, prepared and priced contracts, and participated in the sales process. Mr. Balboni stated, “All of these things were key in becoming well-rounded enough to start my own business.”
In 2014, Mr. Balboni determined the time was right and launched his own consulting firm that provides compliance consulting services on FDA’s Good Manufacturing Practice regulations and quality assurance principles to the pharmaceutical, biologics, and medical device industries.
As with most new business owners, Mr. Balboni recognized there were areas where he needed guidance. He was introduced to the Small Business Development Center (SBDC) at Weber State University to answer his questions and help get his business off the ground. As a first-time business owner, Mr. Balboni worked with the SBDC on registering his business, as well as developing his business plan and strategies. Of his experiences working with the SBDC, Mr. Balboni said, “It has been invaluable to work with an SBDC consultant. He has become a trusted advisor.”
In response to the question concerning the most important aspects of starting a successful business, Mr. Balboni said, “Make sure there is an actual demand for your product or service, and be prepared not to immediately start making money. If the money comes quickly, you are lucky.” He also said, “Don’t give up if there is a slow period. Continue to do proactive things to increase your sales, and make sure you have enough money to start a business.”
In summary, Mr. Balboni stated, “I recognized years ago that this was something I wanted to do, but had no idea where to start.” After partnering with the SBDC, Mr. Balboni is well on his way as a successful business owner.