Jump Start Your Small Business
You’ve dreamed of being your own boss, and it’s finally time to make it happen. You’ve decided to make the leap and start a small business. Now, all you need to do now is get started. Easy-peasy, right?
Here are 6 ways to kick-start your small business for the best chances of success.
#1 Write a business plan. For many entrepreneurs, the potential for a successful small business either ends here, or it takes off. First, print and fill out the free business plan template from the Federal Government’s Small Business Administration. The business plan is a time-consuming thing to put together, but it’s well worth it. Brace yourself for some illuminating “ah-ha” moments about your organization. You need to ensure in your business plan you consider all areas! Take marketing for example, so many small businesses don’t consider all the different ways they could market their business. So many marketing companies today do recommend looking at a guest posting or blog outreach strategy to market their business. It is worth speaking to someone about all the different options you have, to ensure you are getting the best for your business. You want to make sure that you know everything you can about your business, this can go anywhere from marketing to selective invoice financing.
#2 Write it again. Your first draft of the business plan will shed light on the areas you’re lacking. Instead of getting discouraged, treat those areas as action items. Create a “to-do” list based on the gaps in your original plan. For example, line up suppliers and establish payment terms for future transactions. Once your final draft is seamless, you’re ready to move on.
#3 Find funding. The best way to finance a start-up is through a small business loan from your local Credit Union. Get started here.
#4 Get smart. Read everything you can get your hands on about business structure, licenses, permits, laws, and employment requirements. You’ll need this information soon after – if not immediately upon – registering your new entity with the government. Instead of taking a passive role, be proactive by educating yourself on these subjects long before you need the information. You could even look at getting some outsider help like Champion of Change IT support, they’ll help set up your IT systems so that they operate efficiently. You’ll be glad you did.
#5 Establish a backup. Stay employed while you get your business off the ground, if possible. Starting a business can be an adrenaline rush, but don’t drag dependents through risk or hardship if it can be avoided. Make the new organization a side gig until you’re confident it can bring in the same income your paycheck provided. Once your new business can support itself and pay the bills, then make a clean break.
#6 Gather support. Before you start cranking out widgets, surround yourself with the people you’ll need to succeed when questions arise. This means having a lawyer on speed dial, as well as the local SBA office, an accountant, and even a business mentor – someone who’s started successful ventures in the past. Of course, don’t forget friendly local banking professionals to administer your company’s loans, deposits and owner withdrawals. Touchable aspects of your business – location, equipment, brochures – are important, but nothing can set your small business on the right foot quite like a strong roster.
Mitigate risk by taking these 6 steps before launching your enterprise, and someday, when your business is a success, you’ll look back and be thankful you did. For questions, call Coosa Valley Credit Union to speak with a small business loan professional.