Many people who desire to become entrepreneurs have likely felt stuck and unsure how to proceed with a business idea. Hesitation can set in, leading to doubt and fear. However, one can execute a few steps to increase the chances of succeeding.
Starting a business can be a staggering undertaking, but the following tips can ensure a smooth start.
Be Professional
Treating people in a professional, courteous manner is essential both when networking and employing. The owner should always look prepared to do business, especially when seeking funding from investors or traditional lenders.
Professionalism can be achieved by acquiring a business phone, a business email address, and professionally made business cards. The business’s name, reputation, and employees will more likely stand out to investors and banks if a business has these assets.
Write a Business Plan
A business plan acts as a foundation for the owner but should also be a cohesive summary for the future. Forbes states a business plan “serves as a roadmap for establishing a new business.”
Additionally, Forbes suggests the business plan should include a company description, products and services, and a marketing and financial plan. A business plan allows a new business to start with a structure and goals in mind that need to be met.
Acquire Necessary Permits
Business owners should research what paperwork needs to be done when starting a business. For example, a home business may require different paperwork than a restaurant or online shop.
NerdWallet, a financial advice company, suggests new business owners contact their local Chamber of Commerce for more information about permits and licenses. Acquiring the right permits allows the brand or company to exist and officially qualify for official bank or government funding.
Funding
Start-ups need funding to operate but may be limited to little funding or funding opportunities. Business owners can research where to receive and earn funding, whether through loans or crowdfunding. NerdWallet states investors and banks prefer businesses that have operated for over a year.
In addition, if the owner possesses funds, a business can be developed with personal savings. Whatever the case, owners should keep finances as a top priority when starting a business.
Open a Business Bank Account
Once funding is secure, consider opening a business bank account with plenty of benefits. SBA, U.S. Small Business Administration, suggests business owners “stay legally compliant and protected” with “benefits to customers and employees.”
Besides having a funding safety net, owners can also be entitled to services such as merchant services. According to SBA, merchant services accounts allow owners to accept credit and debit card transactions from customers. A business bank account can also keep track of transactions, bills, loans, and other finances in order.
Create a Customer Base
Begin speaking to clients or interested customers through social media or services like Kickstarter. Kickstarter is a crowdfunding website that allows businesses to solicit funding from anyone online to jumpstart their product or services. Social media and Kickstarter allow businesses to reach a wide customer base worldwide.
Creating a customer base can be beneficial because they can kick off a product they support and vocalize it through social media. A customer base can act as another foundation for the business as time goes on.
Only Up From Here
Starting a business demands a lot of care, research, and finance. However, the previous suggestions should prepare small-business owners for any market they pursue.
Suggestions such as creating a business plan or establishing a professional atmosphere lead to a strong foundation. A business owner can create the business they envision with the help of these suggestions.
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