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Starting up your own small business is a powerful step towards taking control over your life and your finances. Small business is big! According to the SBA (U.S. Small Business Administration), 28 million small businesses in America account for 54% of all U.S. sales. There are many things that need to be considered when starting a new business, including some risk and quite a bit of preparation. You need to be steadfast towards your goals, and be prepared. Success or failure of your small business is dependent on knowing how and when to act, and what steps to take next.
Here are a few tips to consider when starting your business:
Do What You Love
To start a business, you should make sure that you’re doing something you really enjoy. To build a successful enterprise, you need to be dedicated to the work, because you’ll be devoting most of your time and energy into it.
Start Your Business While Still Being Employed
It will probably take a bit of time before your business can make a profit. Unless you have saved considerably before starting your business, you’ll need a steady source of income. It means a lot of hard work, but it gives you time to build inventory and clients slowly before taking the plunge as a full-time business owner.
Don’t Do It Alone
When you’re starting a business, you’ll need a support system. This can be anyone: friends, neighbors, or family … someone who you can use as a sounding board for ideas, and who will listen to your successes and frustrations. You may also want to find a mentor or role model; someone who understands the ups and downs of starting a small business, as well as your particular industry.
Add Clients or Customers First
You shouldn’t wait long to start lining up clientele. Your business can’t survive without them. Network and make contacts; email, or call potential clients and let them know the services you offer. Market and advertise your services right away by spreading the word through social media and local outlets prior to the official launch of your business. Make sure to keep the right balance though – make sure you have the resources to serve the client list you are building.
Write a Business Plan
Starting with a business plan is essential. It’ll guide you through each step of creating and managing your business, and may also help attract investors and partners. They can be as simple or detailed as you want, and there’s a variety of resources available to help you get started. Here are a few templates from the SBA.
When starting a new business, you’ll have to do quite a bit of research. Your goal is to become an expert in your industry, products, and services. Seek out people familiar with your type of business and gather information. Research federal, state, and local requirements for business ownership. Some helpful resources include the IRS, Secretary of State, and the local Chamber of Commerce.
Get Your Funds Ready
Save money where you can. Look for potential lenders or investors. This is where your business plan will be essential. It shows investors and lenders you are professional, serious, and dedicated to making your new business a success. You should also create a financial fallback plan.
Seek Professional Help
You won’t be an expert in starting a business overnight. Seeking help from professionals is important, especially when it comes to legal and tax responsibilities. It’s not always possible to be an expert in every aspect of your new business. If you’re not well-versed in accounting or bookkeeping, hire people who are. If you need a contract and you’re not a lawyer, then hire one. Otherwise, you may end up wasting time and money on costly mistakes.
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