The Truth About BEST EVER BUSINESS In 3 Minutes
When thinking about starting a business you want to think about “Why are you starting the business?” creative agency decides to start a small business with the mindset they have more free time, home based, and have a flexible schedule. Unfortunately, it is important to avoid these myths. Majority of the time, starting a business isn’t any of these things. Instead, it is long hours, working at home may be a distraction, less flexibility, and there are lots of hats to juggle. It’s completely different then working for a company and it is vital that you keep all of this in mind when deciding if starting a small business is right for you. If it’s, then let’s dive into getting started with your business idea!
Attitude is EVERYTHING. You have to always keep a cheery attitude. Many things are going to happen during the lifecycle of the business, both good and bad, and what is important is to keep a confident attitude.
BIGGEST OBSTACLES TO OVERCOME
The two biggest obstacles startups face whenever starting a business is money and status. You have to make sure you are able to stay afloat and have a way of financing when starting out. And reputation can be an obstacle because you don’t possess a reputation or customers. If you don’t start out with a group of customers, more often than not you are starting out very alone.
WHAT YOU NEED?
You need to give a product/service that people want to buy. Researching similar products/services is important to see what else is out there that is similar to your idea and then determine how your product will be better than the competition. It is also important to be able to bring experience to the table. It’s the experience you have that may make the company. Typically, you need to have a niche in order to take a focused approach and decide which kind of company you want it to be. Lastly, it is advisable to consider when you can sell enough of your product or service to make a living. Will you be able to cover each of the expenses and salaries that come with a business?
A business plan is absolutely essential. Exactly what is a business plan?
Focus on an executive summary, which is a high-level description of what the business can do. Next, you will need a business description that lays out the business in detail. Then, comes the marketplace analysis, who is going to be your customer and who’s your rivals? Next, is organization management. Who’s going to manage the business enterprise? Will you manage it yourself or will you hire someone from the outside to handle your business? Usually you are starting off managing the business yourself. Next, you will need a sales strategy, which kind of sales strategy will you encompass? And lastly, you have to include funding requirements and monetary projections. What type of funding should you start the business and just how much do you project to create?
A written plan is critical. It really is absolutely essential you write down the above info on paper.
There are many business plan templates available to help. Even though you are an established business, you don’t need anything complicated. An additional resource is a basic roadmap. This breaks out month by month projections for just two 2 years. What industry events will you attend? Just how many people will you hire? What sort of marketing campaigns will you run?
Last, goals are extremely important. You need to set specific goals in your organization plan so you know where you are heading.
MEANS OF FINANCING
How will you finance your business? Some of the key questions to ask are how much money will you need to remain afloat? Will you be going for a salary? What will your non-salary expenses be? How many people do you anticipate hiring the first year? What about company benefits? Even though you are by yourself, you will require benefits and insurance. These are all questions you have to think about.
Should you self-finance or take out a loan? Self-financing is often recommended if you have enough money in the lender to float the business as well as your salary for a year or two. This option reduces the pressure. The last thing you need is pressure from creditors. Loans will be difficult to procure. In the event that you manage to get a loan, you will need to personal guarantee and you will need collateral.
There is also the possibility for a financial business spouse, however, a financial business partner can often result in meddling and pressure. It also may cause you to run the business differently then you envisioned. Remember, you’re starting the business to place your own spin on it!
A fourth option is a funding company. This is the viable option because they will often carry out your payroll and invoicing for you personally. Sometimes the funding company provides a basic ATS system as well that could help you start off. The downside to a financing company is often it is hard to breakaway. It is advisable to pay off loans with interest and sometimes it is not financially feasible to breakaway. If you are using a funding company, you wish to make sure you understand the agreement and know what it takes to step away from the funding company.