You want to start a business – that is wonderful! Navigating the waters of creating a business can overwhelm and frustrate any new business owner.
Whether you are starting a business during the pandemic out of necessity, or you are finally taking the plunge on your lifelong dreams, we are here to help guide you with the tools you need to reach success.
#1: Have a clean and clear plan
Pursuing your business dreams is challenging enough without factoring in the current state of the world, which is why having a clear plan of action is crucial to the success of any company. Diving into your business plan early will help you navigate the basics of starting your business. Some areas to map out in your business plan include: what legal structure your business will take (C corporation, S corporation, LLC, etc.), how your business will fit into your target market, and what product or service you will provide. If you are unsure of how to get started on this journey, here is a great business plan resource.
#2: Know where to get your funding
A business plan is necessary for many aspects of creating your business – one of the most important being securing funding for your business. A business cannot get off the ground without the proper funding resources, so it is important to research the options available and what would work best for you and your new business. Consider the following options:
Small business loans: The name speaks for itself; this is the most common method of funding your business. Many small businesses based in the U.S. look to the Small Business Administration for assistance when starting a business, you can also find more resources for small businesses here.
Finding an investor: Having a business plan created provides a great opportunity to reach out to potential investors. Investors can take all shapes and sizes. If you feel comfortable pitching an investment opportunity to family or friends, it can be an easy way to secure some capital. However, you need to be aware that the people investing will have a stake in your company, so be sure both parties are comfortable with that new relationship. If this is an avenue you don’t want to pursue, don’t worry, there are many different types of investors you can seek out to get involved in your business.
Crowdfunding: This is not a traditional means of starting a business (think of a GoFundMe campaign). However, during these uncertain times, crowdfunding could be a great way to get your funding secured. Starting a campaign online during COVID-19 could be a safer way to raise capital, while also expanding the reach of your business to anyone that sees your campaign.
#3: Have a streamlined system
Starting your own business means you can choose how your day to day operations run. You no longer have to suffer through using programs that aren’t compatible with each other because that’s how your boss did things. Now you can decide what programs to use and how to make your daily operations as seamless as possible. Investing in a CRM like Daylite can increase productivity and efficiency by having all of your moving pieces organized under one tool. Whether you are in your office, in your home, or spending the day working from a coffee shop, you can remain productive from anywhere.
#4: Be prepared with safety nets
It is a best practice to prepare for the unexpected. These days, people are often finding themselves working remotely. It may be wise to invest in creating a home office to guarantee that your business will be able to withstand going remote. If you’re stressed enough as it is when it comes to funding your business, you can utilize other financial tools so these home upgrades don’t have to come out of pocket right now. One way to do this is by borrowing against the equity you’ve built up in your home, also known as a home equity loan. Many people choose this option because you receive the money all at once, and you can utilize that money however you’d like. Being able to fund the transformation safely and securely will give you peace of mind, knowing you can create a space where you are able to do your best work. It is also important to consider having an emergency fund to help manage overhead costs and to take the time to make sure your business is adaptable and can easily move to a remote work environment when necessary.
Going all in and starting the business of your dreams is daunting, but the reward is great! Setting yourself up for success is key to creating and maintaining your business. Utilize the tools laid out in this piece to ensure your organization’s future is bright.