Simple Steps for Starting Your Business

Have you always wanted to start your own business? Maybe you love baking delectable pies, cakes and other yummy pastries and have dreamed of opening a bakery. Or maybe you have always had a knack for fixing and building things with your hands and you hope to open your own construction company. From cupcakes to yard demolitions, many talented people have the desire to turn their skills into revenue but are hesitant due to many factors that go into starting your own company. However, it might not be as big of a hurdle as you think! Read on to find out some resources that can help turn your dream into a reality.

Future Funding

Money is one of, if not the most, challenging element when it comes to opening a business. While it might not be as difficult to get the start-up money, the challenge lies in what to do when the initial money runs out and you are still developing a return on your investment. Account receivables factoring is a great option if you end up in this position. If you run out of funds after your first few months of business, banks or other lenders typically will not approve another loan due to a lack of credit history. Therefore, many businesses that have yet to turn a large enough profit are forced to close their doors. This is where accounts receivable funding comes into play. All you need to do is provide your business’s outstanding receivables. These are then sold to the factoring company, who in turn provides cash. Money is ready for your business to use in less than 24 hours. This is an excellent way to keep your business going once your initial investment is used.

Create a Business Plan

Creating a business plan is vital to ensuring your company is structured, has clear goals and a roadmap of how to get there. Compiling one may seem daunting but do not let that discourage you. Many web sites offer templates to provide outlines for different plans, which can make tackling this project much smoother. Business plans layout the foundations of your company, such as your products, services and mission statement.

There are three primary pieces to a business plan: the business idea, market review and financial research. The business idea focuses on outlining your business setup, such as services and leadership structure. The latter two pieces take a deeper dive to ensure your business is feasible. The last thing you want is to put a lot of time into developing a business, only to discover that it is not realistic for your area or the demographic for your service is not present.

Utilize Social Media and Online Directories

Marketing is a key element in starting your business. To sell your product or services, you need to get your name in front of potential consumers. One advantage of being in an online era is that there are a variety of marketing platforms at your fingertips – and they are very cost effective! You can create a free business page listing on Yelp. This is a great place to post information and photographs showcasing your business’s services, products and location. Yelp allows you to offer incentives to entice consumers that search for relevant services in your area, as well as track activity on your page via the business owner account.

Additionally, social media is a fantastic way to get your business in front of different demographics. Create a Facebook and Instagram page for your company. Offer discounts or small free items for users that share and like your page. Make sure you are posting on a regular basis to encourage consumer engagement.

Opening a business can be exciting, terrifying and intimidating all at the same time. However, it does not have to be an overwhelming process. While it will take a large investment of time and energy, following the above steps can set you on the path to starting your own company.