Do your due diligence, plan your business wisely, and reach out for guidance and advice when you need it, and you could be on the road to successful small business ownership. The N77 Design is here to offer some tips to help you along the way.
Why Start Now?
While it’s true that the COVID-19 pandemic has forced the closure of a number of businesses, it has also opened the door for new startups. There are many companies liquidating assets, which means you can likely buy equipment, display racks, and even inventory at reduced rates. Likewise, people who lost their jobs are now looking for new employment. Add to that the fact that business loans are available at incredibly low interest rates, and it creates an environment for starting a new business on the right foot.
Don’t feel as if you’re taking advantage of people who lost their operations. Buying out their unneeded product, inventory, and even real estate allows them to get their finances back on track so they can open up a new business when the time is right.
Look for Funding Resources
Small businesses can get startup money from a variety of sources. Perhaps you plan to bootstrap your company’s launch or seek loans from family and friends to help you get off the ground. You may also want to seek a lending institution for a small business loan, but be mindful of your personal finances. In addition to applying for a small business loan, you may be able to secure a microloan from a small business development center.
You also have the option of looking for angel investors or exploring crowdfunding. According to the Angel Capital Association, angels are individuals with a high net worth who finance promising new businesses in exchange for an equity share of the operation. Crowdfunding, on the other hand, is an online solicitation of small amounts of money from multiple individuals who are interested in supporting your business.
Make the Most of Your Money
Even when interest rates are low, it’s incumbent upon business owners to ensure they’re using their startup capital wisely. You can do this by charting out all operational functions of your business, starting with a business plan. According to the Small Business Administration, this will help you identify your target demographic, create targeted messaging strategies, and look for innovative ways to reach your market by differentiating yourself from your competition. It will also help you assess operational and management functions, including hiring.
Write out job descriptions before posting job openings, and look for people who have the skills and qualifications you need to help you grow your company. If you don’t need full-time staffers right away, consider utilizing freelancers and independent contractors in the interim.
Operating Your Company
To successfully get your business up and running, you’ll need to have some key strategies in place. If you’re operating from a home base, you want to make sure you have the appropriate office equipment and space, especially if you’re planning to see clients or customers on-site.
If you’re operating a storefront, Insureon notes you’ll need appropriate degrees of insurance, based on state requirements, as well as appropriate signage and parking. In addition to developing marketing collateral, you’ll also need an interactive website and a robust social media presence to help attract your first customers.
Launching a business is an exciting process, even more so on the heels of a pandemic. Planning your strategy is the first step, and providing superior levels of product and service is the second. Continually revisit your business and marketing strategy to ensure you’re staying on track with your goals and objectives.