3 Keys to Getting Your New Small Business Started

Dave Thomas

October 31, 2018

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If it has been a dream of yours to start a small business, has the time come to make it a reality?

For many people in this position, getting things off the ground can be a challenge.

From the finances to the time and effort to run a business, there can be some big questions staring one in the face.

That said plow forward with your dreams of starting a small business

Making Your Dreams a Reality

In making your dreams a reality, keep these three keys in mind:

1. Finances – Above all else, you will need to be sure you have the finances in place to get things rolling. With that being the case, you may well need a startup business line of credit. With such a line, you are able to more realistically see your dreams come to fruition. The amount of credit you need will of course focus on several factors. You might already have funds in savings or be looking a taking a loan out via family or friends willing to invest. If you do ask for those around you to contribute, be sure everything is clear in writing. The last thing you want to have happen is one or more relationships go south because of money. With the money in hand, you can do everything from settling on an office location to buying supplies. No matter where the money comes from, be sure to use it in a wise manner.

2. Workers – Are you going to run everything on your own or will you need help? Sure, doing things on your own means you won’t have to pay salaries and even in some instances benefits to others. That said running a small business can be rather time- consuming. It is important that you can commit to the hours necessary to give your new venture a fighting chance. In the event you will be hiring help, hire wisely. The right help will mean less work for you and also minimal stress. If you end up making some bad hires, it can cost you both time and money to finally get things right.

3. Promotions – Finally, it is hard for any small business to make a go of it without the proper promotions. With that being the case, will you have the necessary funds to promote your brand? It would be a good idea to see how your immediate competition goes about promoting itself. Without copying them, take a few ideas and change them to what will work best for your brand. From spending money on promotions to social media, spread the word about what your brand has to offer. You should also do periodical reviews of your small business to see how you are progressing. Of most importance is keeping your finances in the black or at least at break even as often as possible. Also, know when you may need a financial shot in the arm to stay alive.

In starting up a small business, what advice would you most want from those who’ve already done what you are about to do?