Entrepreneurship is a spirit. There are thousands of successful entrepreneurs that have failed hundreds of times, yet that very spirit kept them going until success was theirs. Persistence is necessary and courage is priceless, but those things alone won’t get it done. What are the practical steps to starting your own small business?
Dream, Dream Big
If you are reading this it is likely that you already have a dream. Don’t stop there however. You need a vision of how truly awesome your idea can become. Are you thinking of opening a roadside stand from which to sell your awesome homemade ice cream? Create a vision of multiple ice cream parlors across the country. You have to have this vision to maintain focused on the prize.
Now that you have that dream, dial it back a notch and research do some research. Will people really buy ice cream from the side of the road. You will not know until you do some research. Get some marketing numbers, scout out an awesome location, determine demand, know your competition, and find some cost numbers for a stand, freezers, and any other equipment and supplies you will need. How much will you need to charge and how much would you need to sell to cover costs? How much to make a profit?
Write a Plan
Once you have researched until you cannot research any more, it is time to put that research into a written business plan. Begin by outlining your dream. Lay it all on the table with how you plan to start and how you envision it ending up. Then present your research, and make your proposal.
Get it Funded
This is often the hardest part of getting started. That plan has to convince a lender to fork over the money needed to get the ball rolling. It is also very often necessary to fork over your own funds, whether in the form of collateral or personal investment. Either way, lenders have various financing products available to help. There are in-house loans, and there are SBA loans that are backed by the Small Business Administration. These loans are designed to help small business owners succeed.
Biz2Credit has a network of over 1,300 lenders, many of whom offer SBA loans in addition to other types of financing. Visit https://www.biz2credit.com for more information.