After dreaming about it for years, you are finally ready to take the plunge and open your own business. While you are confident in the products and services you will offer your customers, you confess to being more than a bit nervous about how to turn your goal into reality. Fear not, budding entrepreneur: by taking the following steps, you will be well on your way to celebrating your company’s grand opening:
1. Develop a Detailed Business Plan
Creating a business plan can take a lot of time, but it is well worth the investment. You want to map out, in advance, every single detail you can think of regarding your company. For example, start with the basic-yet-important things like your company name, logo, and what you plan to sell. It’s OK to jot down several ideas and make different sketches of a possible logo—the goal is to get your thoughts out of your head and onto paper.
Then think about where you will do the work—will you have a home office, or do you need to rent a space for a brick-and-mortar store? Write down all the equipment and supplies you will need, how many staff members you will hire, and what type of business expense software you need. Plans for your website, marketing, and social media updates are also important points to include. While your business plan may look overwhelming initially, think of it as a roadmap that will help to keep you on track to opening your business.
2. Get Your Finances in Order
The next step is to look into financing for your startup, specifically small business loans and other sources of small business financing. Unless you have a large nest egg, chances are good; you will need to apply for small business financing. While you could technically go into your bank and ask about business loans or a cash advance, working with a company specializing in financial solutions for small businesses may be better.
For example, Zinch provides small business owners with different loans that are fast, secure, and flexible, including loans for businesses with no credit. You can go with the Zinch Flex option, which offers flexible payment terms based on how much income your new business makes each month, or the Zinch Loan, which includes fixed payment terms for a lump sum of cash.
3. Take a Tangible Step Forward
Now that you have your business plan and a solid idea of where the financing will come from, it is time to take a tangible first step to open your business. This could be anything from telling a close friend about your plans to securing the URL for your business website. While it might seem like a relatively minor accomplishment, it will help you go from merely dreaming about having a startup to doing something to get the business ball rolling officially.
You Can Do This!
Opening a new business can be time-consuming, stressful, and challenging. But it is also an exciting time. By starting with these three tips, you will be well on your way to taking that long-time dream of being an entrepreneur and turning it into reality.