Many people have ideas for an ideal business that combines a dream and a drive to address a need for services in a certain area, but it takes a lot to turn an idea into a reality. There are many steps on the path to becoming an entrepreneur, some of which will require help along the way.
Here are some tips to get your business off the ground:
Create a business plan
Your experience in the business you want to start and a for-rent storefront isn't enough to get the revenue flowing in a short amount of time. Starting a business requires meticulous planning so that you understand its goals, organization and other factors. There are many Web sources that can provide tips for writing a business plan, whether you're aiming for a simple document or a few page report. Here are some essential details:
- What are you offering to prospective customers?
- How will you price your products and services, and how many units need to be sold before you can turn a profit?
- Who is your target audience?
- Why will they purchase your products or services compared to the competition?
- What is your marketing strategy?
- What is your sales plan, and how do you plan to address obstacles to that plan?
Not only is your business plan a good way to stay on track, but it will also be necessary if you plan to leverage the capital for your startup.
Determine your financing
Your business is an investment, so you will have to put some money into it. There are various ways to acquire initial capital to get your business going. You can obtain funding from investors, such as friends and family; try crowdfunding, which involves getting numerous investors to make small contributions via the Internet; apply for grants or look to business loans.
Our business banking options include a number of choices for financing, including commercial construction and real estate loans, Small Business Administration Loans, equipment financing and lines of credit.
Get your paperwork in order
Your business must file taxes each year, which means you need to apply for a tax identification number from the IRS. You'll also have to register for state and local taxes and workers compensation and disability coverage.
Depending on the type of business you want to establish, you may be required to hold certain licenses and permits. Make sure you've obtained the necessary credentials before opening your doors.
For more information about how you can grow your business, contact Landmark Bank.
Back to Blog