Nothing is more exciting than launching your own business and being entrepreneurs. Whether brick-and-mortar or an online storefront, share advice and insight from those sharing small business formation ideas. Statistics show that the small business survival right averages 50%—for the first five years. Brush up on your business acumen and arm yourself with knowledge, consider the following four tips.
Get Your Ducks in a Row
Have your loan and license information all ready to go. If you have partners and have hired staff already, this might not be too much of a workload. If you are starting everything from the ground up solo, you might find yourself spread a little thin—the results will be worth it though. The licenses allow the government to keep track of your revenue—in order to collect their taxes. Some companies pay zero state tax like Nevada, research the laws in your region.
Securing funding and making sure you have the right type of funding as well as reliable funding is a whole other beast. Ensuring you have the funding for initial start-up costs is helpful.
Testing the Market
Starting a small business has some similarities to stand-up comedy, know your audience. Figure out which items you would like to produce, sell, distribute, etc. It’s helpful if you start a business in an industry you are slightly familiar with, like a product you love (automobiles) or a world that you love being part of (restaurants and bars). Decide whether it is a physical or digital good—or service.
You don’t have to launch your entire inventory or service menu at once. Consider testing the market first. Try just selling one or two products first and see how you do.
Get Familiar with a Payment Solutions Provider
You might be familiar with payment solutions providers, chances are you are using or have used one already. These are companies that enable you to transform consumer purchases into a deposit into your bank account. There are many reputable payment solutions providers offering extremely competitive rates. eCommerce payment solutions providers are available to help the virtual business world or anyone with a business (regardless of size).
Getting the Work Done
Running a small business means keeping overhead costs low, take advantage of ways to get work done, work with team members and maintain professional office space. It is pretty common for many aspiring entrepreneurs to start at home. There is a reason why that happens. Perhaps you work a full-time or part-time job and the only real spare time that you would have to launch a business is your at home, downtime. There is nothing wrong with starting in your bedroom and a garage. You could start your business with a laptop and a bunch of phone calls in certain industries.
Exuding a Professional Aura
So the small business is chugging along at home. Even if things are peachy and you are perfectly cozy working from the kitchen, consider adding a few touches to your business endeavors. There is a host of services and spaces available to help fledgling entrepreneurs. Shared office spaces or even a meeting room rental can go a long way in growing your business—as well as maintaining an air of professionalism.
Just like conventions can be a great place to network, consider a shared office space. There are many that are available for less than daily—so you don’t feel pressured and tied down to report daily somewhere. It’s like time-share public working space. These can be a fun environment which can only contribute to your business. Some co-working spaces are festive and have group drinking nights for example. Others can accommodate inventory and storage in modest spaces for customers. Meeting the right person, or even just an enthusiastic peer—could have an effect on your entrepreneurial vision.