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Do you ever wonder what it would be like to own your own company? Maybe you have a business idea for a new product or service and are thinking about launching a startup. Or, perhaps you and some colleagues feel the entrepreneurial spirit and want to form a startup. If so, you are not alone. Millions of Americans make the jump from employee to small business owner, and with great success.
Starting a small business involves strategic planning, legal advice, logo design, and a marketing plan, to name just a few. This Balboa Capital blog article explains how to launch your business idea.
Determine the cost of your business idea.
In addition to being labor-intensive, starting a small business is costly. Unfortunately, many entrepreneurs underestimate their initial expenses and overestimate their income. Most financial planners and strategists agree that being conservative in your startup planning can help prevent unwanted “sticker shock” later.
Start by listing everything you need to get your small business up and running. Your expenses will fall under two categories: non-recurring and operating. In addition, you will need funds to pay for rent, equipment, telephones, employee salaries, and inventory.
Obtain growth capital.
To get your startup off the ground, you will need capital. However, finding money to start your company and keep it running until the income comes in can be challenging. Some entrepreneurs seek loans from family members and friends, while others apply for short-term business loans.
Other options include traditional loans, home equity lines of credit, angel investors, credit cards, and crowdfunding. It may be hard to secure funding because you are a new business owner without a complete financial history. If you have a good credit score, consider financing equipment for your startup.
Launch a small business website.
Finally, a website is essential for your startup business’s success. Your prospects are using the Internet to search for products and services. If you lack a web presence, they will not find you, which means you lose sales opportunities. Therefore, you will need your website written, designed, and coded by a team of experts to get your small business noticed online. Do not economize on this; it can make or break you.
Your website’s content must be original and communicate everything that makes you different in the marketplace. Think of it as a virtual extension of your brand. Once your website goes live, do not sit back comfortably and assume everything is going as planned. Instead, hire a part-time or full-time online marketing specialist to make periodic updates to your site, maintain good search engine optimization, write blog posts and post content on social media.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.