Whether you are starting a new business or just looking to revamp your current endeavor, there are plenty of tips to help you add a boost to your profits and success.
Here are our top 14 startup ideas to kick-start your business model and can help you with your small business financing.
1. Start slow.
Don’t get into the full swing of things with a full-time commitment until you are sure that you have made the right investment of your time and money. Start part-time and then work your way into full-time, ensuring you have made the right decision.
2. Be smart about your work location.
Why spend money on an office or storefront? Start by working at home and you will be sure not to lose money on rent or mortgage payments. Save that money as profit for your business. There are plenty of online business models to take advantage of, too!
3. Plan and book ahead.
The more work that you can set in place in advance before launching, the better! Set up social media, email alerts and make sure your customer base knows when you have launched. Start getting regular customers as early as possible.
4. Spend on your business wisely.
When you may be making a bunch of money at your business, do not go a splurge it right away. Save, save and save – and only spend for your business when it seems like the time is right. Shop around for all aspects of your business and do not settle for the most expensive, yet easiest sale.
5. Spend in moderation.
This is the best way to save money on your daily budget. Do not go out and spend a bunch of money on coffee everyday, for example. Make a budget plan that works for your work lifestyle and doesn’t leave you and your business broke.
6. Pick a credit card for business expenses and stick with it.
You’re going to want to use a credit card – and wisely – for your business. Using it frequently will help with your credit score. You can buy all your initial products with your card and smartly pay it back with your profits.
7. Look into microloans.
Microloans can come from a bunch of different places and be incredibly important for the start of your business or for a revamp. They can come from a variety of sources such as banks or organizations. Look for one that is right for you and your needs.
8. Crowdsourcing or crowdfunding works.
If your business has a good cause or if you are even starting a for-profit business, you can get contributions from crowdfunding or crowdsourcing. Many people jump at the opportunity to support a growing business, and this utilizes donations to help your cause.
9. Look into home equity lines of credit to fund your business.
You can borrow up to 75% of the value of your home, which can help you acquire a large amount of money to start your business – so these loans can certainly help you get started. Be careful because if you do not repay your loan, you can lose your home!
10. Apply for business loan.
If you have a great business model, projected opening day, balance sheet, projected income, and employee payment information at hand, you can certainly try to apply for a business loan at a local bank. This is the most common way to kickstart your business and if all the numbers line up, you will easily acquire at least a small loan.
11. Get involved with the SBA.
The Small Business Association’s goal it to make sure your business succeeds. If you get an SBA guaranteed loan approval, you will most certainly get a loan, even if your bank denies you. The SBA also has other resources to help your business succeed, such as consulting opportunities.
12. Borrow from family and friends.
Do this if you are looking to make an investment on your business and you are certain you can pay them back! If you would like, you can even invite them to go into business with you as a partner. This is often a way that you can expand your business without taking out a loan.
13. Look for venture capital groups.
If your business has the potential to grow significantly, you may be able to prove to investors in venture capital that your business would be a wise investment. This way, you are not necessarily getting a loan, but still expanding and growing.
14. Check out peer lending sites.
There are many websites online that can help you get a loan and money for your business without going to a bank. They can be helpful if you do not qualify for bank loans and yet you are still looking to expand. They are typically funded by investors who wish to see your business succeed as well as profit from interest.
With these tips to guide you, you should have no problem kickstarting your small business and growing in success!