Starting a Business? Consider These 10 Helpful Tips

Posted By Kalamata Capital LLC || 2-Nov-2015

Millions of Americans every year turn to small business ownership as an alternative to traditional employment. While entrepreneurship can be a creative and fulfilling way for people to earn a living, it is not without its own unique challenges, and can require a significant amount of work. Kalamata Capital LLC is proud to support those who choose to go into business for themselves, and offers these helpful tips for those who are considering starting their own small business.

  1. Conduct a self-evaluation. Having a great idea is one thing, but being prepared to make a business out of it is another. Be honest with yourself when you ask yourself why you want to start a business, and reflect on whether you truly want to dedicate the time and effort necessary to succeed. No matter how fantastic your idea is, it is important to keep in mind that it will take time for your business to take hold, and you must be prepared to be patient and work hard. On average, more than half of all small business owners put in more than 50 hours of work per week.
  2. Develop your idea. Spend time cultivating your idea. What will your product or service do for your potential customers? What issues will it solve? You should be able to clearly define the need for your product and determine who you may be able to sell it to.
  3. Research your market. One of the most important parts of starting a small business is research. It is critical to clearly define and understand who you will be marketing your product or service to. Determine whether a market for your product or service already exists, and if so, look at how your competition operates. Learning as much as possible about your target audience, including demographics, buying habits, and current trends can provide invaluable evidence about how to effectively market your offering.
  4. Create a business plan. A solid business plan sets up a “roadmap” for your business and can help you set up specific goals. A well-written business plan should include the following elements: executive summary, business section, market analysis, and a financing section. To learn more about how to draft your business plan, click here.
  5. Create a marketing plan. Utilizing your previous research, create a marketing plan to give you a clear idea of how to best reach your customers. Include the following information in your plan:
    • Description of your target audience
    • Description of your competitors
    • Description of your services
    • Selling proposition (i.e. what sets you apart from your competitors?)
    • How you plan to sell your product (i.e. a website? A brick-and-mortar store?)
    • Pricing strategy
  6. Determine your budget. Financial planning is of critical importance to the success of your business. Do not underestimate the amount of money you will need to cover expenses such as rent, raw materials, supplies, employee wages, and other relevant costs. Also, make sure you set some money aside to plan ahead for contingencies.

7.Secure funding. For the capital you need to get your small business going, contact Kalamata Capital LLC. We provide small business financing and loans of up to $750,000 in less than 24 hours. To learn more about the many financing options available, call us today at (844) 551-7511.

  1. Give your business a name. What’s a great business without an equally great name? When choosing a name, keep in mind that it should be easy to pronounce and spell, grammatically correct, and relevant to your specific brand. It is best to stay away from names that belong to a particular niche – choose something that will stand the test of time.
  2. Select a legal structure. Determine whether you plan on being the sole proprietor of your product or service, or if you wish to incorporate your business. Incorporating your business can benefit you by providing you with tax benefits, credibility, name protection, and asset protection.
  3. Obtain permits and licenses. You may be required to obtain additional permits and licenses depending on the type of business you are starting. Check with local government agencies to ensure that you have everything taken care of before you open for business.

Ready to get started with the rewarding experience of starting your very own business? Kalamata Capital LLC is ready to help you with the funding you need to make your dreams a reality. To learn more about how we can assist you with a small business loan, call us today at (844) 551-7511, or click here to begin your application.

Categories: Small Business, Tips