Let’s talk money

Starting a new business is no easy task, but for you, the desire to become an active, successful entrepreneur is simply too great. Face the challenges and take the steps needed to really make it happen. You can do this; here’s how:

1. Makeup Your Mind

Business ideas have an uncertainty to them that can keep you in the “planning” stages forever; don’t allow that uncertainty to stop you. Make up your mind about everything related to your new business, from the name to where you’ll be located to who you want to partner with. Write your ideas down, talk to people about them and make the tough decisions that will more your ideas forward.

2. Research Your Ideas

“No matter how good your ideas are, not all of them may be viable” says Iman Bahrani, the Director of the Brisbane SEO Agency Searchical (click here to visit the website). “Conduct the research needed to turn what’s in your head into reality”

3. Create A Professional Business Plan

Beginning with a rough outline, you need to put your business ideas into an executable, verifiable plan – something that would be approved of by investors. Once you begin to carve out the plan, questions and problems will arise, but these are simply temporary obstacles to your end goals. Keep crumpling up the paper and starting the plan over until you have a masterpiece.

4. Identify Your Startup Costs

Most new business owners underestimate their startup costs; thus, it’s imperative that you cover every aspect of getting your ideas off the ground. From ordering business cards and leasing an office, to buying equipment and hiring people: How much is it going to take to get your business open and running for the first year?

5. Target Your Sources Of Funding

Whether you intend to apply for a loan or solicit a team of angel investors, you need to know where your money is coming from. Additionally, you need to be aware of the terms of such loans and investors. When will they expect a return? How much will you be paying in interest? Will you be able to borrow additional funds if needed in six months? Plan this stage of opening your business thoroughly.

6. Network Now

You don’t need to wait until you’re fully operational to network – do it now. From emailing potential suppliers for price lists to mingling with people in your industry locally, you must start putting your name out there now. Start with the local chamber of commerce.

7. Understand Your Customer Acquisition Challenges

You can also field new customers before you actually launch your business, and it’s an important way to get feedback now. How much will it cost to acquire each new customer and where are they going to come from? Do you need to hire marketers or can you handle the advertising on your own?

8. Create A Time Line Of Your Business Goals

At this point, it’s important that you set real goals and give them a deadline. For example, set a tentative date for launch and work backwards, accounting for every small goal you have to meet in order to make the launch happen.

9. Discuss Your Business Plans With An Attorney

Even if you’re a solo business owner and operator, you still need to be within all legal bounds. Talk to a lawyer regarding your tax status, applying for incorporation, insurance you may need, limitations you may face and different ways of avoiding future complications by taking specific steps before you even begin. Your attorney should have a look at your now finished business plan, so they can recommend you moving forward with launch or going back to the drawing board somewhere.

10. Keep Your Current Job – For Now

No matter how optimistic you are about your business, keep your current income flowing. You’ll still have regular bills to pay, like your home, car and utilities, and food if you can find time to eat. Hold off on submitting your resignation for as long as you possibly can to put yourself in the best position to succeed.

While it won’t be easy, you know it will be worth it. You have too much drive and determination to postpone your business ideas any longer. Be smart about it, prepare yourself well and be ready to work. You know you can do this.