Striking out on your own and becoming an entrepreneur is an exciting time with many possibilities. You’re choosing to become an important part of the fabric of your economy by creating a product or service that’s designed to service your clients. As you navigate the world of small business ownership, keeping your finances in order, and knowing how to successfully market yourself will play a key role in your ability to successfully grow and sustain your business.
Start your new year the right way, with our three key tips for getting your business off the ground.
Create an Online Presence
No matter what products you’re selling or service you plan on providing, an online presence is crucial to the overall success of your business. Consumers are on their devices more often than not and are likely going to put your company name into a search engine as they begin their research. Your online presence should serve as a means of communication between your company and your target audience.
Even if you’re confident your business can grow from word-of-mouth and referrals, a clear virtual presence gives off the impression that you are legitimate and are knowledgeable in your chosen field.
Consumers are likely going to research your brand before they commit to purchasing or reaching out — you may not need an extensive presence but you should have a landing page available that tells potential clients all of the key items relating to your business. Whether you’re looking for a low-maintenance blog or a high-performing site, there are key website-building steps to take before you should be looking to launch your business.
Analyzing Credit Options
Your credit standing is a vital component to the health of your business. Suppliers, partners, and even potential clients will evaluate your business based on your standing. As a new business, your credit may take some time to build, but you must be able to make your minimum payments. For the first few years at least, irregular cash flow is almost a guarantee.
You should conduct your research and assess all of your options for obtaining short-term assistance. Traditional lending options often require strong credit from the beginning, so looking at alternative options may be the right move for your business’s long-term development.
A capable payday lender such as GoDay will be able to provide you with the funds you need more efficiently than you’d find with traditional lenders. Without the red tape, the process is streamlined — your banking and employment information are all you need to find that temporary financial relief that will help you focus on growing your business.
Create an Emergency Fund
This is an important aspect of security for both your personal and professional finances — however, if you own a business or plan on building one, setting up a small business emergency fund should be a priority. If your business operates seasonally or you’re selling a product that is particularly beneficial during certain months, you’ll want to ensure you’re prepared for that change in cashflow.
The average safety net is estimated at three-to-six months of funds set aside, though you’ll likely want to set aside an additional month or two if possible — new businesses take time to sustain and there are going to be unexpected expenses that come up in the first few years. Keep these funds separate from your standard business account, so the temptation to occasionally dip into the funds is eliminated.