How To Start A Small Business

Guide To Starting A Successful Small Business

How To Start A Small Business | Commercial Capital Training GroupWant to know more about how to start a small business? It takes great amounts of courage and determination to want to start a small business. For many people, it remains an unfulfilled dream, but for those who have decided to take the leap and strive for financial independence by starting a small business, there are a few hurdles to get over, first. We have put together a sound and tested method to start a small business successfully, from conception to opening day, and beyond.

What Do You Want To Do?

Some people want to start a small business simply to be in control of their future. They have weathered layoffs, corporate restructuring, and recessions that have folded entire companies, and quite frankly do not want to have their careers in the hands of someone else. There is no such thing as a truly secure job, and starting a small business is a surefire way of achieving financial independence. Other people want to do what they love by monetizing their passions, because if you can get paid for your hobbies, it really is not like work at all. Then there are people who want to make a difference. They want to start companies to make a positive change in their communities or the world; they want people to see a different way of doing things, or solve some problem facing customers in a certain industry. The first step past wanting to start a small business, is figuring out exactly what that business is going to be.

What Are The Plans For Your Small Business?

Everyone wants their small business to be a success, but to what degree? Do you want to start a small business and have it become successful in a short period of time so you can sell it off to a larger corporation and begin a new venture? Do you want a small, manageable operation that allows you personal satisfaction until you retire? Do you want to start a small business that can grow too the point of turning it into a franchise model? Do you want your business to be successful to the point where you can hire others to run the company while you maximize your free time and live off of the revenue generated by the company? The life cycle of your business is something you need to consider before you get the ball rolling.

You Need A Plan To Start A Small Business

Every great idea launches with a plan, and your small business is no exception. A business plan if more than just a bunch of charts to show potential investors that you have a road map in place for how each stage of your small business needs to be developed, and how things will be implemented – it is also a touchstone and essential reference manual so you can prevent the scope of your business from spinning out of control. It can also be used to check your progress against your envisioned time line. Business plans for starting a small business are usually very detailed, and include sections for market comparisons, sales projections, how much money is needed to get the business off the ground, how much money is required to sustain the company, the point at which the company will go beyond paying off costs and debt and start turning a profit, the type of equipment needed, and practically everything you can think of. Banks and investors require a business plan in order assess the risk involved in lending money to your dream of starting a small business.

No Plan Is Set In Stone

Business plans often undergo many revisions between the first draft and when the business launches. As with life, things that are on paper are not always how they end up working out in the real world, and often times adjustments need to be made to forecasts and financial projections, as well as project time lines to make the business plan more realistic. One of the biggest things holding entrepreneurs back from actually writing a business plan is that they have a misconception that no revisions can be made once it is written, and that everything absolutely must go according to the business plan as it is laid out. The truth is that many successful business owners have written, revised, and sometimes scrapped their business plans many times before officially launching their companies, and businesses continue to revise their business plans well after they are up and running, in order to make them more in-line with real world expectations and results.

Every corporate structure has it’s own pros and cons, mostly when it comes to taxes. With your small business be an S-corporation? An LLC? A sole proprietorship? A partnership? All of these options need to be weighed before moving onto the next step in the process. (We have included a link below for the different types of corporate structures for starting a small business.)

Registering your business name gives you a starting point for branding your small business. It also allows you to get an Employer Identification Number (EIN) – this is the equivalent of a Social Security Number for businesses. With an EIN, your small business can begin to build its credit rating (the corporate version of a personal credit score), which opens doors to bigger financing options at better terms and rates.

All small businesses need space, whether it is a food truck, a home office, an industrial plant, corporate office space, or even a kiosk at a shopping center. In order to start a small business successfully, you will need to assess how much space is needed for your entire operation, and then secure that space. Maybe you already have a home office, and that is all you will need. Maybe you need something larger for equipment and machinery. Possibly you need office space outside of your home in order to house your business team with extra space for conferences and meetings with clients or partners.

This almost goes without saying, but every business needs a professional website that is informative, easy to navigate, and updated regularly. In this day and age, there is no excuse for not having a website, as many potential customers will look up businesses online before they consider purchasing anything from them.

Before your officially start a small business, you should start building its online presence. From LinkedIn to Twitter, Facebook, Tumblr, Pinterest and others – you need to start announcing your business and drum up interest via social media to whet the appetites of potential customers for that moment when you official launch your small business. You can even reach local online forums and message boards, take out advertising for major search engines, and run campaigns on personal blogs. This can be very time consuming at first, so you may want to reach out to friends and family to help.

Part of your business plan (see above) is your budget. A budget is not a loose guideline, but a hard number you should stick to in order to ensure all of your revenue is not going to try and fill in a hole created by debt. Avoid maxing out your credit cards and draining your personal savings in order to get your business the latest and greatest things. Keep in mind that when you start a small business, you want to keep the initial costs as low as possible, and understand that every single aspect of your business can be upgraded incrementally, as you accrue capital through sales.
When looking to start a small business, it helps to join your local chamber of commerce. Get involved with community activities. Help other business owners. This will help you to build a positive reputation for your business, and put your small business in good standing with other companies, and potential customers. There are even more established entrepreneurs at every local chamber of commerce, and you can ask them vital questions about any scenarios or challenges you are facing, in order to arrive at a solution to overcome them. Take the initiative and speak about business matters your find important, and people will listen. Do not be afraid to make your presence known.

Own A Successful Small Business

The Commercial Capital Training Group (CCTG) prides itself in training entrepreneurs in the field of commercial finance, and giving them opportunities to launch their own businesses by providing the tools and education they need to attain true financial independence.

The Commercial Capital Training Group team provides the training, marketing, branding, and content so can start a small business with nearly limitless revenue potential. We will also give you access to our exclusive board of lenders, and provide 24/7 support to help you overcome any obstacles that might be in your path. We will take care of the advertising and building a strong presence for your business, so all you have to do is focus on your clients and making sales.

CCTG gives emerging entrepreneurs everything they need to successfully start a small business, where graduates can make their own schedules and work right from the comfort of home. If you would like to learn more about our program and recession-proof model with unlimited earning potential, get in touch with the Commercial Capital Training Group and find out what we can do for you.

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