In America, over ten million people own businesses and work for themselves. This means that they answer to no one and set their own working hours. For many, being an entrepreneur would seem like an ideal life. Realizing this ambition, however, is not so straightforward. Here are five ways to jump start your business, irrespective of which industry you are in or your time constraints.
Always Plan Ahead
You may struggle to make the kind of progress you want for your company over the coming days. However, you can put a plan in place. Having a basic concept of what you wish to happen in twelve months time makes it more probable that you will achieve it. There are many online templates available that will help you to outline your ideas.
Your business plan should detail the abilities, facilities and resources you have access to from the outset, and show what requires improving or developing moving forward. Putting your offering down on paper (whether it’s a service or product) allows you to identify important targets, like your demographic and how to interact with customers more effectively.
This way, your company will be able to respond to market forces that are outside your control. At some stage, the majority of businesses have to adjust or embrace new practices to survive. An indepth business plan, with figures, facts, a skill summary and statistics will provide potential partners, staff and investors all the data they require to believe in your vision.
Finish What You Start
Your ground breaking product will not help you realize your entrepreneurial goals, if you fail to build it. Of course, in all likelihood, your finished product will not match your original vision , however it is vital to overcome any insecurities, complete what you start, and get your products out onto the marketplace.
Break all tasks down into simple action steps each day. Do not delay until tomorrow morning or after your coffee break, start implementing now. Deadlines are an essential part of your plan, and should be adhered to. Sometimes, you might need to miss lunch, work late or make an early start to get the different steps completed.
Consider a Cash Advance
A business cash advance, also known as account receivables factoring or a merchant cash advance, gives a business money in exchange for a percentage of future sales. The buyer has to repay the original sum, along with a twenty-five percent fee of this amount (or thereabouts). Normally, the business has twelve months to repay this money. On a weekly basis, the buyer sends the seller money from a merchant account, so repayments depend partly on how profitable the buyer’s business is each week. Because the client ‘buys’ the funds using a business asset, this does not qualify as a loan.
Businesses do not have to submit loan applications to receive merchant cash advances, and they get the money within seven days. Lots of cash advance providers are happy to lend to individuals with low FICO scores. Moreover, because repayments are sales based, businesses frequently find it easier to keep their side of the bargain, compared to conventional loans.
All successful entrepreneurs say that a desire to learn is paramount when running a business. Of course, there’s an inner determination and drive to get things done that manifests itself in every self made millionaire. However, there’s also a shrewdness and humbleness that understands its limitations, and aims to better one’s self.
Networking and business success go hand in hand. Enrolling in college courses, attending industry events or participating in video conference calls connects you with many like minded people, who you could potentially do deals with. Everyone has something unique to offer. Over the long run, this could result in vast sums of additional revenue for your company.
In many ways, entrepreneurs have to be more flexible than most. Be ready to adjust as required. Keep abreast of industry trends, and be prepared to introduce changes to your products and procedures as you need to. Occasionally, your thought processes need to be flexible, because this is vital to solving problems. You have to be able to devise effective and original ways of overcoming obstacles. And even though planning is absolutely essential, it’s incredibly important to understand that even the best-laid plans can sometimes fall through. If you aren’t prepared to handle that, you’ll find yourself in a precarious situation.
To learn more about how Radium2 Capital can help you achieve your business goals, get in touch with us.