Every business starts with a powerful idea in the entrepreneur’s mind; the next step is to define the business model and then seek start-up capital, either with savings, family and friends loans, or financial products such as startup business loans. This way a company is born, it seems an easy path, in fact, according to data collected by Review42, every year, more than 600 thousand companies are established; however, the biggest challenge is to make them solid and profitable.
According to information from LinkedIn, profitability is achieved up to year three or four of the entrepreneurship, the first years serve to establish solid foundations, good operational and administrative processes, in addition to finding the right marketing strategies. But the big question for entrepreneurs is how to achieve it?
Here are some key aspects to boost your entrepreneurship and build a business to help you achieve the quality of life you’ve always wanted.
A business plan to reach and track your company goals
A business plan is a compass that will guide your business’s path. This document allows you to develop all the relevant aspects within a company, from the philosophy, vision, and mission, through short-, medium- and long-term objectives, hand in hand with the structure of operational, administrative and commercial processes.
Before fully developing a business plan, the recommendation is to fill out the Business Model Canvas, a template with a very intuitive visual format that facilitates the structuring of a business model. It works for entrepreneurs who want to put their idea on paper to companies that already operate but need to change their business model. This exercise helps consider all the aspects that will later have to be explained in detail in the business plan.
According to information collected by Bplans, 71% of businesses that achieve fast growth have a business plan. Although filling out the form can be a time-and effort-consuming assignment, it will help in moments of decision making and analysis of the company’s situation and will be the perfect tool to modify strategies for the benefit of the business.
Financing, accessible options to help grow your project
It is a reality that traditional banks are not friendly to small businesses, supported by the Small Business Credit Survey 2021. Given this scenario, entrepreneurs have resorted to other options such as online lenders and institutions that offer financing products such as Startup Business Loans through digital media.
These products have competitive rates and fees and have fewer requirements. In general, banking institutions ask for a minimum operation time, minimum income, and account statements, among other conditions that may be impossible for a newly created company.
Using these alternatives allows entrepreneurs to build a good credit reputation to obtain more significant financing in the future. Remember that no matter where the capital comes from, the best Startup Loans are the ones you can afford, so don’t exceed your ability to pay.
Office space, a dedicated area for your business, is essential
Each business is unique, make sure you give it the necessary space to function correctly; whether in a store, an office, or even at home, having a tidy, clean place with the required furniture is essential. Additionally, provide a good image and confidence to customers and suppliers. Remember that love comes through the eyes. A good impression can be the difference between more purchases and a dusty stock.
There are companies specializing in decorating and brightening the interiors and exteriors of companies, commercial premises, and even organizing warehouses. If you consider this option, you can rely on Startup Business Loans to get the necessary capital to make your business shine and compete with large companies from the image you project.
Online tools and resources to help you run your entrepreneurship
Digital transformation is a reality in all companies, it is enough to mention that the average expenditure in this allocation for 2022 will be 1.8 trillion dollars and is expected to reach 2.8 trillion by 2025, according to information from Statista. Using digital tools makes life easier for entrepreneurs, enhances the talent of work teams, and boosts the quality of any company.
Multiple resources are available, from project management platforms like Monday.com or Asana, accounting tools like QuickBooks Online or FreshBooks, cloud storage services like Dropbox, iCloud, Google Drive, or even financial institutions to loans. Take a step into the future of business and use digital tools to provide better service.
Most of these platforms have free services limited to particular tools and offer premium services for you to use all its resources, paying a monthly, semi-annual, or annual fee. If you do not have a budget allocated for this task, use Startup Business Loans and facilitate the management of your business and your life.
Networking strategies and local support to strengthen your business networks
Your neighbors can be your best customers. In the last year, the trend of supporting local consumption grew worldwide. According to Intuit Mintlife, 70% of consumers declare their support for local commerce, and 57% mention that the main reason is to keep money in the community. Meanwhile, 28% consider that the service of local companies is better than that of large corporations.
Achieving greater penetration in your community is a task that requires marketing strategies focused on visualization, the quality of your products or services will do the rest. First of all, we recommend participating in social or sporting events, fairs, or festivities where the community is involved, sponsoring an initiative, hanging ads in the streets, or even organizing events on your own.
Another excellent option is to make alliances with companies with complementary products or services; for example, if you sell fishing rods, the bait store will be your best ally, and both could benefit your customers. The times of unfair competition are over.
Every company in the world deserves to succeed, no business can be left behind. Working with order, discipline, and vision should be your standard for achieving the results you want for your family and community. Don’t wait any longer, put these tips into practice, get capital through Startup Business Loans and empower the talent in your organization.