Starting your own business can be an exciting venture. Here at the Commercial Finance Group, we often work with clients who are fairly new to the business scene. It is exciting to help these young businesses access important funding and working capital to make their dreams a reality. Running your own business comes with its own set of challenges as well. If you are thinking of starting down the road of founding a business, make sure you think about the following questions before you begin to prepare for the hard work ahead.
#1: Why Do You Want To Start A Business?
First, start by considering what your motivation is for founding your own business. Do you have a great business idea that you simply cannot wait to see take off? Are you tired of making money for someone else and simply want to be your own boss? Make sure that you take the time to think through your motivation. This will be extremely important as you go forward. This core motivation will be needed so you have something to look back on when the times get tough. Running a small business can be extremely challenging and knowing what motivated you to do so in the first place will help you stay on track down the road. Write down the reasons you want to start this endeavor and keep them on hand to always remind yourself of the purpose behind it all.
#2: Are You Ready For Long Days?
It isn’t easy to get a business off the ground. No matter how brilliant your idea or how many eager customers you already have waiting to buy your product, there will be a ton of work ahead. Make sure you consider whether or not you are OK with long days for the foreseeable future. If you are starting your own business because you want to work less, be prepared for there to be a length of time before that becomes a possibility. Down the road, if your business takes off, you might be afforded the luxury of less work. However, in the meantime, be sure you are prepared to work long hours.
#3: Who Will Be Your Key Mentor?
Even if you are extremely business savvy and experienced in the industry you are starting your business in, make sure you find a mentor before you start your company. A mentor will be able to point you in the right direction as you begin and they will be an invaluable asset to you as your company grows. Choose a mentor who can be honest with you, who has experience to share, and who will be there to help you through the ups and downs. A mentor will offer you wisdom during difficult times and the insights that only someone looking from outside your business can.
#4: What Is Your End Goal?
Once you start your small business, you will need to be driving it toward a larger goal. For some people, that goal might be small. For others, it is a massive undertaking. Regardless of whether or not you want to build a massive empire or you want to keep your company small and easy to manage, your end goal will dictate so much of what you do. Take the time to consider what success will mean for you so that you can identify the right milestones between now and then.
#5: Who Will You Bring With?
Do you plan to be a solo team as you start your company or do you plan to bring some key players along? Take some time to think about what team you need to get your business off the ground. Make sure that those people are actually as serious about the business as you are before you set things into motion. You will need any person who is a part of your team to be as invested in the project as you are in order to succeed.
#6: Where Will You Find Funding?
Finally, think about how you will fund your company. You might have the capital to get things kicked off on your own but what about down the road? Will you seek investor funding and lose control of part of your business or do you plan to try to stick to organic growth? Thinking about how you will fund your business is an important component of getting it off the ground. Becoming financially savvy will be important to your success. Make sure that any money you take you fully understand what strings are attached. Look for flexible lending solutions that allow you the best chance at sustained growth.
Unique Lending Opportunities
Here at the Commercial Finance Group, we work with a variety of small businesses and startups who are looking for unique lending solutions. From asset-based lending opportunities to invoice factoring, we work to help companies who are struggling to acquire working capital through traditional small business loans. If you are interested in learning more about how our lending solutions work, please reach out to our team. We will be happy to answer questions, learn more about your company’s needs, and help you find the right funding solutions for your current situation. Our goal is to help you along the path to success by utilizing our years of industry experience. We will endeavor to only match you with a funding solution that actually fits your business’ immediate needs and future growth. Find out more today.
