Tips for Starting a New Business in 2018
New year, new life goals. Or should we say career goals?
If you’re ready for 2018 and you’re set on starting a new business, we have some words of advice for you.
The idea of starting a business is often romanticized. Truth be told, it’s a demanding process and if you want to be successful, you have to do it right and be strategic. Most of the time, those who want to start a new business already have a business idea in mind. If you are one of these, keep reading for some steps to follow before you officially open for business. If you don’t yet have a business idea, consider conducting marketing research on the industries that appeal to you the most, before you continue on the entrepreneurial path.
Once you have an idea and you are sure that there’s a market for it, it’s time to start planning. Here are 3 steps we strongly suggest you take to start your new business path.
Write a business plan
Think of it this way: your business idea is the goal, the finish line. Your business plan is the roadmap that will allow you to successfully reach and accomplish that goal. So, what should your business plan include?
There are various opinions out there on what should and should not be included in a business plan. But many tend to agree that it should at least contain the following elements:
- Executive summary (your business ‘one-pager’)
- Business and industry overview
- Market research analysis
- Sales and marketing strategy
- Ownership and management (how your company is structured, how it will operate)
- Financial data (budget, costs, funding, projections, etc.)
If you’d like to read more in-depth about writing a business plan, check this article out.
A business plan should include financial data. Among this data you need to include how you will secure funding or where you will obtain the necessary funds to be able to begin operations. Luckily, today there are various ways that entrepreneurs can obtain funding, these include banks, loans, government grants, seed funding, angel investors, venture capital, and more.
When picking your funding source, consider the different requirements of each, how much you can actually get from each source, the interest rate (if it applies), and which ones will provide you with the most flexibility in terms of management.
Sign up for a serviced workspace
New businesses often don’t have the required cash flow to afford and manage office real estate, especially if they want to set up shop in a well-known area or street. Serviced workspaces have grown in popularity over the past 5 years; they help businesses with their cash flow, they allow businesses to focus on servicing clients, and they often include valuable amenities that can be of great benefit to new businesses and entrepreneurs.
There are various types of services workspaces: executive suites, coworking spaces, private offices, dedicated desks, and shared workspace. Depending on needs, one type might be better suited than another; but in essence, they all offer the same basic concept: a ready to use workspace with all the necessary tools and equipment that any business might need.
If you’d like to learn more about the best serviced workspace option for your business and if you’re in the Nashville area, click here.