So you’re trying to get your business of the ground, but seem to be getting nowhere. This is actually quite common for the opening salvo of a new business, who commonly see a negative income for those pesky first few years. So don’t be disheartened. As long as you make smart business decisions and put in the proper effort, you can have a successful business launch.
Let’s say you’re starting an engineering business. You have plenty of experience in the field and want to branch out on your own. Do you want to specialize in a particular aspect of engineering? Maybe selling supplies like industrial seals and O-rings to other businesses, like Apple Rubber Or maybe you just want to contract with other businesses and offer a wide array of help. This is an important decision you should make right off the bat so you can properly advertise.
You also want to think about the proper funding options for the size of your business. Forbes recommends considering crowdfunding, personal connections, venture capitalists, or personal savings. You can also join the Small Business Association (SBA), which will help you network and connect with resources for new businesses starting out. So again, if you were an engineering startup, you could network with companies that you may do future business with, get advice, go to meetings, etc. Do your homework when choosing financing, as it can heavily affect your future finances. Map out what you need to start up so you don’t get too large or too small of a loan.
Another smart business decision is consulting a professional. Whether you sit down with a legal consultant to make sure your bases are covered, or just get professional advice on the details of your chosen business, sound advice can only help you. You want to have all of your legal bases covered, as a suit against your business at an early stage could put you out of commission.
Advertising is another important aspect for many new businesses. This is another area where you may want to consider professional help, if you are not very familiar with advertising. If you are offering a local service, you could look into local advertising and also getting registered on sites such as Google Places for people who search for local companies. Consider joining social networking sites like LinkedIn for a professional profile and making a Facebook company page. You can advertise and let customers see updates, sales and other relevant information that may bring more business to you.