Here is a path to small business ownership

Who hasn’t wanted to be their own boss at one time or another in their career? Imagine the benefits – you set your schedule, take vacations when you want and delegate tasks if you have employees. You’re the person who is accountable for your organization, whether it thrives or not. Everything is on your shoulders, meaning the responsibility also lies on yourself to make it run smoothly.

Here are some things to keep in mind as you develop your own business.

Create a business strategy

For most, the goal of your business is to make money. You’re trying to generate enough revenue not just to maintain operations but to earn a profit that you can live on and expand your business. Having a multi-year strategy is a key component of any business and can help keep you focused when things get tough. Depending on whether you want your business to be a full-time or part-time venture, you’ll have to adjust your plans accordingly.

Get organized

Organization is key for any small business owner. You’ll wear many hats and will need to be prepared for any situation that comes up, including product supply, shipping, customer complaints, media requests, social media reviews, lawsuits, offers for partnerships, etc. Each of these scenarios requires a plan to make sure you can properly respond.

Determine funding

Kick-starting a business takes capital – either via cash or a line of credit. Have you saved enough to get your business off the ground in the amount of time that you want? Perhaps you’ll need to take a small business loan to really get it started.

Build a network

Become an active member in your business community and in your town. It’s a great way to build a local network, especially for new businesses. You can start by looking up a local networking group and by attending their activities.

If you’re thinking about starting a small business, Travis Credit Union can help. Our Business Services department provides products, services and business loans, including SBA loans, for people who want to be their own boss. For more information, visit our Business Services.

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