How to start a small business

Your small business proposition can be a challenging, yet rewarding endeavor. Here are some things to keep in mind as you travel down the path to business ownership.

Draw out a plan

Your business plan is crucial for any loan applications and more importantly, the fate of your business success. Remember that your business plan is a living document that is bound to undergo future changes. According to the U.S. Small Business Administration, plans generally project three to five years ahead, factoring in the company’s potential revenue growth. Your plan will include your business’ vision, objectives, company description, market analysis, financial projections and more. Visit www.sba.gov for more details.

Strategize your marketing

How do you plan on marketing your business? Your marketing and sales strategy is an important part to your business plan. Customers are the backbone of your business, which is why you need a strategy to create and retain them. This day in age, it’s become a necessity to have a website. Along with a functioning site, many successful businesses rely on social media to raise awareness and establish a strong online presence. Research the different forms of print and digital advertising and see which aligns best for your business.

Establish funding

One of the biggest things you’ll need to kick-start your endeavor is capital. Depending on the amount you have saved or have received from investors, you’ll most likely need a small business loan. A loan can help you finance your company’s needs at start-up or can help take your business to the next level. At Travis Credit Union, our small business loans feature loans and lines of credit from $50,000 and terms up to seven years.

Are you ready to be your own boss? Travis Credit Union is ready to help. Our Business Services department provides products, services and business loans, including SBA loans, for people ready to start their small business. Visit TCU Business Services for more information, or give us a call at (800) 877-8328.

www.sba.gov Small Business Loans