Start your small business with these steps

The land of opportunity and the American Dream, in some ways, all circle around the fact that you can start your own business from the ground up; that you can come to this country and start making an honest living.

Of course, starting toward that path is no easy feat. To create a successful small business – or start-up as they’re called in Silicon Valley – you need to have a plan in place as the business launches and as it progresses.

Here are a few things to think about as you start your business plan:

Create long-and short-term contingency plans

There are goals you should want for your business in the short- and long-term. Create a plan that creates a roadmap that allows you to open for business, as well as a plan that keeps the doors open. What happens if you’re highly successful? Will you hire more people if business is good or keep things where they’re at? How will you trim costs if business isn’t what you expected it to be? Make sure you have contingency plans if things don’t pan out.

Build capital

Perhaps the biggest thing needed to start a new business is capital, i.e. the money to get it off the ground. The funds needed will vary depending on the type of business. If you’re going to be operating the venture as a side business, you probably don’t need a hefty amount of capital. If you plan to make the new business your 100-percent full-time venture, you’ll probably want to figure out how you’ll be funding it and other operational expenses.

Have you saved up enough to operate it or will you need a small business loan? Small business loans usually start at $50,000 and have terms for up to seven years. Figure out how much you’ll need beforehand so you can adequately plan your launch date.

Organize marketing

You’ll want to let people know that you’re opening, right? Figure out how you want to get the word out. Will it involve print, digital or radio advertising? Will you rely solely on word of mouth? Determine the best ways to promote your business that fits your needs right now. You can always re-visit your marketing if things go well and you want to expand your marketing efforts.

Travis Credit Union’s Business Services department can help you manage your small business with payroll services, merchant card processing and tax payments. In addition, we offer small business loans to individuals looking to start or improve their company.

Small Business Loans