Thinking of Starting a Business?
You may have been thinking of being your own boss, but just do not know the steps it requires. Here are a few important steps you should follow.
Market Research
Is there a need for the type of business you want to start? Who is the competition in your area? Is there a demand for your services or products? What do you expect a reasonable fee or price will be?
There are many reliable sources that can provide you with customer and market information at no cost! Follow these links for more helpful information https://www.sba.gov/business-guide or https://www.coloradosbdc.org/resources/entrepreneurs/colorado-business-resource-book/
Business Plan
Write out your business plan! You probably just broke out in a sweat when you saw that because you are thinking “oh no, now I have to write this 30-to-40-page document!” The bad news is, you really do need a business plan, but the good news is your business plan does not need to be a massively long document. A business plan needs to be a functional plan, the business plan should contain these minimally:
- Vision: What are you creating?
- A Mission Statement: What is the main purpose of your business?
- Objectives: What are the business goals?
- Strategies: How, what, and where?
- Start Up Capital: How much are you going to need to start your company?
- Expenses: What are you going to have to pay out to keep your business up and running?
- Projected Income: How much are you expecting to earn? This is where market research applies.
The business plan is the document you will need to use to apply for loans, ask investors to invest in your company.
A Marketing Plan
You may have more than one marketing plan. You can create one to promote your business, one to introduce your new company to your market, another one to reach and attract new customers.
A Financial Plan
Your financial plan is one of the most important plans. Without any funds to launch, promote and maintain your business, it will very likely fail when it runs out of financial fuel. Always keep in mind that a new business takes months or even years to begin to make a profit. That is why your financial expenses need to be covered until the business creates that healthy cash flow. Your regular, ongoing monthly expenses usually these are:
- Your salary
- Employee salary
- Rent
- Utilities
- Advertising and promotion
- Supplies
- Telephone, high speed internet, website creation/maintenance
- Bookkeeping or accounting services
- Insurance and Taxes
Starting a new business can be exciting, challenging and even overwhelming. FR8 Solutions is always ready and able to help. Let our team of qualified business professionals help you get on the road to business success! Call 970-373-3483 to schedule a free consultation.
