10 Simple Steps to Launching Your Local Business
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by Courtney Rosenfeld
Launching a business can be exciting, demanding, time-consuming, and ultimately, rewarding. But it takes time and effort to develop a lucrative business model that maintains over time. If you plan to open a local business, consider these ten simple steps to get started.
Find Support (and Funding)
Starting a business can be expensive, but there are ways to limit your risk and still start the company of your dreams. Whether you’re a solopreneur or have a team of co-founders, try these avenues for raising funds.
● Consult the US Treasury’s Small Business Lending Fund for assistance.
● See if your industry fits America’s Seed Fund requirements.
● Try crowdfunding if your product or service is appealing to the masses.
Go Back to School
Becoming a business owner means you’re learning a lot on the job. Still, other forms of education can help expand your viewpoint and support your business endeavors.
● Connect with a mentor to guide your business decisions.
● Read business magazines to learn the ins and outs of your industry.
● Earn an advanced degree, such as an MBA, or obtain a certification, such as a business analytics certification.
Ready to Grow?
Growth can happen for your company in a range of ways. If you’re hoping to make more sales, hire more staff, or grow your net worth, put these items on your to-do list.
● Decide whether outsourcing is the right move for your company.
● Create a recruiting strategy for hiring freelancers and staff.
● Spotlight sales hiring to achieve earning potential.
● Get coaching help to reach your company’s growth goals.
From sourcing funding to expanding your knowledge and hiring staff, there’s a lot to consider when you begin developing a business from the ground up. But with these ten steps, you can set out on the path toward business ownership with confidence and motivation. In a short time, you might find that being a business owner is your true—and profitable—calling.
Patty DeDominic is a business coach to businesses exceeding $10 million in annual sales. Named CEO of the Year by the Los Angeles Business Journal, she also received a Lifetime Achievement Award from two United States Presidents and built, grew, then sold a 600-employee firm that is now part of a billion-dollar staffing leader.
dedominic.com or text me at 805 453 7490 to see if we can help you find more than a few hundred thousand hidden in your business. We did with 4 new clients this quarter. My goal is to help clients net one million more before year-end!