Have you ever dreamed about being your own boss? You’re certainly not alone – with roughly 28 million small business owners in the United States, you’d be one of many entrepreneurs who made the decision to take the valued risk of starting a small business and becoming your own boss, setting your own working hours, and determining your own earning potential. There are so many rewards that come with being a business owner, but to properly reap those rewards, it’s important to get started with the best advice and guidance.
Here are a few “secrets” of the trade when it comes to successfully owning and operating a small business:
Start with a plan. This definitely falls into the “Captain Obvious” advice section, but without a grounded, well thought-out business plan before you get started, you might find yourself off to an extremely slow start. Creating a business plan will help you set goals, both short and long term, and it will allow you to strategize the best course of action for your business model, target audience, and the capital you’re bringing to your small business. Think of it as creating a presentation for potential investors – use your plan to outline what your business will entail, the products and/or services offered, sales and marketing strategies, market research, and any financial information. Bear in mind that oftentimes, things don’t go according to set plans, so be prepared.
Seek out mentors and advisors for guidance. When it comes to owning and operating a small business, it’s not always recommended to go at it alone – but that doesn’t mean you necessarily have to take on a partner. Finding a business advisor that understands your industry and your target audience can go a long way in terms of gauging the market and developing effective sales strategies. They can also be extremely useful when it comes to legal documents and incorporating your business – it’s best to get outside help unless you’re in full understanding of how the processes work.
Secure the capital you need and nurture your money. Polam FCU has a long history of working with many proud business owners in California and Connecticut, especially within our Polish-American communities. We offer an array of services designed to help business owners not only get their operation off the ground, but to help them flourish and find success. If you’re just getting started, reach out to one of our loan specialists regarding our business loans; you can also take advantage of your membership by applying for Polam’s business VISA credit card. We also offer business checking and savings accounts tailored for business use. Visit one of our branches, or give us a call and we’ll be glad to walk you through the process of getting started.