February 10, 2022
Do you feel inspired to take your talents or a side gig to the next level? A startup or internet business might be the right fit for you. But is the risk of leaving your stable 9 to 5 job worth the reward of a new career you are passionate about? Read on to decide for yourself.
Using your own original ideas and resources to start a business requires taking on many financial risks. But with your unique skills, you could fill a need that has not been met in the market and find success. Starting a sustainable career requires either lots of research or previous training and education, otherwise, you may be getting in over your head with a passion project. Some red flags to watch out for while starting down the path of entrepreneurship are business plans with vague business models, promises of passive income, and relying on sales to your friends and family. These are signs of a pyramid scheme, which can be a bad investment.
Without a demand for your services, it may be difficult to make any progress with your business. To determine this, it may be helpful to run a survey online or do some market research to test the waters. Thankfully, it is easier than ever to engage with new customers and market your skills online. Websites such as Shopify, Etsy, Fiverr, Upwork, and even eBay can provide a platform to start connecting with potential customers before you create a website of your own.
Your original approach to solving a problem will provide the basis for your business concept and can be anything depending on your area of expertise. Since every great business has humble beginnings, your business plan should accommodate starting small and scaling up, and having this plan will help you achieve your goals. Create a business plan to outline what services your business will offer and accommodate for the costs of legal fees, employee salaries, supplies, and rent.
As you begin to build your business, it will come as no surprise that in order to make money you must spend money. Citizens First Bank offers competitive rates on Small Business Administration loans that will help you meet the needs of your growing business, and also offers loans to lease equipment and to finance facility leases. The U.S. Small Business Administration offers not only loans but loan guarantees, contracts, counseling sessions, and other forms of assistance to small businesses.
Once you have secured funding for your brand, it is a worthwhile investment to create a brand identity through marketing. This includes not only a logo but also an online presence through a website and social media accounts, branding documents such as letterhead and business cards, packaging for products, and paid advertising. Expanding your platform will help you reach your goals for growth and find new customers.
For more budgeting and financial resources visit your local Citizens First Bank in person or online. Our experienced team can help find the right strategy for your new business.