Have a road map: Starting a business a formidable task


By Rebecca Maitland, Correspondent

Published 10:25 am CDT, Monday, October 28, 2019





Support is necessary. Building partnerships to support your business will be important.

Support is necessary. Building partnerships to support your business will be important.

Photo: Shutterstock





Support is necessary. Building partnerships to support your business will be important.

Support is necessary. Building partnerships to support your business will be important.

Photo: Shutterstock




Have a road map: Starting a business a formidable task

Starting a business can be a formidable task, but if a well-established plan is followed, your confidence should increase as you move forward.

First, there are three main ways to structure your new business: operationally, financially and legally, all of which will be part of your overall business plan.

Operational structure

1. Strategies: Define your niche, who clients will be, solutions to solving clients’ problems within your niche, and have a planned script to draw them to action. 2. Sales will be the life blood of your business: How will you reach and market your services or products to clients? Develop information for sales that creates interest in your service or product. 3. Inventory: How will you produce, purchase, or manufacture products? If a service is your business, how many clients can you serve daily and how many employees will be needed to grow your business? 4. Support: Having a mentor or coach who has been successful in business will help keep you on track and engaged. Also, building partnerships to support your business will be important. 5. Sustainability: How will you move from Day 1 to the future? How will you track trends, changing clients’ wants and needs, and meet them?

Financial structure

“Often, a bank is the first thing entrepreneurs think of when evaluating growth options because the loans and credit that banks and lenders provide start and help small businesses succeed,” said Anness Jensen, first vice president at IBC Bank – Houston.

Jensen suggests the following to have and consider before seeing a lender: 1. Inventory your resources. Tally assets such as savings, real estate, retirement accounts, vehicles and equipment, and personal items like collectables or tools that can be used as collateral for a loan. 2. Identify your loan ask. Research different types of loans available and know the type you will ask for, and for how much. 3. Research lenders. Meet with a few lenders and find one who is the right fit for you and your business. It is likely you will have this relationship for years.

And finally, decide how to legally structure your business. It will depend on the type of business you choose, such as an LLC, partnership, sole proprietorship, corporation, non-profit, or co-operative. The type of business you choose will determine liability, taxation and record keeping. Research each and list the pros and cons for each type of business, which will help you decide what fits your business best. Then consider scheduling time with an attorney to discuss options.

Have a road map: Starting a business a formidable task

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