Tag Archives: start ups

I Want to Start My Own Business

start a new business
I want to start my own business

There is real opportunity to start a business today because many, many businesses that existed prior to the recent recession have closed their doors and left wide range of  parts of market with little choice . Many long-standing client relationships have also disappeared. More than anything else right now, consumers and businesses want the lowest cost, period! This presents a great opportunity for entrepreneurs who want to position themselves in the marketplace as the lowest-cost provider.

But before your jump into this roller coaster ask yourself a few questions…

1.  What kind of business will I begin?

Do what you love to do.  Businesses don’t just happen. They are made. Most people do the mistake in opening a business they know nothing of.   Your success relies on what you bring to the business. If you love what you do then chances are your business will be successful.  Don’t be tempted to start a retail store just because you find a cute, affordable space.

2.    Where will I get the money to start my business?

Start up business funding and start up business grants are hard to come by. Ensuring you have the funds necessary to stay viable past the first few months, when business will be at its toughest, is extremely important.  If the only problem you have is a momentary lack of funds, and you have a decent credit rating, speak to your bank about a business loan.

3.  Do you know how to run a business?

Running a business takes different skills than practicing what you know or love.  If you don’t have an idea on how to run a business, then start today learning how to do it, or find a friend that has same knowledge on this and can give you some advice.

4.  Do I need a business plan?

Yes in fact many businesses that go under is because they didn’t have a business plan before they started.  Creating a real business plan is hard work and a pain. But it is hard work that will be rewarded. It forces you to think past rationalizations that we all tend to make and come up with something real and doable.

5.  Will my business need an office?

If you are on a tight budget and are unsure exactly how long it will take for profits to flow in at a strong level on a regular basis, consider starting a business with a home office.  New businesses die every day and many suffer a premature death simply because the new owner ran out of money.

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Virtual Office for my Business

When you’re a new business start-up, or an entrepreneur with a great idea of starting your own business  but with limited resources, then the best way to start your idea, while still maintaining professional appearance to your clients, is to lease a virtual office.

The benefits of setting up a virtual office for a new business is apparent.  Not only do you save the company money in rent and rates , you achieve a appearance of professionalism and it gives you the freedom to work not just from home, but literally anywhere, meaning you can get out on the road and do some much needed prospecting.

A virtual office is like a traditional office it provides all those services that you expect from a real office without the cost of a traditional office.  Even the tiniest of offices can run several hundred dollars a month plus the cost of commute, the furniture and computers , and at least one telephone line the cost of doing business can become overwhelming.

Setting up a virtual office can seem a bit intimidating at first, but once you get the idea and get a feel of the benefits,  it’s really quite easy. With today’s technologies and the use of a virtual office, there really are no boundaries. With a virtual office you can spend more time with your family, work from almost anywhere, and your clients never need know you don’t have an office downtown, if you prefer them not to know.

Five Important Steps to Start Your Own Business

 

Start your own business today
Start your own business today

1.    WRITE DOWN A BUSINESS PLAN

The main biggest mistakes a young entrepreneur makes is not writing down a business plan. Not only is it a good planning tool, but it also the key element that will help you raise money.  Include research into things like how much you can charge for your product/service, how much it will cost to produce or deliver.

2.    FIND A LOCATION FOR YOUR BUSINESS

Although the idea of starting your business at home is money saving there is many factors to look at when starting at home.  Will the kids interfere? do you have space? If these in fact are going to be a problem.  Then go out and look, for an office space.  Remember

3.    SIGN A LEASE

Ask for a copy of the form lease from your potential landlord. Read it and try to understand it. If you don’t understand the legalese, find an attorney. Start-ups should look for flexibility and try to sign as short-term a lease as possible. Understand the details of what you’re committing to when signing the lease.

4.    MARKET YOUR BUSINESS

Even though social networks are essential, don’t underestimate the old ways of marketing.  Your business is barely kick starting so you need to get the word out, let people know of your business, what products or services you provide. Embrace and use the most effective online tools (Twitter, Facebook, YouTube, LinkedIn) available to broadcast your news.

5.    KNOW YOUR COMPETITION

Many businesses fail because they underestimate the competition. Often, it is not necessarily the quality of that competition, just the mere presence of it. You may think that you can drive your competitors out or at least steal some nf their business by offering a better price or better service, but many businesses can breed an intensely loyal following of customers.

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Moving Your Home Business to an Office

Small Office
Time to start thinking of moving to an office

The decision to relocate has to be made with specific regard to the future of the business. It needs precise planning and research, the establishment needs to be faultless and the owner needs to be sure that relocating is the answer for his/her business future. Once you have made the decision to move your home business to an office, you have some planning to do.

The advantages of moving out of your home office comes down to increased professionalism, more space to work and unlimited growth potential.  And less much less distraction. Renting a small office at a good price can be very meaningful.

The first decision you make when you have already decided to rent an office, should be your desired location. It’s usually a good idea to start looking at offices near your house to avoid a long commute. Of course, while this is the ideal option, it may not work out perfectly when you consider other details that greatly affect your business.  You need to make sure the new location reaches your target audience, so do some research of the surrounding area to find out who lives near the building you are considering. Try giving Van Nuys Offices a call, they have small offices for short terms and for only $195 a month.

Second thing you should consider highly is making sure that all your office furniture, including desks, filing cabinets, and bookshelves, will fit into the new office space. Make sure you leave room for expansion, especially if you plan to hire a few employees soon. Also, consider where customers will sit when they come into the office.  Draw a layout, measure your furniture and move your furniture around so that you can get an idea of how much square footage you will need.

Last thing after you have found your perfect office, you signed a lease, and now you’re ready to start running your business from the office.  DON’T  FORGET to update your address on all your licenses, bank account, vendor accounts, post office, and all your stationary.  If you regularly get inventory shipments, you need to let the distributor know your company’s new address ahead of time. This can prevent you from having to move merchandise shortly after it is dropped off at your house, so be sure to update your business address. You will have to do the same for your mail and any marketing materials that feature your current address.

When to consider a virtual office

Virtual office
Start considering renting a virtual office
There are plenty of great reasons to set up a home office. One of the perks of working from home is being able to take breaks when you want to, spend time with family, etc. However, this can quickly eat up your day without you realizing it. But as your business expands, you might begin to feel a little cramped in your home office. If, for instance, your “office” is little more than a desk packed into one corner of your living room, then it won’t be long before your freelance life—printers, paperwork, contracts, and file cabinets—begins to invade your personal space.

A virtual office makes it easy for your business to grow and creates a situation wherein you don’t have to deal with labor laws in order to expand. This situation makes it completely ideal for small to medium sized business owners who do not have the time or money for a physical office and who need to focus on the work at hand. Plus there’s nothing worse than picking up the phone with an important client and having a knock on your door or your child ask for something.

Scared of starting your own business?

 

Start-up Office
Offices for Business that are just starting

People always wonder if this is a good time to start their own business. The fact is, there’s really never a bad time to launch a business. It’s obvious why it’s smart to launch in strong economic times. People have money and are looking for ways to spend it. But launching in tough or uncertain economic times can be just as smart. If you do some research and there’s a high need for the business you’re starting. Because many people are reluctant to launch in tough times, your new business has a better chance of getting noticed. And, depending on your idea, in a down economy there is often equipment (or even entire businesses!) for sale at bargain prices.

When you start a small business you face lots of challenges. In order to improve your chances of beating the odds, what is important is that you educate yourself about business development. Starting and running a business, or any form of self-employment, requires a range of skills and attitudes. It can be very demanding.

It’s important that you understand all the responsibilities you’ll have, and as many of the foreseeable challenges as you can. On the other hand, it’s also important to recognize the rewards of working for yourself and providing a quality product or a needed service to your customers and the community.

Working from home might seem to be cheaper than leasing or renting an office space, but in the current climate with lots of property available, office space rental isn’t the costly exercise you might think it to be. In fact, thanks to the recession, many landlords are simply eager to lease out their dead office space, and so as a result, prices are actually more competitive than ever.

You’ll be surprised at how cost effective this option can be and the extra benefit with renting an office space from Van Nuys Offices with one of their short-term contracts  It also allows convenience and flexibility, which are both essential things when a business is in its fledgling state. Shop around, take a look at the deals – it could be the best thing you’ve done to date.

Get Approved for a Small Business Loan

Launching a business requires capital. Even when a business is already up and running cash flow is important to keep things running smoothly and to allow expansion. Many businesses find there are enormous benefits from getting a small business loan.

There are a variety of financing programs that give emerging businesses the boost they need to expand and grow into a “bankable” enterprise that generates new jobs and strengthens the economy. Normally you have to have two to three years of solid financials before a money lender like a bank will even consider lending you money. Often you need to have a strong personal credit record to be eligible for a decent business loan from start-up.

There are other lenders that offer business loans specifically for start-ups so the process is easier now than it was a decade ago.

Such lenders can furnish you with a loan of the capital you require in order to get your business start-up running or to take your existing business to the next level. Getting approved for a business loan from a bank with a credit score of 650 or less can be extremely difficult. Before a lender approves your small business loan application, they will want to be certain that your business is capable of repaying the loan. This is why it’s so difficult for startups with unproven operating histories to obtain loans. In order for you to stand a chance in getting approved there are some steps you will need to take.

1. Check Your Credit History
It’s a good idea for business owners to check their credit histories before trying to get a loan. Correcting erroneous data or resolving any inconsistencies before applying for a loan will increase a business’s chances of getting one.

2. Research Potential Lending Institutions

Before you start applying for loans, you should gather some basic documentation about you and your business – such as a demonstrably good income record. The most important measure banks use in determining whether to loan money is the company’s ability to repay. Always try to approach a bank that is familiar with your industry and target market.

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3. Create a Cash Flow Statement

A cash flow statement is a familiar financial statement to the banker and provides the banker with an understanding for the current assets and liabilities of the company. Banks prefer more assets than liabilities. In order to create the projected cash flow statements, you will need a detailed business plan. This is also something a bank will want to see before they approve your loan. The plan should be part of your loan application. You should focus on the details within the plan that explain how you will use the loan proceeds.

4. Invest in the Business
Invest your own funds. Lenders like to see personal investment. It is a sign of commitment. Wait until you can afford to invest your own funds before requesting the help of a lender. In general, a lender will help you to subsidize your total funding need, but will be reluctant to provide you with the entire amount.

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