Small businesses play an integral role in the American economy and are often considered the backbone of the U.S. In fact, 90% of our country’s businesses are small businesses. Small businesses account for 21% of all manufactured exports in the United States and 52% of all sales in the U.S. While many small businesses were struggling just a few years ago, most are faring much better today. If you have ever thought about starting a small business of your own, perhaps now is the time to do it. It is certainly no easy feat, but the rewards of owning your own business, and knowing that you started it all on your own, make it worth all of the blood, sweat and tears. For those who are ready to take the leap into starting up their own small business, follow this advice to help you get started:
- Plan Your Business – Once you have an idea for your business, you need to create a business plan. Your business plan should clearly define what your business does and what its goals are. It should include everything from a company description to future financial projections.
- Pick a Location – The next step is to decide where you want your business to be located. Some things to think about are your target audience, what the demand for your business will be in a particular area, and who your competitors will be in that particular area. If you want to manufacture sleds, for instance, you probably want to avoid southern states that get no snow and have no demand for sleds.
- Get a Loan – Funding a start up is not easy and you will likely need to learn how to get a sba loan to help finance your business. There is a variety of funding available for small businesses. The Small Business Administration is one particular agency that offers different start up loans for small business owners. If you need advice on how to get a SBA loan or other helpful business funding solutions, you can visit the SBA website for step–by–step help through the process.