Starting a small business is incredibly exciting, but it can also be an overwhelming process. From naming your business to securing financing that will help you get your small business off the ground, it’s important to take your time and get a plan in place to help give you a strong foundation to build your business from. Every business is unique and has its own unique needs, which means that every business’ financing needs will be unique. At OCU, we make starting a small business easy with small business and start-up loans.
If you’re looking at different small business financing options, we’ve broken down some of the key things to keep in mind and how we can help you get your business off the ground.
Assess Your Finances
One of the first things that you should do when starting a small business is sit down and assess your finances. Do you have the savings required to fund your business, or will you need to borrow money to get started? Take the time to determine what your start-up costs will be and determine what your break-even point will be. If you plan to quit your current job to focus on your small business full-time, then it’s important to make sure that you have enough savings set aside to support yourself until your business gets off the ground. If you plan to hire one or two employees to help you get started, make sure that you’ve factored wages into your startup costs.
Create A Business Plan
After reviewing your finances, the next step in starting your small business is to put together a business plan. This will not only help you to get your ideas down on paper, but it can also help to streamline the creation process by forcing you to go through things step by step. Here are a few key areas that your business plan should include:
- Name of your company & a description of who you are and what you do
- Analysis of the market
- Management and organization
- Products and services
- Financial plan
- Marketing plan
- Logistics and operations
- Customer segmentation
Taking the time to methodically create a business plan will help you get a feel for where you fit within the market. What products or services will you offer to help set you apart from your competition? What is your ideal audience and how are you going to market your business to attract those customers? Creating a business plan will not only help keep you accountable to your small business goals, but it can also help you to track progress and profit as your small business grows.
Utilize Small Business & Start Up Loans
When it comes to securing funding to get your small business off the ground, small business and start-up loans are great options. At OCU, our small business and start-up loans offer flexible payment options and fixed or floating rate options, depending on your business. Our team of experienced business specialists is happy to find you a personalized solution that will fit your business’s unique needs. Having a business plan in place is also beneficial when securing your funding, as it allows your lender to get an understanding of your goals and plans moving forward.