Forming a business is tough, especially if you are on a tight budget. Typically, a small business startup’s first concern is earning a profit, which is understandable, but that should not be the prevailing focus, at least initially. A strategic mindset is the key for success in every aspect of life, including the business world. Wonder how to transform your business idea into a reality, without having to take out a loan? Great! Let’s get started…
1. Customer Satisfaction
Regardless what your business industry relates to, it is imperative to always consider how a customer would feel from using your product and/or service. A few questions to keep in mind:
• What would they like to see?
• Which audience are you trying to attract?
• Why should their interests and money shift towards your company?
Spend the time to acknowledge your audience’s needs, before targeting the money aspect. Remember, your clients will determine your prosperity. The more customers you attain, the more money you will earn. If your heart is in the right place, you may not automatically succeed, but it will boost your chances drastically. This fundamental step will grant your foot in the door, which is why I propose…
2. Grant Proposal Writing
Even if you have a small amount of funds invested in your startup, there are several grants out there that are specifically designed for small businesses. Extensive research is required since every grant -even small business ones- have subfields; some small business grants may only fund a specific industry. Small Business Association (SBA) or Small Business Development Center, are the two most common resources for finding small business grants.
Non-profit organizations, private investors, and some corporations also have grants at their disposal, ready to allocate funding to the right business. It is critical you hire a talented grant proposal writer, because writing a flawless grant proposal is oftentimes taxing.
3. Internal Revenue Service (IRS)
A vital component to prevent your company from grasping for air, is to understand the federal and state income tax laws. Each state’s tax code varies and it is essential for budgeting purposes; you want to avoid overspending at all costs, especially if you are endowed a grant – donors always want to know where their money is being spent. Fixating your funds to attract potential clients’ is the initial step for growth…
4. Logo & Website Domain
Promoting your brand with a unique logotype, symbol, or combination mark will help launch your targeted brand distinction for your startup. People will relate to, react, and respond to your logo mark; sparking thoughts and emitting conversations about how your logo reflects their desires; even if they are unacquainted with your products and/or services, which is exactly what you want! Have you ever spotted a logo and had no clue about the business, but decided to play detective and ask a friend or investigated online?
Speaking of the Internet, do you own a domain? In today’s world, this is a must to network with clients and other businesses. Purchase and maintain your website’s domain name, or else it will expire and someone might steal it! Likewise, you will need to register your logo with the U.S. Patent & Trademark Office or with your state. If you live in Florida, you would visit sunbiz.org.