Welcome back to Smart Money Monday. In recognition of Small Business week last week, we are here to help us understand how you can start your own business.
Every great business starts with a plan. You need to do some research on the market and who your competition will be. Then write a business plan. A business plan is a document of your company's strategy, objectives and goals. A great plan will guide you through each stage of how you manage and grow your business.
Once you have a plan, then you need to calculate your start-up costs. Just like a household budget, you need to make a list of all our expenses and your expected income. You should look at all your expenses and categorize them into initial one-time cost and on-going cost. Once you've identified your expenses this will help you to calculate the capital you will need to start your business.
There are different options you can explore to help fund your business: self-funding, crowd funding, capital venture, or a small business loan. The Small Business Administration has a program where they may be able to guarantee your loan with bank. You can also talk to a small business counselor or your banker who can provide you with information and resources.
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