In today’s globally accessible market, developing a startup takes much more than a great idea. To be truly successful, it’s important to take advantage of the wealth of resources available to you. Various organizations, publications, and influential people are certainly out there to point you in the right direction. This month, we’ve broken down the necessities to get your small business started down a profitable path.
Even the best ideas need capital to grow and thrive. That said, finances are often the biggest concern when the focus of discussion becomes your business, rather than just your idea. Some important questions to ask during this time include:
• What incentives are available where I plan to do business?
• What type of loans or grants will I need to fund various aspects of the business?
• To whom should I reach out to facilitate this process?
Chances are, there will be a host of financing opportunities available. Your job will be to understand what’s best for your venture and connect with the people and organizations that can be the most help. After that, no financial burden will stand in the way of your startup’s success.
Choosing a location for your business is a process that’s discussed ad nauseam online. A little bit of searching will yield numerous online guides discussing the nuances of demographic overviews and competitive analyses. While these factors should certainly be taken into consideration, there are a few key factors that your new business location should have:
• Support for your financial plan mentioned above
• Access to business support networks and training
• A diverse community with a high quality of life
When it comes to covering all your bases, it’s important that your business location supports what you hope to achieve now and in the future. That means the right competitive advantages, an active business community, and room for growth.
The right employees can mean the difference between success and struggle for a small business. The question is, “How can you discern whether the area you’ve chosen to do business has the skilled, passionate workforce your business needs?” A great place to start is by researching the professional and higher education facilities in the area. How
diverse are the programs? Do they offer a range of specialties? Are there career development services that work with local businesses?
At the same time, it’s important to consider training for your existing employees. Depending upon your industry, new technologies might demand ongoing education with the newest processes or technologies.
Other Business Opportunities
When the time comes to expand your operations or transition toward a new market segment, knowledge of local development resources can help you build stronger connections to your community. The most important key resources to consider include:
• Business assistance, such as small business development associations
• Community advocacy services, such as chambers of commerce
• Workforce development and training facilities
• ”Main Street” preservation and revitalization programs
Being involved in a community that’s both diverse and connected to unique business resources is a recipe for long-term growth and success. When the right financial opportunities, a strategic location, and skilled workforce work together, you’ll have no problem taking your startup to the next level.