Many people believe that they have to be young and brilliant to start their own business. However, starting a business is not just for the young. If you’re over the age of 50, you still have a chance to live your dream. Anyone with a solid plan and vision can have a fair shot at building their business with only a few steps.
Identify the Market. Figure out who your customers are and what services they are willing to pay for. Research, analyze, and test services and products to see what works before investing too much into your business. Always be asking these questions, and you’ll be able to develop the products and services that your market wants and even be able to predict what they may ask for next.
Calculate the Cost. Consider how much it may cost to start your business. This includes equipment costs, rent, cost of supplies, advertising materials, etc. Will you need an infusion of cash from outside sources? Are there friends that can help fund the business? If you need a loan, what type of resources are available to fund your particular company?
Use Your Contacts. To advertise your business, start with friends. Consider an open house in which you invite all of your contacts. Start locally rather than being concerned with national reach. If you can develop a strong local brand, profits will follow. Increased revenue will give you the ability to branch out to multiple locations and eventually become national.
Social Media. This should be your first customer touch point. Social sites like Facebook, Twitter, and Instagram are necessary tools that will promote your services or products. They also serve as a way for potential customers to contact you and discuss your business with other customers.
Time Your Progress. Some businesses take longer to generate a profit than others. Know on average how long it takes for your particular business to provide a sustainable income. Track your profit and loss statements and see if your company is following the expected patterns.
First American Merchant is the online lender that gives merchant cash advances to small businesses. FAM believes that your business deserves the chance to compete, and wants to help you succeed.
Contact FAM to learn more about our easy loan options and cash advances for merchants today