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How to start a small business

Starting a small business involves several key steps:

Idea and Market Research:

Begin by identifying a business idea that aligns with your skills and interests. Research the market to understand your target audience, competitors, and industry trends.

Business Plan:

Create a detailed business plan outlining your goals, target market, pricing, marketing strategy, and financial projections. This plan will guide your business and can be essential for securing funding.

Legal Structure and Registration:

Choose a legal structure for your business, such as a sole proprietorship, partnership, LLC, or corporation. Register your business name and obtain any necessary licenses or permits.

Financing:

Determine how much startup capital you need and explore funding options, such as personal savings, loans, or investors. Consider using business calculators to estimate loan costs and potential funding amounts.

Location and Equipment:

Decide whether you'll operate online, from home, or at a physical location. Purchase or lease necessary equipment, supplies, and technology to run your business efficiently.

Branding and Marketing:

Develop a brand identity, including a logo and website. Implement marketing strategies like social media, content marketing, and networking to attract customers.

Launch and Operations:

Set up your business operations, including accounting systems, inventory management, and customer service protocols. Launch your business with a promotional campaign to attract initial customers.

Growth and Adaptation:

Continuously monitor your business performance, make improvements, and adapt to changes in the market to ensure long-term success.

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Starting a small business requires careful planning, dedication, and a willingness to learn and adapt.

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What is a business loan?

A business loan is a sum of money provided by a lender (usually a bank, credit union, or online lender) to a business. The business agrees to repay the loan, typically with interest, over a specified period. Business loans are commonly used to finance various business needs, such as:
  • Starting a Business: Covering initial costs like inventory, equipment, and leasing space.
  • Expanding Operations: Opening new locations, hiring additional staff, or increasing production capacity.
  • Purchasing Equipment: Buying machinery, technology, or vehicles needed for business operations.
  • Managing Cash Flow: Ensuring sufficient funds to cover day-to-day expenses, especially during slow periods.
  • Marketing and Advertising: Investing in campaigns to attract more customers.

Basic criteria for securing a small business loan

CREDIT SCORE

600+

Credit score requirements can differ, but while some loans are accessible with scores in the 500s, having a credit score of at least 600 will improve your chances of qualifying for a loan.

TIME IN BUSINESS

6 MONTHS+

Although some lenders might accept three months and others may require one to two years, having six months of business history is a good guideline to increase your chances of securing funding.

MONTHLY REVENUE

$8K+

Lenders typically require a minimum level of monthly revenue, though the specific amount will vary depending on the lender and the type of loan.

Calculate the amount you may be eligible to receive

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