Launching a new business venture is quite a logistical challenge, and with a product or service firmly decided on and a suitable digital marketing plan in place, your thoughts will turn to funding, which is essential for any start up. As you prepare to set the wheels in motion, there is always that fear in the back of your mind that you have overlooked something important, and with that in mind, here is a useful checklist to ensure you’ve got every base covered.
- Adequate Funding – Whatever else you might need, funding is definitely at the top of the list. Sourcing small business loans used to be a nightmare, and you could expect the process to take weeks, with no real guarantee your application will be approved. Many a great business idea was quashed at the conception stage, due to the lengthy loan application process, yet today there are online providers who can literally complete the entire procedure within a few hours.
- Solid Business Plan – Even though it is not necessary to submit a business plan to the online loan provider, you really should go ahead and write one. While it is true that a business plan would enable a third party to fully understand the business concept, the main purpose is to empower the business owner by detailing every aspect of the project. Marketing strategies would be in place, and by listing the start up costs and calculating running costs, one can forecast revenues. A typical business plan would run from 6-10 pages and when it is finished, find someone with some business acumen and ask them to pick holes in it, as this ensures that nothing has been overlooked.
- Digital Marketing Plan – This is essential for any modern business, and a strong online presence will define you as a company. This is definitely something to outsource, and in a results based industry, look for a digital marketing agency with an impressive list of clients. The company website also needs to be top notch, and with a single company, you can have all of your IT needs handled.
- Logistics – This covers many areas, which might include delivering products to customers, or providing a service within a certain radius of your base, and an online retailer, for example, would have to form an alliance with a suitable courier company that would handle all deliveries and collections.
- Staff – Even a small business requires human resources, which are the most valuable of all the company’s assets, and great care should be taken when selecting employees. Attitude and commitment are just two attributes to look for, and it is essential to hire people with ambition and energy, and by revealing your plans, you should be able to get them on board with a commitment to strive for success.
If you have covered all of the above, your new venture looks primed for success, and with the support of an online loan provider, you can move ahead when the time comes for expansion, and should you require a small injection of funds at any time, online solutions are at hand.