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Steps to Start Your Own Business

  • December 18, 2019
  • By Sarah Solomon

Starting a business involves a plethora of activities.  Whether it’s planning, key financial decisions, or completing legal activities, everything needs to be taken care of. Your business will require extreme dedication and patience. Starting a business is own thing, but making it successful is another. REIL is here to help you with each step.  

Do Your Research 

Prior to starting your own business, it is best to see how your industry is performing.  Market research will tell you if opportunity lies where your ideas do. Gather information about potential customers and businesses already operating in that industry/ your area.  Use that information to form a distinctive strength or competitive advantage for your business. 

Have a Business Plan 

Every business starts with a foundation.  Your business plan is your business’s foundation.  Think of it as a GPS, your foundation should tell you which directions to go, the “traffic” upon certain segments, and most importantly how to grow your business.  Having a reliable business plan influences others to work with you or buy into your company’s products/services. 

Location is Key 

Location is an extremely important decision.  Decide as soon as possible whether your store will be a brick and mortar business, or one that functions online.  This decision affects your customer reach, taxes, legal requirements, and most importantly revenue. 

Fund Your business

To start a business, you need money. To continue managing your business, you need money. If you don’t have enough on hand, you’ll need to borrow working capital.  There are more ways than ever to find capital. The best way is through REIL. Contact one of our representatives to discuss all your options. 

 Open a Business Bank Account 

Every business owner should separate their personal and business finances.  A small business checking account can help you handle all legal, tax, and day-to-day issues.  It’s very easy to set one up, you can even do so through REIL! Mixing cash is never a good idea.  Business and personal assets should always be kept separate and used separately.

REIL Advice

Of course, the steps to take when starting a new business are endless.  There are various more, however, these highlight the most important ones.  If you have any questions or are looking for funding, feel free to speak with one of our REIL representatives.  Our application is also commitment-free. Fill one out to see the opportunities that lie ahead for your business! 

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