Starting Your Own Business

Starting a business is a dream for many people, so here are some tips to consider when working to open up shop!

Starting a business is a dream for many people, so here are some tips to consider when working to open up shop!

 

Many people dream of starting their own business and selling a product or service that they truly believe in.  Main Street, Cedar Falls is a great example of those who are chasing this dream!

If you have this goal of starting your own business, there’s just something about the summer that makes it a great time to get the ball rolling.  Starting a new business is a huge undertaking, so here are a few tips to keep in mind as your start up your new business:

  1. Keep Costs Low. Furnish your business with lightly used equipment, such as lightly used office chairs or shelves. Often times, lightly used furniture is significantly cheaper than brand new.  Another way to keep costs low is to pay your vendors up front.  Paying up front increases leverage of negotiating, which could translate to acquiring materials at a cheaper cost.
  2. Get a Marketing Plan in Place. You can’t sell your good or services if people don’t know about them! Depending on your product, start marketing to those people who may have an appeal to your store.  Once you have leads, market, market, market! Good leads lead to good sales.  Also, try a variety of marketing outlets to see what works best for your store.
  3. Test and Measure. Just like the marketing plan, test for leads with your marketing plan and test for leads with your products. What is selling? What is not?  Keep records so you and your employees know what is working for your store and what is not.
  4. Learning Equals Earning. The more you can learn about sales, marketing, management, store operations, and anything business related, the more you will know what works and what does not. Similar to testing and measuring for leads, the more educated you are about your product, sales, and your market, the better you can sell your product.
  5. Add Value, Don’t Discount. Putting your product “on sale” or “on discount” so soon after starting a business can de-value your product. Instead of putting your product on sale, try adding value and marketing the quality of your product!  There is a time and place for putting items on sale, but try adding value first.

Starting your own business can be stressful and time consuming, but it can all be worth it if you put in the work!  First Security State Bank can offer you support from business startup loans to equipment loans.  Stop in today for more information!

 

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