Startup Process of a Business

Financing Your Business

• You have a number of key options for financing your business. Start with your savings account. The best thing about using your own money is that you won't have to pay it back. You also won't owe any interest. If you need a loan, talk an officer at your bank. Decide how much money you will need. Subsequently, ask your bank what loan terms are available. You may be able to secure a longer-term loan to keep your monthly payments lower. Another option is applying for a Small Business Administration loan. Business owners cannot get SBA loans directly, according to the Small Business Administration. Instead, the SBA may help you raise money by issuing bonds or finding venture capitalists. The SBA will also back up or guarantee your loan.
  
  

Hiring Employees

• You may also need to hire and train employees before opening your business. If so, decide what types of employees you need: cashiers, managers, factory workers, copywriters. Subsequently, decide what qualifications you prefer for each position for which you will be hiring. For example, you may want to hire sales reps with at least three years of experience. One cheap form of job advertising is to place a flier at your business if you have a storefront or office building. Place an ad in the Sunday edition of your local newspaper. Consider running the ad for multiple weeks as you may receive one week free. Place a job ad on various job sites such as Monster.com or Simplyhired.com. Hire an employment agency or executive search firm to help you find qualified employees.
  
  

Finding a Supplier

• You will need a supplier if you sell products. One option for finding products can be found on eBay.com. Watch for distributors who may be selling products in quantity. You can also go to TradePub.com and order free magazines and publications related to your industry. You may be able to find a supplier in one of the publications. Contact ThomasNet for manufacturer suppliers. However, find a manufacturer that will allow you to purchase products in small quantities. You may not have the money or space to carry a large inventory. Contact various suppliers by phone. Choose a supplier that offers a short delivery time and the lowest unit costs.
  
  

Promoting Your Business

• The method you use to promote your business will be contingent upon the type of business you run. For example, you can place your website in major search engines such as Lycos and Yahoo if you run an Internet business. Yahoo also offers you the option of creating a store on their site. Fliers and newspaper classified ads can generate customer traffic if you run a retail business. Of course, your best option may be distributing business cards and brochures to businesses if you run an advertising or marketing consulting business.