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So you’ve decided to start your own business. First of all, congratulations! Starting your own business and working for yourself is a fulfilling experience that is not for the faint of heart. 

If you are taking on this exciting challenge, your to-do list may seem endless. Many things go into starting a business venture. Let’s look at some of the essential steps you’ll need to take when starting a business. We won’t be able to cover everything here, but these are a few of the things you’ll need to do to start off on the right foot. 

1. Refine Your Business Plan With Metawealth

If you are looking to start your own business, we can assume that you already have somewhat of a business plan in mind. Once you have a concept for a new business, you’ll need to refine that idea before you start to look for financial backing. Whether you’re looking for investors or to take out a loan, one of the first things they will ask for is a detailed business plan. This will look different for everyone depending on the nature of your business. The important thing is that you have a solid and tangible plan in place before you start looking into loans or investors. 

Remember that many investors and lenders will be looking at businesses that have been operating for at least six months. This means that you may need to have some way to finance the initial stages of your company. Consider using an app like MetaWealth to help generate passive income to help get your business started. 

2. Business Loans With Entrepreneur

Once you have a business plan, you’ll need to find funding. If you can attract investors, that is a great way to obtain capital. Some people are also able to invest their own money, or they get large donations from friends or family. 

For those who need a more foolproof method to obtain funding, there are business loans. Loans for startup business through Entrepreneur are a great financing option that can be used to cover all the various costs associated with starting a business. This can include anything from equipment purchases, retail deposits, inventory, marketing, hiring, and more. 

To qualify for a startup business loan, you’ll first need to be in good credit standing. You will also need to collect the following documents: personal tax returns, recent pay stubs, a detailed business plan, financial documents, listed collateral, and a downpayment. There are several types of business loans that you can take out, so let’s go over them.

SBA Microloans

A microloan is geared toward startups offering up to $50,000 for new and existing businesses. The microloans are entirely funded by the U.S. Small Business Administration through nonprofit, community-based organizations with experience in lending. The average microloan is around $13,000. 

Other Microloans

If you don’t have established credit or your finances are a bit rocky, you may not be able to obtain an SBA microloan. This is when you’ll want to look outside the U.S. Small Business Administration’s program. Other types of microloans may be easier to obtain if you are in a more precarious financial position. These loans are usually shorter-term loans with low-interest rates. 

Personal Business Loans

If you have excellent personal credit, a personal business loan could be a great option for you. These loans can be more flexible than microloans and are great if you haven’t been in business for a few months, as you don’t need to prove longevity or cash flow. 

Online Business Loans

If you are looking for a larger amount of money in your loan, an online business loan may be the way to go. Online lenders are typically more lenient when it comes to loan approval, as they have more capital than a traditional bank would. 

3. Find a Backer With a Mission, Like Access VC

If you’re creating a business with a purpose, you may want to consider finding a backer that supports that same mission. Options like Access VC, for example, make sure that every brand or startup that they back is fighting for better access to health and hygiene services and more. They also make sure that their brands back certain sustainability initiatives to ensure they’re doing the most good possible. 

If that sounds like you, or if your new business has other very specific goals, it’s worth looking into a firm or investor that really believes in what you believe in. Aligning your brand with like-minded people will help you succeed in the future. 

4. Equipment Rental From Quipli

Depending on your business’s specific needs, you may be in the market for certain types of digital equipment. This could be anything from software, programs, data collection, and more. 

A program like Quipli’s equipment rental software is the perfect solution. They make it possible for you to effortlessly manage your equipment rentals, repairs, and maintenance. If you are looking for a way to streamline your business operations, equipment rental software is the way to go. 

5. Creating a Logo With Help From Canva

Your logo will be the first impression you make to potential consumers. It is what people will be able to identify you by, and it’ll appear on your storefronts, websites, social media accounts, packaging, and any form of advertising you use. Essentially, it will become an all-encompassing symbol of who you are as a company. Therefore, you need to make sure that you’re choosing the right logo for your brand. 

Your logo should make sense based on the product or service you’re offering. For example, a wellness company may use a lotus flower in their advertising, while a makeup company may use the shape of an eye or lips. A platform like Canva can help you design your logo to make sure it stands out and really represents your brand. 

You want to give people a glimpse into who you are as a brand with your design. When you are building a new business, you may want to go with a logo that utilizes a symbol in addition to a wordmark. Companies like Adidas or Dunkin’ Donuts utilize logos like this. 

Well-established companies often choose to utilize a symbol by itself as their customer base is able to identify them by this simple image. Companies like Nike and Apple do this as their logos are more widely recognized. However, until you become more established, it is best to choose a logo that incorporates a symbol in addition to your company’s name. 

Having brand recognition is important when looking to bring back repeat customers. Your logo is what will make you identifiable to returning customers. It is even a well-known fact that logos help foster brand loyalty. Consumers don’t have a very long attention span when it comes to screening potential products, so make it easier on them by using a logo that will stand out as uniquely yours. 

6. Develop Your Online Presence With Squarespace

Once you have your logo figured out, it’s time to start developing your online presence, starting with your website. When designing your website, you want to make sure that it is simple, easy to navigate, and allows the customer to purchase your product or service directly. If you don’t have a web designer on your team and don’t want to try your hand with a website like Squarespace, you may want to outsource this job to a professional. This up-front expense will be worth it as your website will be your digital hub for your customers to gain information about your brand. 

The next thing to do when developing your online presence is to start social media accounts under the name of your business. In 2023, it is necessary to have a presence on all major platforms like Instagram, Facebook, TikTok, Twitter, and any other site that appeals to your audience. You don’t have to post on each platform daily, but keeping your accounts active and doing occasional posts will help grow your brand and get your name out there. 

Starting Your Business

Starting a business can be an overwhelming experience, but if you keep these essential steps in mind, you should be off to a great start. Just keep in mind that each business will have different needs depending on the type of business or the product or service you offer. 

It can also be helpful to find people who have been in your shoes before and seek out their advice. This is especially true if you can find people who have been successful in your specific industry. Doing so will also allow you to start building connections and networking with people who may be able to help you down the line. Collaboration is important in the business world, so don’t be afraid to start building relationships at any time. This will help you to feel confident and ready to take your new business public. Good luck!