Key’s to Getting Your New Business off to a Fast Start
Looking to get your business off to a fast start? There’s plenty of things to consider doing before your loan is funded so that your small business is set up for success.
Our small business experts have put together a full guide to help you kick-start your business. Find everything from creating a business plan, to creating the perfect team, to establishing a business structure and more.
Create Your Plan
- Write your business plan (The CDC has free tools and resources to help you such as The Top Financial Planning Tips and the Top 9 Business Plan Templates)
- Who will you sell to and Where will you sell it?
- What competitors will you have and How will you be different?
- Calculate how much will you spend and how much will you make? –This could be per item/per month, etc.
- Identify and join industry trade organizations to gather as much info as possible.
Identify Possible Locations
- Try to find 2-3 options
- Have a professional help you negotiate (Commercial Realtor or real estate attorney).
- Before signing a lease, get a Letter of Intent from the potential landlord.
Get Quotes/ Estimates
(Before signing a lease)
- To build out physical space
- For essential and/or costly equipment
- Business Insurance
Put Your Team Together
- Insurance Broker
- Commercial Realtor
- Co-workers (Identify first hires)
- Vendors (Identify key suppliers)
Establish Business Structure
- Organize as S-Corp, LLC, Sole Proprietorship or Partnership
- Get: Business License, Fictitious Business Name, EIN, Tax ID #, Other Licenses/Permits
- Secure website URL
- File for Trademarks, Copyrights or Patents (if applicable)
- Financial Software – QuickBooks or similar (CDC Small Business Finance can get you a 40% discount on QuickBooks)
- Bank Account(s) dedicated for business
- Website – Facebook – Instagram- Google Business – Yelp
Establish Proof of Concept and Potential Sales in Advance
- Trade shows
- Websites – (other than yours)
- Retail Outlets- (other than yours)
- Wholesale – Create company contact lists, connect with key people & set appointments.
**Note: The items listed here are intended as a guide and are not to meant to be comprehensive. Not all items listed will apply to all businesses.