Finances can be a significant obstacle to starting your own business. But there are ways around high up-front investments and digging into your own pockets. If you’ve been struck down before and are ready to get back on your feet in the business world, start here.
While expert advice from Tom Scarda at The Franchise Academy can help you get started, here are four other strategies to get your dream business up and running.
Get Your Personal Accounts in Order Before Getting Professional
There are plenty of ways to fund your business that don’t involve using your own money. But that doesn’t mean you should overlook your personal accounts when it comes to getting organized financially. After all, if you have poor credit, it can affect your organization’s ability to qualify for a business loan.
If balancing the books – business and otherwise – is a challenge for you, it may be worth outsourcing the task. If enlisting the help of a qualified CPA who knows their way around Quickbooks gets your accounts in order, the decision to hire an accountant is an easy one. Plus, with freelance help, you won’t be on the hook for employment taxes and other employer expenses.
Outsource Support to Get Must-Do Tasks Completed
Part of successful entrepreneurship is outsourcing the things that don’t serve you. Often, a business owner’s time is better spent on creative or higher-level tasks, not sending emails or filling out inventory sheets.
Any time you can afford to outsource help, that’s time you can dedicate to other elements of growth. Especially when you place a high value on your hourly output, it makes sense to hire folks to delegate to. Plus, when you’re hiring independent contractors, you can choose whether to outsource on a project-only, short-term, or long-term basis.
And, no matter what model you choose, outsourcing can enhance your productivity and save you money at the same time, says Business.
Find Financing That Supports Your Franchise Ownership Dreams
Funding a startup can cost millions, but franchise ownership doesn’t have to. Whatever your niche, there’s a funding option that can help you get back in the black as a business owner.
Sure, Entrepreneur does list friends and family loans as an option for launching a franchise. But you can also pursue financing with your franchisor in many cases – so it’s an option worth considering. Commercial bank loans, Small Business Administration Loans, and many alternative lenders may be willing to help you out, too.
Know That Your Marketing Budget is Half the Financial Struggle
Getting the word out about your new company is essential for becoming a success. So, you’ll need a smart marketing strategy for opening (or reopening) your business. In many cases, that can cost money – perhaps startup costs that you can’t exactly afford.
One perk of today’s global marketplace is that you can start marketing for free with just a few clicks. For physical stores or restaurant franchises, creating a local social media page for your brand is an excellent step. After all, the more consumers get to know you, the more likely they are to frequent your business.
Plus, if you decide to scale up your marketing plan, paid ads are more affordable than ever. You can spend a few hundred dollars per month on advertisements to grow your viewership, which could translate into paying customers.
No matter what path entrepreneurship puts you on, prepping your finances is an essential step toward success. Even if you’ve experienced setbacks in the past, tomorrow is a new day – and a new opportunity. Ready to learn the ropes of franchise ownership? Start with free franchise coaching with Tom Scarda for advice and mentorship that will get you on the path toward franchisee status ASAP.
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