How to kickstart your small business this upcoming year

25
October 2022

The last statistics show that 32.5 million small business owners have already plunged into entrepreneurship success. Together, they create new jobs, nurture their community, and inspire us to be the masters of our dreams. It’s time to join one of our country's most powerful economic forces.

Do you want to join the ranks of successful entrepreneurs around the country but don't know where to start? Keep reading and get more insight into six ways to kickstart your business this 2023.

1. Set goals and objectives 

Even Antoine de Saint-Exupéry, one of the most prevalent dreamers of all times, once said: "A goal without a plan is just a wish." To find the perfect recipe for entrepreneurship success, you'll have to define what goals and objectives you'll want to achieve. So first, you must understand how these two concepts differ:

  • Goals: The composition of a grander scheme and strategy. Your goals should define where you want to go and when you'll get there.

  • Objectives: These are specific tasks or procedures you'll need to accomplish to reach that goal. They are detailed and tell you what to do and when. 

Let's say one of your business goals is to get 100 new sales in your new e-commerce store by March. Then your objectives could be the following:

  • To gain awareness of local audiences. Air a local radio ad by January 15.

  • Attracting new leads on social media. Announce a special giveaway with your products or services by January 29.

  • To generate three pieces of content monthly with SEO to attract traffic to your site. 

Once you define those objectives, it's time to build the solid foundations of your goals, your business plan, and the road map to your entrepreneurial journey. There are many templates to use when developing a business plan; you can use the traditional or a more "start-up" format. You can read our guide about the main components of an effective business plan.

2. Do your market research

Your business concept is solid as a diamond. But is it as profitable as a diamond? The best way to predict the success of your business is to figure out if there's a growing demand for your product or service through market research. You can include in your market research the following key questions:

  • Is your industry or market already saturated in your local area? 

  • What is the profitability of your industry? What are the growth projections for this sector? 

  • Is there an unmet demand for this market? 

  • What are some challenges that your business sector could face this 2023? 

  • Who are your competitors? Why are they thriving? Where are they lacking behind? 

  • What added value can distinguish your business from the established competition? 

  • Who is your target audience? 

Market research should give you information about demand and competition and help you set a possible market price for your services or products. Make sure to include: demographic and economic data, information from your local chamber of commerce, an analysis of your competition, and opinions from your potential customers. 

3. Figure out your business finances

So, how much money will you need to fuel your business plan? You'll need to set financial goals, track cash flow, and get ready to seek funds to invest in your business goals.

  • List your business costs and expenses: Make a checklist of the costs you'll need to run your business. 

  • Break down your financial costs: Split them down into smaller tasks and set measurable deadlines. 

  • Take care of your cash flow: To monitor your cash flow, you should figure out your burn rate. This is the rate at which your new business spends its capital to finance overhead before generating profits or positive cash flow from sales or services. 

  • Plan for the worst-case scenario: These years have taught us that change is the only thing that remains constant. So make sure you have an emergency fund for the unpredictable. 

4. Design a marketing strategy

We know you're so proud of your new business idea! Let's funnel that pride into a strategic marketing strategy to reach potential customers and build an outstanding reputation for your small business! Dig back into your goals and objectives to see what marketing strategy will help you accomplish them. 

You'll also want to research the best marketing and social media channels for your business, work on a webpage, and, most importantly, have the knowledge, skills, time, and energy for it. We know the complex world of digital marketing can be too much to handle if you're starting from scratch, but our best tip is to ensure that your strategy includes "The 4 Ps" of Marketing: 

  • Product 

  • Price 

  • Place

  • Promotion 

Get more insight into how much money you should set aside for a marketing budget.

5. Invest in the right team

A one-person band sounds busy, hectic, and burns you out! Instead, invest in the right team for your business and ensure they feel valued at every step. In the beginning, this might mean partnering up with somebody else. Variety and diversity are critical to secure your business thrives in all directions. 

As you write your business plan, detect the areas you need extra help or knowledge. You can organize your team depending on processes, stages, and workflow. Ensure that you establish an organizational approach to show that your team is valued and cared for.

6. Take advantage of online business resources

The world wide web is loaded with free goodies and resources for entrepreneurs! 

Access to capital for entrepreneurs

You already have the essential tips for kickstarting your business. Now all you need is working capital to invest in them. Unfortunately, new business owners often have difficulty when it comes to accessing funding. Traditional funding methods might ask for years as an established business or a perfect credit score. 

One Park Financial's business funding programs work to give fast working capital to entrepreneurs with more than three months of business operations and at least $7,500 in monthly revenue. Our funders specialize in providing options designed to meet the needs of small businesses. We're more concerned about your business's potential than your credit score. Check if you pre-qualify and launch your business for success this 2023! 

Disclaimer: The content of this post has been prepared for informational purposes only. It is not intended to provide and should not be relied on for tax, legal, or accounting advice. Consult with your tax, legal, and accounting advisor before engaging in any transaction.