Finances might be the single most difficult part of business ownership. From startup costs to seasonal slumps to attracting new customers (and their wallets), it’s tough to keep your company in the black. Especially if you’ve already experienced financial setbacks before, success may feel far away. If your business plan is on the line and you’re not sure how to fix up your finances, try these helpful tips from Sunn Legacy Group LLC.
Check Your Niche
Finding the cash to support your dream business can sound daunting, not completely overwhelming. However, tons of financial programs offer resources to would-be business owners in all niches. The trick is tracking down the programs that will work for you.
You can start with conventional financing options like small business loans and support. Then, look into special programs for companies in your niche. For example, the National Association for the Self-Employed offers specific grants of up to $4,000 for eligible businesses.
Other organizations provide grants and loans with varying terms. See what’s out there for your intended industry and start applying as soon as possible.
Seek Social Support
There’s a reason so many startups turn to crowdfunding for money: it works! Some crowdfunded businesses with humble beginnings even became million-dollar companies thanks to their customers’ initial buy-in.
You may not reach millionaire status with crowdfunding, but a well-planned campaign could help you get a jump on your business goals. Popular crowdfunding sites that are also trustworthy, says the U.S. Chamber of Commerce, include:
- Kickstarter
- Indiegogo
- GoFundMe
- Patreon
- Fundable
Check out each platform and its options before signing up. Consider the fees required and how transparent your campaign will be to potential buyers.
Get Legit on a Budget
A legitimate business model and structure is likely a top priority for your startup. Having a recognizable business name and branding is great, but you’ll want to check all the legal boxes before you can take off. Fortunately, you can DIY much of the business setup process for less cash than you might expect. Searching for existing business names on your state’s filing site is a good place to start. After all, you don’t want to run into any trademark or copyright issues.
Your next step is to define your organization with a solid business structure. You might go for an LLC setup for tax advantages and flexibility. By filing using a formation service web site, you can save money that you would otherwise spend on a lawyer. For an affordable cost, you can have your business documents in order before your doors (online or in-person) open.
Pick Projects That Count
You likely have a long to-do list of things you want to accomplish before starting your own small business. However, tallying up the expenses for each item may leave you wondering whether business ownership is really your jam.
The good news is that hiring help for business setup tasks might be cheaper than you think. Outsourcing freelance help project-by-project means you can get your logo designed, have your website set up, and source branded product packaging for less than you think.
Think about the essentials and pick projects that count the most. For example, your organizational branding is vital for helping customers discover you online and in print materials, so that may be a must-have service you decide to shell out for.
Prioritize your to-do list project by project and decide whether outsourcing a bit at a time is a better use of your time and energy. It may be preferable to spending hours flip-flopping on design ideas or learning new tools. There’s plenty of time for that later, as your business grows!
Take It One Step at a Time
Business growth doesn’t happen overnight, and neither will success (or your first sales). Having a cushion in your savings account to fall back on is ideal. But if you’re operating on a shoestring budget, it’s still possible to operate on very little cash flow while growing your company.
Of course, if you need help attracting audiences, think about new ways you can engage audiences with Bangs Media.
By Derek Goodman
BANGS Media 
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