Tag: Fractional CFO

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How to Start and Run a Successful Small Business

Essential Steps to Create Your Own Business

Starting a small business can be an exciting and terrifying endeavor. There are so many things to consider before you take the first step, such as whether or not you have enough money for startup costs, if your product or service will sell, how much it will cost to advertise your business…and the list goes on!

The good news is that there are many resources available to help you get started, and it’s never too early to start planning. Here are five steps that will ensure your success:

Figure out the costs associated with starting a small business -From kitchen supplies for food businesses to office space rental fees for service providers, startup costs can vary dramatically depending on the type of enterprise. Make sure you have enough money saved up before embarking on this journey. Fractional CFO will help you to figure out everything about finances.

Fractional CFO

Do some research on what kind of business suits your skillset best -What do I like doing? What am I good at? If you’re not sure yet, take a few different classes or read some articles about related topics until you find something that piques your interest!

Find a market for the services or goods you want to sell -Whether you’re a lawyer, baker or electrician, make sure there’s enough demand for what you offer. Figure out where your customers are (e.g., local businesses) and start talking with them about your business idea

Get the right licenses if necessary -Your small business will need one of two types of credentials: a state license in order to do things like open up shop on Main Street; or an occupational licensing certificate from the state that allows you to exercise certain skills such as practicing law.

Figure out how much time it will take each month/week- Get clear with yourself about both the amount of time needed per day and week.