When you’ve had a taste of life as an entrepreneur, it’s almost impossible to go back to a 9 to 5. Even after a significant setback, such as a closed business or bankruptcy, the drive to succeed remains. If you’re looking to get back into business, read on for a few tips that can help you settle your money worries before you fret over your finances.
Before You Launch
Even if you’re not quite ready to step directly into a new business, there are ways to propel your dreams of entrepreneurship forward starting now. Two of these are business coaching and going back to school.
Business coaching can give you an opportunity to learn from an expert so that you can better get yourself in the mindset of success. Starfish Coaching offers one-on-one, custom coaching, which can help you position yourself to meet your goals, no matter how far away they might seem. (Visit their YouTube video for tips on how to start your business.)
Going back to school might sound like something only meant for teens, but adults can benefit substantially from earning a degree. Business owners, especially, can reap the rewards of education, particularly when going back for a degree in business. You can even go back to school online so that you don’t have to significantly interrupt your schedule to refine your skills in management, leadership, or marketing.
Fixing Your Finances
Getting the money together to start your new business is an unavoidable challenge. A good place to start is by opening up a dedicated business checking account followed by applying for capital.
You do not have to have a huge amount of money to get your account started. Thankfully, there are many business bank accounts that come with a low or no monthly fee, even with a small balance. The Balance lists RBC, Scotiabank, CIBC and BMO among the best business checking accounts. You can also check with your local credit union to see what’s available.
Getting the capital to get your business up and running is a bit trickier than simply opening a bank account. If you haven’t already started collecting money, you may have to use your own personal savings. Once you begin to turn a regular profit, you might apply for a working capital loan. Many large companies, including PayPal, offer these types of financial products, which are paid back automatically or require a minimum payment each month. The loan amount and minimum monthly payment are based on what you make.
Other Tips
It would be almost impossible to give you all the tools you need to relaunch a business in a single blog post. But the tips above combined with the following can help you draft a plan for a solid foundation:
- Research the competition. Businesses come and go all the time. Because of this, you need to know your competitors. The Alexa blog suggests that this can help you determine their weaknesses and strengths, which will put you in a better position to fill in gaps for potential clients.
- Start small and slow. No matter how big your business was in the past, if you don’t have a lot of money to get started now, start small. For example, offer one product or service instead of a full suite of options.
- Refine as you go. Just as important as knowing your competition and growing slowly is being open and willing to learn as you go and refine your business plan as customer demand dictates.
- Consider partnering up. It’s also a good idea to start a business with a partner who shares your values and vision. Not only will you have to go it alone, decisions and growth strategies now and later will be much easier to navigate if you have a trusted partner you can bounce ideas off.
It’s easy to get caught up in the idea that you have to restart your business where it was at its most successful. This is anything but the truth. Growing slowly and sustainably is the key. Give yourself the tools you need, such as an education and business coaching, and then make sure your finances are in order before you jump headfirst into the process. Start taking action with Starfish Coaching’s free goal planning sheet.
