5 Tips for Starting A Small Business | Mantis Funding

It is a dream for many aspiring entrepreneurs to start their own businesses, but this dream can come with challenges. These challenges include securing adequate funding, dealing with market competition, and more. In particular, acquiring funding is difficult for small businesses as traditional lenders may be cautious of startups, but there are various alternative sources for funding from select lenders who understand the needs of entrepreneurs and can provide solutions to help your business thrive.

If you’re considering getting a small business loan to start a business or exploring small business funding, you’re in the right place. In this article, we will explore the top five tips for people wanting to start a small business. However, it’s important to keep in mind that these small business tips are just the beginning; the process of starting a business should not be rushed, and careful planning is essential.

1. Start with an Achievable Idea

Successful businesses begin with a well-thought-out, well-planned idea. This idea is critical as it shapes the growth and direction of a business. Start by identifying your mission, goals, and vision. You should also examine the risks and potential barriers that could be present when it comes to starting your business. Do some research into the market, your target audience, and your competition to see how your idea can address these factors to ensure there is a demand for your product or service. Some of the most common small business ideas we see today, like consulting services, food trucks, landscaping, repair services, e-commerce, and more, might seem commonplace but can be extremely successful with the right execution.

Remember — Rome wasn’t built in a day. Starting with an achievable idea that solves a real problem allows you to focus on sustainable growth and building a solid foundation. Small businesses are small for a reason, but when done right, they can grow over time into the big, successful businesses of your dreams.

2. Calculate Costs & Financial Needs

Calculating the costs and financial needs for your small business funding is a critical step that can impact your success. One common mistake to avoid is underestimating the required startup capital. Underestimating funding could have hefty consequences like depleting funds before the business has had a chance to establish itself, missing growth opportunities, taking on more debt, and struggling to meet customers’ or suppliers’ needs. By overestimating, you create a financial safety net that can prepare you for unexpected situations and expenses, providing you with peace of mind.

Finding the right insurance is also important for securing the financial success of your business. Look into policies like General Liability (GL) insurance, workers’ compensation, and professional liability. These insurance coverages are vital for protecting your business against unforeseen events that could jeopardize your financial stability. Investing in the right insurance helps you focus on growing your business while keeping you protected.

3. Build Your Team

Building the right team is vital for success. Your team should embrace diversity, communicate efficiently, encourage teamwork, and understand your business goals. Start by defining roles and establishing a clear team structure by:

• Identifying what is needed for your business growth and what key positions would help with this
• Creating a hierarchy of positions that establishes organization while also fostering collaboration and a cohesive work environment.

It’s also important to note that establishing a company culture and ensuring teams feel respected is essential to having an effective team.

In addition to internal hiring, consider outsourcing and choosing third-party vendors to help manage growth efficiently. Outsourcing and third-party vendors can help businesses save time and money, as well as help with specialized functions like IT support, accounting, marketing, and more. When choosing vendors, make sure their expertise, reputation, and cost-effectiveness align with your business objectives.

4. Marketing and Online Presence

An online strategy with an effective online presence and strategic marketing plan can make or break a business. To develop an online strategy and presence, consider your target audience and business goals and try to use multiple online platforms, including a well-designed website, social media, and more.

Don’t neglect the power of branding, either. A strong brand identity, including logos and consistent social media use, can help your business stand out in a competitive market. A brand logo conveys the values and mission of your business to customers, and a compelling online presence coupled with a well-defined brand identity will help you connect with your audience and establish credibility.

5. Secure Small Business Funding

While traditional funding sources like banks are helpful, it’s crucial to explore alternative small business funding solutions as well. Alternative funding may be more accessible for businesses that do not qualify for traditional funding methods and typically have fewer usage restrictions. Alternative small business funding options, such as those offered by Mantis Funding, can provide a safety net that traditional funding may not offer. While traditional funding options may have strict requirements and long approval processes, alternative funding offers faster access to capital and more flexibility.

Why Choose Mantis Funding?

With over a decade of experience in providing customized funding solutions for small and mid-sized businesses nationwide, Mantis Funding stands out as a trusted and experienced company in the commercial finance industry. Mantis Funding has a proven track record of helping to build businesses from the ground up and is passionate about helping entrepreneurs and aspiring business owners achieve their goals.

Small Business Funding with Mantis Funding

Starting a small business is an exciting endeavor with numerous opportunities, but careful planning and informed decision-making are essential for ensuring success. The key to planning and informed decision-making is considering business needs, calculating costs, building a solid team, and taking advantage of available resources for the best chance at securing suitable funding. Mantis Funding is dedicated to providing customized financial solutions that empower small businesses. Take the next step towards your small business success and contact Mantis Funding today to secure the funding you need to turn your business aspirations into reality.