Start Strong: Helpful Tips for New Business Owners
No matter the economic climate, establishing a new business is always challenging. But as those who have reached success can say, it takes a lot of time and effort. Hamilton County councilman and businessman Fred Glynn has built two companies from scratch that went on to become growing and profitable ventures. In the process, he also established brands into market leadership. He has over 15 years of success in selling and managing businesses involved in banking, insurance, and mortgage. Armed with a strong business acumen, he utilizes his contact lists, referrals, and networking skills. Below are some tips for business owners who want to start their new endeavor on the right path.
Decide on the Purpose of the Business
When doing business, there will be bad days. Those who have reached success say that as long as the owner and the team knows the purpose of their venture, they’ll be able to power through the problems. For a businessman like Fred Glynn, deciding on the purpose will help a company find their role in the community. As the goal of a business is to bridge the gap between people and their needs, realizing the purpose will help them set goals and design products or services that will be of use to their clientele.
Create an Elaborate Plan
Now that the “why” has been decided upon, the next step is to create a plan that will help turn the vision to reality. Fred Glynn shares that knowing the operational requirements, financial needs, and even the target market will give the team a direction in how they will run their business. Having a good business plan will make it easier to gain investors, partners, and even clientele. Though it is inevitable that the plan will change especially during the first stages, it is a good guide that will keep the owner and the rest of the team in check.
Prepare the Finances
Many experts would suggest saving up for a business while one is still employed. There are also other people who started their business while they were still working in a different field. Whatever one decides to do, Fred Glynn suggests being wise with finances. Before getting human and material resources, it is best to have savings and investors lined up to make sure everything goes smoothly. While traditional lenders might not allow the owners to take out a loan that quickly, starting from one’s savings and first few investors can be enough to build the business. For those who might need help budgeting, seeking financial advice will keep the team on track.
Fred Glynn is currently a councilman and past president at the Hamilton County Council. Based in Carmel, Indiana, he has over 15 years of success in selling and managing businesses involved in the banking, insurance, and mortgage industries.