Starting a business: Turning dreams into reality
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Have you been thinking about starting your own business but aren’t sure where to begin? You’re not alone. Many aspiring entrepreneurs find themselves in the same boat, wondering how to transform an idea into a thriving enterprise.
Running a business requires more than just passion; it takes a unique combination of skills and characteristics. Before moving forward, assess whether you have the essential traits needed to succeed, such as leadership skills to guide a team toward shared goals, a strong work ethic to push through challenges, the ability to work under pressure and make sound decisions in stressful situations, and strategic planning skills to map out a path for growth and sustainability. Once you’re confident in these abilities, the next step is to craft a strong business plan.
A business plan isn’t just a document for potential investors or financial institutions—it’s your guide to turning a vision into a sustainable enterprise. It should clearly outline your business, detailing your goals and mission. Include a market analysis to confirm the feasibility of your business by thoroughly researching your target market, and clearly define what you’re selling, along with a compelling value proposition that sets you apart from competitors. Your plan should also lay out a pricing strategy and financial projections — providing at least two years of realistic estimates broken down monthly based on competitors in the space or your market research.
This business plan will serve as your road map to success, helping you navigate decisions and measure progress. Make sure it’s clear, concise and realistic, using visuals where necessary to illustrate your points. Most importantly, remember that it’s a living, breathing document that should evolve as your business grows and plan to revisit it often while adapting and adjusting as necessary. With a solid plan in hand, you’ll be well on your way to turning your business dreams into reality.
In addition to a strong business plan, another key to your success will be building the right team of professionals around you. A commercial relationship manager at a financial institution who understands your business vision and plan can offer more than just financial products — they can be a true partner, guiding you through any lending and account opening processes. A CPA or bookkeeper should provide strategic advice on profit margins and cash flow, working in harmony with your relationship manager to create a unified financial strategy. Meanwhile, an attorney will help set up the proper business structure and navigate legal challenges, and an insurance agent will ensure your assets, employees, and products are adequately protected. Together, these professionals form a strong support network that can provide guidance and stability as your business evolves.
Navigating the lending process can be one of the most challenging parts of starting a business, but thorough preparation can set you up for success. Do your homework and begin by understanding exactly what you’re asking for and why. Start conversations with potential lenders early, and if you hear no from a lender, don’t be discouraged — ask what specific steps you can take to turn that “no” into a “yes.” Familiarize yourself with different lending options, such as microloans, which are typically under $50,000, or SBA loans, which can help bridge gaps in collateral and start-up nature. Being transparent about your financial situation and having a solid business plan can increase your chances of securing the funding you need to get your business off the ground.
Once your business is established, it’s important to consider how you’ll grow and scale. For some, growth means increasing revenue at a single location, while for others, it might mean opening additional locations or expanding services. As you grow, reassess your business plan regularly to ensure it still aligns with your goals and adjust accordingly. Lean on those professional relationships you built with your relationship manager, CPA, lawyer, and insurance agent for advice and resources to help you navigate the complexities of scaling a business.
Starting and growing a business is both exciting and challenging, but success is achievable with the right plan, market, resources and support. By laying a strong foundation with a solid business plan, surrounding yourself with the right team and maintaining a clear vision for growth, you’ll be equipped to handle the inevitable hurdles that come your way. With hard work, determination and a focus on building meaningful relationships, you can turn your entrepreneurial dreams into a thriving reality.
