When you first start out there’s often the worry that no-one will take you seriously because of your size. Although that’s not always the case there is some truth in it and it usually doesn’t harm your likelihood of success to make yourself look bigger than you are (that’s one of the advantages of buying a franchise – you may just be starting out but you have the franchise name behind you so people consider you to be something bigger). I’ve put together here a few things that me and some of my past clients have done to give the impression of being a bigger business.
Is it better that your small business has a loan or has shareholders?
Starting a small business can be expensive. There may be a requirement for office space, stock will usually be required and there are ‘hidden’ costs such as fuel for the car to go out marketing the business. Many business owners will use savings to cover some of the early costs but most businesses will need quite a large lump of cash to keep them going for the first 6-12 months while they become established. The two main ways of getting this cash is through debt or equity. Let’s look at the good and bad points of each.
How about a part time small business?
There are strong arguments for and against starting a small business as a part time venture. Here are a few things to ponder: