Starting a small business (Part 2)

Nov 07, 2012

This post is the 2nd in a short series of blogs about starting a small business. If you haven’t read it yet, you may want to start with Part 1.

Are you looking to start your own business? Washington Federal can help with our entrepreneurial blog series.

Running a business is not just about promoting a product. You’re also selling a concept, service or image. Building a business means knowing what to offer and how to appeal to potential clients and customers.

You’ll also need a carefully-chosen workspace and ample capital to back your ventures. Let’s get started!

Choose the right location.

Your workspace says a lot about the business you run. What is your capacity? What is your budget? Who will be your clientele?

Here are some factors that should influence your choice of workspace:

Brand image - Look around you. Does the space reflect the personality of your business?

Future expansion – Do you have room for growth?

Safety - Does your location provide a sense of security to clients and employees?

Market Convenience – Is your location near your prospective customers? Is there ample parking or easy access at this location?

Depending on your type of business, there are other logistics to keep in mind.

Zoning regulations – Not every piece of land is zoned to support all business types. Are you able to conduct your business in this location?

Taxes - Are you informed about local and state business taxes?

Maintenance - Does your location require additional construction or maintenance costs?

Rent - Can your business afford to lease this space?

If you plan to operate your business from your home, think about the financial implications of maintaining a home office as well as the difficulty of balancing work and personal time. When your home becomes an office, it can be difficult to separate the two.

Some questions regarding location can easily be answered by fellow members of the business community or through many available online resources.

Fund your business.

Once you’ve formalized your plan for a location, you can begin seeking funding for your company.

Numerous financial programs are available for those seeking capital. The Small Business Association outlines available programs, grants and loans on their website. This is an excellent resource to learn more about funding and growing your small business.