Whether you dream of starting your first business or you are a seasoned business owner, the majority that fall into the yodish.com group of entrepreneurs encounter the same question: Where do I get started? Every business owner’s answer to this question will be a little different. Everyone’s story is unique.
The advantage of examining other business owner’s success is that it paints a picture of their decisions, plans, goals, mistakes and successes your business can benefit from. You can learn and grow from their experiences. The decisions that a small business owner make at the start of their journey are often the most important.
So, how did other small business owners get their start in the business world? According to recent research from Paychex, most small business owners (59%) worked a full-time job while starting their own business venture. The top reasons entrepreneurs chose to start a business include: to pursue a passion, to have more flexible hours, to have more ownership and to make more money.
Entrepreneurs in the arts, entertainment and recreation and education industries were heavily motivated by the wish to pursue their passion. Hotel, food services and hospitality startups were driven by the pursuit of having more ownership, and marketing and advertising entrepreneurs by the desire to have more flexible hours. Finance and insurance business owners listed making more money and pursuing their passion as their top reasons for starting a business.
Perhaps the biggest challenge of all, business owners have to find a way to fund their startup. Different business types and industries have a harder time than others. According to Paychex’s survey, 44% asked family for help, 29% relied on self-funding, 19% used small business loans and 8% sought traditional bank loans.
While these traditional funding solutions have helped many an entrepreneur to start their business, are they still the best option available? More and more startups are turning to alternative lenders. Why? Their cash solutions (like a merchant cash advance) allow businesses to quickly fill out a simple application and gain access to funds in as little as 24 hours. These flexible cash solutions provide the working capital needed to rent/purchase a location(s), hire employees, purchase equipment and inventory, etc.
What can you take away from all this? If you plan to start a business soon, the key is to identify your purpose, determine how much funding you need and spend time researching the lender that is right for you. Knowing your purpose and goals and having plan in place is something successful entrepreneurs share.
Author Bio: As an account executive, Michael Hollis has funded millions by using alternative funding solutions. His experience and extensive knowledge of the industry has become a true asset for First American Merchant.