Odds are that your past includes financial mistakes. If so, you’re not alone. According to government statistics, more than half a million people in the United States declared bankruptcy between 2016 and 2020. Still, economic researchers have determined that similar numbers of small businesses are started every month. Even if you have shaky credit, it’s still possible to create a startup — as long as you keep the right strategies in mind. Here are a few smart tips to get you going, courtesy of Purple Patch Consulting.
Admit Mistakes
Acknowledging slip-ups is the first step toward preventing them from recurring, not to mention a vital characteristic of great leadership. Prove you’re able to set aside ego in favor of finding success. Encourage your associates to be honest about their own blunders by setting an example. Remind yourself, as well as others, that many of the world’s most successful business leaders have made colossal miscalculations.
Get Innovative
Ventures live and die on the strength of their ideas. Therefore, you need a killer concept. Sift through your best ones prior to committing. To think outside the box, you need to let go of preconceived notions. Clear your head through meditation before brainstorming sessions. Talk yourself into seeing different perspectives by trying something new or going someplace unique. Gain inspiration by examining companies with humble beginnings. Not all of these ventures are American; also look abroad for motivating examples.
Solicit Funding
Even with bad credit, you can still find capital to launch your business. It’s more difficult than for those who have no credit report blemishes, but it can be done. Some lenders require applicants to have a minimum score, so figure out which ones will reject you outright before wasting time filling out their forms. Alternatively, improve your numbers prior to applying for a loan. One method of doing this is by consistently paying bills on time.
Lenders want to know that you have a solid recipe for profit. Improve your odds of getting approval by writing a business plan that is thorough and clear. If a traditional banking option isn’t possible, consider financial instruments such as microloans. When going this route, however, you need to be prepared to pay a high interest rate.
Create a Website
Every company, no matter how small, needs an online presence. User-based web design services make creating one easy. Unfortunately, such pages can appear amateurish, and they often charge monthly fees. Another option is to hire a web professional with a talent for creating amazing user experiences. Search online job platforms for graphic designers who understand the power of imagery. Comparison shop until you find one that fits your budget and has a reputation for meeting deadlines. Expect to pay between $15 and $30 per hour for quality work, but make sure you research the average cost of branding package options.
Hire Wisely
Once you start growing, you’ll need to start hiring staff. At first, you might feel uncomfortable making hiring decisions, knowing that selecting the wrong person can be a costly error for your business. An employment recruitment service like Purple Patch Consulting can locate excellent workers at affordable rates. A consultant can also help determine what type of assistance your business needs, as well as provide useful information that’s relevant to your trade.
Don’t let mistakes from your past prevent you from establishing yourself as a corporate visionary. Shake off youthful transgressions and start dreaming big. With the right approach, you can still live out your entrepreneurial dreams.