How to Overcome Financial Challenges to Start Your Dream Business

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If you’ve at some point in your life experienced market losses, unemployment, illness, or another financial obstacle, you may have some hesitations about starting a small business of your own — especially if you’re still recovering financially. But with the following tips from the Clarksville Economic Development Office, you’ll learn how to overcome the financial challenges you’ve experienced and get one step closer to launching the small business of your dreams!

Build a Personal Cash Reserve
Before starting a business of your own, it’s important to have plenty of money saved in the event that your business fails to make a profit — as this will allow you to pay for essential expenses such as food, housing, utilities, and insurance. And if you don’t already have at least six to 12 months of savings, you’ll need to build a personal cash reserve before moving forward with your business plans. Marcus.com shares some tips for building your emergency fund and cutting back on discretionary expenses such as entertainment, specialty beverages, and hobbies or sports.

Compare Financing Options
In addition to building a personal cash reserve, you’ll need to overcome the financial limitations that may be holding you back from starting your business. If you don’t have enough cash saved to launch your own business, for instance, you’ll need to raise money through crowdfunding or angel investing — or apply for small business credit cards and personal loans. Since many small business loans require you to be in business for at least a year or two, credit cards are an excellent alternative when you are purchasing startup equipment and supplies.

Start Your Business From Home
Home-based businesses are less of a risk than those that require a purchased or leased office space, making it a great option if you’ve experienced past financial challenges. Instead of investing a lot of time and money into getting a business off the ground, home-based businesses can typically be started with nothing more than your skills and talents and a reliable internet connection and dedicated home office space.

Track Employee Time
Tracking employee time isn’t the easiest of tasks, but it’s incredibly important when it comes to improving the payroll process, boosting workplace productivity, and reducing business costs. And fortunately, Intuit products can be used to track time, projects, and much more — helping to simplify payroll processing, team management, and workplace scheduling.
 
The best payroll systems often include other features such as:

• Mobile app usage.
• Real-time reports.
• Software integration.

 
Whatever you need to manage your business finances, Intuit products include everything from time tracking and payroll processing to invoicing and inventory management. Be sure to choose the right payroll system for you when starting a small business.
 
Ask For Help
You may be surprised to learn that there is a huge network of local, regional, and state resources dedicated to new and existing businesses. From graphic design and marketing, to grant writing support and business plan development, there are professionals ready to help you take that next step. Throughout the process of initiating your business plan in Clarksville, be sure to keep the following offices on speed dial:
 
The Clarksville Economic Development Office is a local resource for businesses and entrepreneurs. Aside for being a business liaison for the city, it also provides the private sector with marketing materials, site selection services, business incentives, and community research to help you make informed decisions regarding your new venture.
 
The Clarksville Johnson County Chamber of Commerce specializes in helping new and existing businesses grow. They offer a wide range of expertise from market research, advertising and promotion, to setting up your new business to meet regulatory requirements. They also provide businesses with continuing education through seminars and training.
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In Conclusion
If you are dreaming of starting a business, don’t let past financial setbacks keep you from becoming an entrepreneur. Your goals of becoming a business owner are well within your reach!
 
Looking for more tips on starting a business in our area? Visit the City of Clarksville’s website to find business resources, local news, community information and more!