Seed to Startup: Essential Tools and Tips to Grow Your Small Business Today

So you’ve got an idea for a business—whether it's turning a hobby into a moneymaker, launching that long-awaited side hustle, or pioneering a groundbreaking business idea, we’re here to help you make that happen! Before you dive headfirst into buying materials and creating an LLC, it's essential to equip yourself with the tools and knowledge you'll need to navigate the often murky waters of small business ownership.

Define Your Business Goals

First, you’ve got an idea, next comes the vision, then comes the most often dreaded step: the planning. Though not all of your visions and ideas will stick, you’re guaranteed to hash out the basics of a solid business plan if you ask and answer three major questions:

1. What will you accomplish with your small business? (i.e., is there a passion or market need for your product?) 

2. Are you prepared for the commitment that running your own small business requires? Most people who start a small business aren’t able to make a ton of new hires off the bat. They’ve got to take on multiple roles including CEO, accountant, HR rep, marketing strategist, product planner, and more. So ask yourself, are you ready to wear many hats and consistently work hard to get your dream business started? 

3. Do you have all the resources (skills or finances) you need to make it happen? If not, do you have a plan to make up for it? Other than the vast amount of skills you need to have or be prepared to learn, including business finances and bookkeeping, to make this happen, you may need the funding. And finding and understanding your options is a whole new skillset. 

After considering these three questions, it’s time to start thinking about goals and a plan to accomplish them. Making goals might seem easy, but remember these should be mindful goals—S.M.A.R.T goals, if you will—specific, measurable, attainable, relevant, and time-bound. S.M.A.R.T goals is just a fun title that reminds people to remember to ensure they are able to make, keep, and meet the goals they set before they start shaping a business around them. 

Figure Out Your Business Structure

Learn about and compare the four most popular business structures: sole proprietorship, partnership, LLC, and corporation:

• Partnership—a business owned by multiple people with no distinction between the business and the owners.
• LLC or Limited Liability Company—a business owned by “members,” of which there can be one or several. There's a clear line between business and personal assets for the member(s) and more flexibility than other business types.
• Corporation—a company that is its own entity, meaning it can be taxed, held legally liable for debt, and even make a profit as a separate entity from its owners or shareholders.

Deciding on the right business structure for you doesn’t have to be difficult. In fact, Banzai has created this quick Business Structure Quiz that’ll help you figure out which structure works for your goals and needs.

Secure Financing for Your Small Business

There are various funding sources available to small businesses, including traditional bank loans, SBA loans, venture capital (funding provided by firms or individuals known as venture capitalists), angel investors (wealthy individuals who invest their own money into startups or early-stage businesses), and crowdfunding (raising capital from a large number of people through online platforms).

One of the most common ways to begin funding a small business is to get a loan, often an SBA loan. Securing a loan requires convincing the lender that you’re a responsible borrower. Here are some tips for preparing a strong loan application:

1. Maintain good credit.
2. Create and provide a solid business plan.
3. Demonstrate your ability to repay the loan.

Be Prepared to Innovate and Adapt

Establishing an online presence is almost a must in today’s day and age. We’re not saying it’s impossible to grow a business without the use of social media or other digital marketing channels, but it certainly helps build your customer pool. Try to learn about the importance of SEO and apply what you learn to optimizing your website for search engines and user experience.

As a small business owner, you’ve got to be the one staying up-to-date with trends, customer reviews, etc. Work to establish a positive relationship with customers or clients by utilizing marketing strategies such as content marketing, email marketing, and influencer partnerships. And never forget to stay flexible. Be ready to explore new ways to improve your already existing brand and product based on the ever-changing views and needs of your audience.

As you get your business started, remember that every milestone you achieve represents your dedication. Stay committed to refining your vision, honing your strategies, and embracing the ever-evolving landscape of business with optimism. So, buckle up and embrace the journey with all its twists and turns—you've got this!