5 Common Pitfalls of Starting a Business (And How to Avoid Them)

There are few decisions as intimidating as starting your own business. On the other hand, it’s an adventure like no other and it could just be the making of you. The reality is that, if you never try, you’ll never know if your big idea is destined for success. So, taking the leap is always going to be scary.

There will always be unknowns and uncertainties. The secret to success is learning how to minimise them. You’ve got to eliminate risks and invest in reliable assets. In the early stages, personal loans are a great way to do this, because they create a solid foundation. With safe, manageable capital, you can start putting those all-important building blocks in place.

Keep reading to learn about the common pitfalls associated with starting a business and how you can avoid them.

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How to Turn Your Passion into Business

They say that nobody really loves their job, but that’s not true. More and more you’ll hear of people who have turned their passion into a career and what’s more, they love going to work every day. If you’ve always dreamed of working for yourself or turning your hobby into the perfect job, then there are ways of getting there. Read some great tips to turn your passion into a business below.

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Why These States are Considered Good for Starting a Business

Geography doesn’t seem to matter much in the age of the internet. However, even companies operating entirely in the cloud need to be based somewhere. In the United States, some states maintain a reputation for being business-friendly year in and year out, enticing many startups to flock to their borders to open shop.

For instance, five years ago we pegged Utah, Texas, New Hampshire, Georgia, and Colorado as some of the best states for small business in terms of tax-friendliness and other factors. In the time which has passed, not much has changed. Sure, the exact rankings vary year to year and the criteria changes depending on which entity is doing the study, but these states still hold strong for attracting businesses.

Why though? We decided to take a closer look:

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What to Consider When Starting a Healthcare Business?

When you’re planning on starting up your own healthcare business uniform providers such as Simon Jersey can help make the journey that much easier to handle. However, there are many aspects to staring a business, so what things should you consider before you create your business?

What kind of healthcare business do I want?

One of the first factors to consider is what kind of business you want to run. No matter what form of business you choose to operate, from home care services and independent hospices, to a dentistry or a mental health service, you need to register yourself with the Care Quality Commission before you can begin operating.

This applies to all health and social care operators in the UK, and the CQC serve as the independent regulator for health and social care to help ensure high-quality, consistent and professional care is given no matter what your chosen field will be.

Home care or on-site facility

Private healthcare is a broad market. So, one of the main questions you should answer is how you want to operate your healthcare business. For example, will you have a dedicated facility for live-in care, or operate on a smaller scale where you and your staff visit patients in their homes? This will also be a financial decision as much as it is a decision about the scope of your business.

If you want your own care facility, then you should account for this in your initial budgeting. You’ll want to find premises that combine two main factors:

  • Size – How many clients can your location hold at any one time? Will you be able to afford it while your business is growing? When will you need to expand further?
  • Location – How easy will it be for clients to travel to you, as well as to move in for long-term care if necessary?

One thing to keep in mind is that your answer over what kind of business you want to operate will inform where you operate. For example, a dentistry won’t realistically be able to operate from home, so you would focus on the size and location of a place right from the start, rather than deciding how you operate.

Taking on the right staff

The team for a healthcare business needs to be made up of highly professional and personable individuals, who have experience in handling stressful situations.

For example, if you plan to take on any nurses for your healthcare business, you should ensure that the individual holds a degree in nursing with their desired nursing specialism – adult, children, mental health, and learning disability – and that they are also registered with the Nursing and Midwifery Council. A dentist will, for example, must complete a five-year dentistry degree. The CQC monitor all registered businesses, so making sure you have qualified staff caring for clients in a kind and humane manner will protect your business and make sure you can keep operating.

A sturdy uniform

Healthcare can be a stressful industry, and you need to know that your uniform can keep you comfortable while meeting the needs of the business.

For example, a mental health service won’t have quite as stringent requirements as another business, because therapy and counselling is most often given in relaxing, environments planned to reassure and calm clients. Your uniform could simply be professional-looking, such as with black pants, embroidered or branded t-shirt, and a tie.

However, if you are a medical care provider, then you should likely invest in medical tunics and dresses. Uniform pieces for the medical industry specifically are often designed to combine breathability, comfort, and ease of wear. They are also made from infection control compliant materials, which can help to keep both your staff and your patients safe through each work day.

Making sure to plan your approach in advance can help you deal with each part of the process with a logical and methodical mind-set, which will certainly make the journey far easier to handle in the long term, and will pay dividends when you’re up and operating.

10 Must-Have Elements of a Successful Business Plan

While having a business plan is obviously a good idea — in fact, it’s a fundamental requirement — it must be robust, complete and accurate. Otherwise, it’s not going to steer your business in the right direction; on the contrary, it might take you over the edge or down a pitfall. What’s more, if you’re thinking about applying for a business loan from a bank or credit union, having an excellent business plan is mandatory. After all, if you aren’t sure of where you’re going, how and why, then lenders aren’t going to be filled with confidence.

With this in mind, here are 10 must-have elements of a successful business plan:

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3 Unusual Funding Options for a New Business

When you are starting out in business, one of the major things that you need to ensure you get right is the funding. Without proper funding, there is no saying how short-lived your business might be, and that is not something that you want to happen. However, finding appropriate funding can often be quite a difficult challenge – especially as most businesses will require that funding to be ongoing, and not just a one-off thing. In this post, we are going to look at some less well-known ways to fund a new business.

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A Quick Guide to Forms and Deadlines Required for LLC

By starting a business, you’re making a powerful statement to the world: you think you have ideas, products and services that can really make a difference. Good ideas, however, aren’t enough to get your business off the ground. It’s vital to also put a structure around your business so it can operate legally, and one of the best ways to do that is to create a Limited Liability Company, or LLC.

An LLC is one of the most popular types of business entities — it gives you the same protections as larger organizations, but without all of the paperwork, administration and costs. Creating an LLC isn’t complicated, but you do need to make sure you have all the right forms, agreements and other documentation in place.

Today, I’ll guide you through all the forms and deadlines you need to be aware of when you want to start your LLC. Let’s get into it…

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3 Tips to Improve Your Chance of Getting a Business Loan

There are many reasons why you might be thinking about applying for a business loan. While there are many business ideas today that you can start with little to no money available, many entrepreneurs agree that some start-up capital is often needed to truly get a business off the ground and make an impact compared to the competition. In many cases, borrowing money for business funding can be a very profitable move; if the money is invested wisely, it’s likely to generate a good return. But, with lenders hiking up their requirements and increasingly making criteria stricter, no business owner is guaranteed a loan. So, how can you improve your chances? Let’s find out.

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Unique Concepts to Help Start Your Online Business

When people think about starting their own business they have misconception that it needs large investment or requires deep technical knowledge. That is simply not true. With the advancement of technology and globalization it is now possible to start a new online business with little effort and minimal investment.

As a matter of fact, you can start an online business with a variety of topics that you might like to do that are outside the realm of the usual businesses out there. Below we discuss some out-of-box unique concepts you could use to start your online business.

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6 Step Process to Start a Small Business

Thanks to the online world, the way that businesses start is changing. The evolution of the internet is making it extremely easy for anyone to turn their hobbies or passion into a profitable business, but you may find it overwhelming when deciding where to start.

Here are the six simple steps that you should take in order to set up a small business and give your budding ideas a good platform to build on:

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