Start 2008 off right...with a new and successful small business!!

Ilya Bodner (Initial Underwriting Group) — Fri, 04 Jan 2008 08:23:42 -0600

Sticking it through all the way is important in business. This concept seems very straight forward; however, it can be incredibly difficult for business owners to achieve if they are not completely committed to their business venture. Every day we get applications in our office from business owners who are looking to change industries completely. And it's not just a parallel shift: for example, becoming a real estate appraiser after previous experience as a mortgage broker may seem like a simple change in the same field of expertise, but these two professions are far from similar. So why do current business owners often want to make such a drastic change?

Consider this: very recently, we met a new client who came to our office, Initial Underwriting Group, in search of business financing for a new venture because the restaurant he currently owns is in serious financial trouble. It seems that instead of repairing the financial issues that the restaurant is facing, he had chosen to start yet another new business that he thought may be more profitable. The new business? An automobile window tinting shop. From what we were able to gather, this entrepreneur had little experience with window tinting, and he simply did not want to face the harsh reality that sometimes businesses go through rough patches, which makes the owner's dedication and commitment to the business even more important. Now, the restaurant owner could have applied with IUG for business financing to help with the financial issues the restaurant was already facing, but we want to examine his motivation for starting a new company rather than salvaging his current one. Is he bored with the restaurant business? Is his true passion for cars his real reason for letting his restaurant go and incorporating himself with his hobby? Does he just not respond well to obstacles in life, whether it be business or otherwise? And how many more times are we going to see him here at IUG applying for yet another business loan for yet another business venture?

All in all, we here at IUG encourage business owners, both new and current, to really examine their own motivation for the business fields they choose to enter into. Here are a few tips to help you with the choice of a new business venture in your future:

1. Write a business plan: Not only do lenders want to see a professionally presented business plan when reviewing your file for business financing, this will also help you to really dig deep into what exactly your business entails, both financially and emotionally. Not sure where to start? IUG now offers Business Plan Writing services!! Contact jwardle@initialunderwriting.org for more information.
2. Plan your work and work your plan: Understand that starting a new business is not easy, but having at least 24 months in the future planned out with regards to daily tasks, networking and building relationships, and taking time periodically to re-examine your business status is essential to the success of your business.
3. Write it down: We all know that nothing is legally enforcable unless it's in writing, so apply this concept when starting your business. Put your daily, monthly, quarterly, and annual goals on paper and save them where you will see them constantly. Keep in mind that you may think of it today, but you won't necessarily remember it tomorrow.
4. Keep yourself motivated: Constantly remind yourself why you started your business in the first place. If you're not passionate about the business you've created from scratch, then it's just another job. The moment you forget the reasons that your business idea became a reality, then it's time to move on.

Remember, you know more about your business than anyone else, so keep the mindset that you're going to do whatever is necessary to keep your business in your hands and in the hands of the consumer. Remind yourself that acquiring a business loan may be the first step in starting your new business or maintaining your current one, but it's definitely not the last.

Be sure to search the web for "strong business credit" (in quotes) to learn more about how you can get your new business up and running in as little time as possible!!

Ilya Bodner

Initial Underwriting Group

Ilya's Blog

Start 2008 off right...with a new and successful small business!!