Reflect on your responses to help narrow down which products or services should be at the center of your business strategy.
2. Who is my target market?
Target markets are the ideal customers for your product or service. These people have a problem that your product or service should solve. For example, you might market housecleaning services to homeowners. Learn more about your target market's wants and needs so you can better tailor your offering to satisfy their desires.
3. How will I advertise my business?
If your target market doesn't know you exist, it will be tough to sustain your business. This is why one of your most significant startup expenses should be advertising costs. Whether you use online ads, postal mailers, or email marketing, advertising costs can add up quickly. Focus on advertising dollars on marketing efforts that your target is likely to see regularly.
4. How much capital do I need?
Many businesses close their doors because they run out of funds. When planning your new business, make sure you have enough money saved to cover costs until you generate revenue. Determine what it'll take financially for you to get your new business up and running. This might include things like a business license or permit, inventory, and advertising.
Draft a business plan to help identify specific needs and estimate your costs.
5. Where can I secure funding?
Raising capital to open your doors can be daunting. Understanding where you business will get its funding is an essential first step. Will you self-find the business with savings or seek the help of outside investors?
If neither of those options makes sense for your situation, consider using a Vermont Federal Business Loan or Line of Credit to fund startup costs. Schedule an appointment to meet with a business expert at a branch location or call our Member Call Center at (888) 252-0202.
Vermont Federal Credit Union is a $900 million-plus full-service, not-for-profit, cooperative financial institution that has served Vermonters for more than 70 years, with eight locations currently serving over 50,000 members. Members are part of a cooperative, meaning they share ownership in the Credit Union and elect a volunteer board of directors. Vermont Federal Credit Union provides membership to anyone who lives, works, worships, or attends school in all of Vermont. Vermont Federal Credit Union is committed to supporting its communities and helping Vermonters prosper, no matter where they may be on life’s journey. Learn more about Vermont Federal Credit Union.