5 Ways to Start the New Year With a Business Makeover
The new year is a great time to do a makeover on your business. It's a time to think big, make bold plans, and move ahead of the competition. Here are some great ideas for the new look for your business!
1. Start a business.
The best way to begin your new business life is to get out of that cubicle and start a new business. It's easier than you think. There are lots of things you don't need to start a business, and just a few things you really do need.
You can take your new business idea and get started with little money, right at home. Maybe you want to start your new business while you continue to work. That's do-able too.
2. Buy a business.
When you have found a business you want to buy, your work begins. You must evaluate the business thoroughly, to make sure there are no surprises. This article takes you through the steps in buying a business, including doing due diligence, getting your team of advisors in place, and negotiating the details.
3. Expand your business.
Look around. Where do you see potential for growth in your business? Maybe you want to take advantage of vacant space next to you, or lease a new office, create a new product line or add new services. Or maybe it's time to buy a building for your business.
Should you lease or buy a facility? Susan Ward, at Small Business Canada, has a great article about factors to consider when thinking about leasing or buying a business facility.
4. Move your business.
Want to move your business to a new location? How about sunny Florida? There are many considerations and tasks that need to be done, including:
- What to take and what to leave or sell
- What to do about current employees
- Legal issues, particularly for corporations
Use this business move checklist to make sure you don't miss anything important.
5. Take on a partner or join a partnership
A great way to add to the expertise of your business, and also some much-needed capital, is to take on a partner. You may need to find a partner or know someone to go into business with. You may already have a partnership or LLC, or you may need to form one. Bringing a new partner into a business brings new ideas, as well as the new partner's initial investment in the business.
Before You Begin that Business Makeover — Getting the Money
All of these options take money. While you want to dream big, you also need to consider where you will get the funds you need for each of these ventures, including the partnership.
If you have an ongoing business, some ways to borrow from your business or from others:
- Borrow from yourself, from the owner's equity already in your business, or from a new partner.
- Borrowing from your business assets, like selling receivables or inventory financing.
- Borrow from a lender. This assumes you have good business credit and a track record of profits to sell.
- Borrow from vendors who are part of your makeover, like equipment suppliers.
In any case, I hope you have found some inspiration to make your business even better in the new year.